How To Transfer Money from One Bank to Another?

Posted on Monday, November 4th, 2024 | By IndusInd Bank

If you are new to banking, chances are you may not know how to securely transfer from one bank to another. Whether you want to send funds to a friend or move money to another bank account, the whole process can feel like a daunting task, especially if you are a beginner.

Fortunately, there are many ways to transfer money from one bank to another, and most of them are easy and beginner friendly. This article will show you how to transfer money to another bank accounts so that you can choose the best method based on your needs.

Understanding Different Methods to Transfer Money Between Banks

Transferring money between bank accounts is a common necessity. However, it is important to choose the right method based on the urgency, amount, and convenience. Here are some of the most popular ways to transfer money from one account to another:

1.     Immediate Payment Service (IMPS)

IMPS is one of the most popular methods for transferring money within India. It allows you to transfer money to a bank account in real time. You can use it 24/7, including weekends and holidays. All you need is the recipient’s bank account number and IFSC code. IMPS is perfect for those urgent transfers that cannot wait.

Key Features:

• Instant transfer, available 24/7.
• Requires only basic account details.
• Maximum limit per transaction varies by banks.

2.     National Electronic Funds Transfer (NEFT)

NEFT is another reliable option for transferring money between banks. NEFT operates in batches and is available during working hours. While not as fast as IMPS, many people use it for transactions that are not time-sensitive. NEFT is best for larger amounts. It is available via online banking and branch visits.

Key Features:

• Typically processed within a few hours.
• Available only during business hours.
• Suitable for higher-value transfers.

3.     Real-Time Gross Settlement (RTGS)

RTGS is great for high-value transactions where urgency is key. This system enables real-time and gross settlement of funds. You can transfer the money in an instant. RTGS handles transactions exceeding ₹2 lakh in value. It is ideal for business or large personal transfers.

Key Features:

• Real-time transfer for high-value transactions.
• Minimum transfer amount is ₹2 lakhs.
• Available during specific banking hours.

4.     Unified Payments Interface (UPI)

UPI has revolutionised the way we transfer money. It allows transactions through mobile apps linked to your bank account. UPI transfers are quick, secure, and require a mobile number or UPI ID. This method is highly popular for everyday transactions. This is because it is easy to use and works in an instant.

Key Features:

• Instant transfer via mobile apps.
• No need for bank details, just a UPI ID.
• Can be used for small and frequent transactions.

Savings Account for Seamless Transfers

Managing your finances across two or more accounts can be tough. It is harder when you are worried about keeping minimum balances. That’s where IndusInd Bank can help you.

If you open a Zero-Balance Savings Account with IndusInd Bank, money transfers are charged a nominal fee depending on the amount transferred.  With the Indus Delite Zero-Balance Savings Account, you can enjoy features such as:

• No Minimum Balance Requirement: Enjoy the freedom of not having to maintain a specific balance. However, it is subject to an initial deposit of ₹10,000.

• Additional Benefits: Enjoy other perks. Get up to 20% off on Swiggy and BigBasket, and 5% cashback on fuel, dining, and entertainment.

This account is perfect for those who want flexibility. It avoids the hassle of maintaining minimum balances. If you often transfer money to other accounts, a zero-balance account can be an ideal, hassle-free way to carry out the process.

Also Read: How To Check Bank Balance?

How to Choose the Right Method?

Several factors affect the choice of how to transfer money from one account to another:

• Urgency: If you need the money transferred immediately, IMPS or UPI are the best options.
• Amount: For large transactions, RTGS is a safer and more efficient choice.
• Frequency: For small, frequent transfers, UPI is best. It is simple and fast.

Conclusion

Transferring money from one bank to another does not need to be complicated. Know the methods: IMPS for instant transfers, NEFT for non-urgent ones, and UPI for everyday use. Then, you can choose the best option for you. Also, a Zero-Balance Savings Account with IndusInd Bank can simplify banking. It has no minimum balance requirements and many helpful features. So, it’s perfect for easy money management.

Ready to make your money transfers more efficient? Open a Zero-Balance Savings Account with IndusInd Bank today!

Disclaimer:
The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.