Best ways to transfer money

In our increasingly digital world, transferring money has become a routine part of life. Whether you're sending funds to a friend, paying a bill, or managing business transactions, choosing the right method can save you time and money. Let's discuss some common transfer methods available.

The five most common options for money transfer are:

1. National Electronic Funds Transfer (NEFT)

The key features of NEFT are:

Easy Transfers

Transfer funds from any bank branch to another across India using NEFT.

Add Beneficiary

Include a beneficiary by providing the account number and IFSC code via online banking.

Bill Payments

Use NEFT to make credit card payments or other transfers.

Same-Day Processing

Enjoy same-day processing if transactions are initiated during working hours.

2. Real Time Gross Settlement (RTGS)

The key features of RTGS are:

High Value

Make payments of ₹2 lakh or more using the RTGS system, which is ideal for large transactions needing quick processing.

Branch Transactions

Visit a bank branch to initiate RTGS transactions with no upper limit, allowing for substantial fund transfers.

Online Transfers

Add beneficiaries and transfer funds through online banking, making RTGS accessible from your computer or mobile device.

Immediate Settlement

Benefit from real-time settlement of transactions during banks' working hours, ensuring instant completion and clarity of payments.

3. Immediate Payment Service (IMPS)

The key features of IMPS are:

24/7 Transfers

Use IMPS to transfer money around the clock, including weekends and public holidays, ensuring uninterrupted availability for your financial needs.

Instant Credits

Enjoy immediate credits to your or the recipient’s account, providing real-time access to funds without delays.

Online Banking

Avail IMPS through online or mobile banking, offering flexibility in managing transactions conveniently from your devices.

Mobile Apps

Initiate IMPS payments using mobile apps, such as HDFC Bank’s Chillr App, for quick and easy financial transactions on the go.

4. Unified Payments Interface (UPI)

The key features of a UPI wallet are:

24/7 Service

Enjoy round-the-clock UPI fund transfers via the National Payments Corporation of India (NPCI), ensuring constant availability for transactions.

Virtual Address

Transfer funds to any bank account using a Virtual Address (VA) or easily pay merchants directly.

Payment Methods

Use the recipient’s VA or mobile number with MMID (Mobile Money Identifier) to complete payments securely and efficiently.

Bank Apps

Any bank’s mobile app supports UPI transfers, including HDFC Bank’s Chillr app for seamless transactions.

5. Mobile Wallet

The key features of a mobile wallet are:

Virtual Wallet

Experience the ease of a mobile wallet, accessible directly from your phone, for seamless transactions.

Link Accounts

Connect your mobile wallet to bank accounts or cards for streamlined payments and transfers.

Multiple Uses

Pay bills, recharge mobile phones, shop online, and transfer funds through your mobile wallet.

In-Store Payments

Make purchases at local stores or vendors conveniently using your mobile wallet.

The best method for transferring money depends on factors such as the transaction amount, transfer speed, convenience, and associated costs. UPI, IMPS, and mobile wallets offer instant and convenient options for everyday transactions. For large-value transactions, RTGS and NEFT are reliable and secure choices. Traditional methods like bank drafts and cheques, as well as cash transfers, are also available for specific needs.