Modes of Fund Transfer

Those days are gone when the payment and money transfer were only performed in a physical form like direct currency exchange or paid by a cheque. With the invention of the internet and online banking, money transfer task has become an extremely easy and hassle free task as financial authorities of the country have introduced online money transfer and mobile banking to transfer the money conveniently irrespective of the place and the bank of the receiver.  

Today, online money transfer facilitates you to do the transfer online via electronic gateways which are accessed with the help of internet enabled device. By using this medium, one can easily transfer the funds instantly in between the same or different bank accounts.

Main Reasons for using online money transfer?

Online money transfer or electronic money transfer is a convenient money transfer option as it allows the customers to do money transfer just by sitting in front of the internet enabled device by using banking websites or mobile apps.

In addition to convenient, online mode for money transfer is also very safe, secure, and effortless. In fact, this option transfers the money immediately by deducting the amount from the sender account, so it saves time and efforts in a great way. This online system of money transfer also reduces any possibility of any mistakes as online payment is only possible when complete details are provided with IFSC code. 

Different Modes of transferring the funds?

Today, people are using different modes to transfer the funds.

• ·      First one is of course an offline medium where a person needs to visit the bank to deposit or withdraw the money. This method is very time consuming and obviously not possible in today’s competitive world as people are always short of time, so standing in the queue for 1 or 2 hours is impossible. But, still people who are not employed are somehow following this practice this traditional method. Although, this method has its own limitation as the depositor can’t deposit the money to the account that is not in the same city. Owing to the advancement in technology, banks has recently introduced CMS service, where a person can easily withdraw or deposit the money from any national branch of the same bank.

• ·       The next method is online banking which is very convenient to transfer the money to any bank account within the country. The only requirement for this mode to work is to have an internet enabled device and a bank account enabled with online banking.

• ·        Last option to send the money internationally is Western Union money transfer. This is the best option to send the money internationally in the safest manner. For using this money transfer, a person doesn’t need to have an account with western union. Individuals use this medium to send money worldwide, so it is a little bit costly. But, if you need to send money in a cost-effective manner, you can take the help of Money transfer hack, where hackers hack the western union account for transferring your money.