Ways to Transfer Money in India
Here are the possible ways to transfer money in India. Transferring money or sending money online in India is like a cake walk with these ways and many Indians are now moving online according to the trend like digitalization of the country. After demonetization, there is a sudden increase in the using mobile wallets, apps for money transferring in India. Even more increase in availability of budget internet and smartphones gives a spike in the recent survey of mobile bank users. Now, coming to the topic, these are the different ways to transfer money in India, here we go
Almost, all the banks in India offer free internet banking for the users. By using internet banking facility we can transfer money to others account. Create Online banking account freely and for sending money all you need is Account number and IFSC code of whom you need to send. You can find options like Quick Transfer, NEFT (National Electric Fund Transfer) and RTGS (Real Time Gross Settlement). The quick transfer allows you freely to transfer less than or equal to 10,000 INR very quickly.
Google Pay is an app from Google formerly known as Tez. This app is very handy and really sends money within the fraction of seconds to the bank accounts without any fee. This app works on the UPI and most interesting part is you get little money as a reward for using this app to send money. Google pay used for payment purpose also as many online stores and sites attach Google pay as one of the payment options. All you need is bank account linked with mobile number and Google Pay app.
This is most loved app by Indians with almost 4millions downloads. This offers an inbuilt mobile wallet to the users which use to send money to others. From the mobile wallet, the user can transfer money to the bank account. For these, users need to use paytm app for both sending and receiving. Paytm App available for free on Play store and App store.
Transfer using ATM’s
One can transfer money without visiting crowded banks. Just walk to nearest ATm and swipe your card, select a transfer option and enter the details of the receiver. Hurray money is transferred. To use this service debit card or credit card is needed to send money by using ATMs.
Wire Transfer is nothing but an electric transfer which helps to send money to others anywhere in the world. Companies like western union, Money Gram, Xoom (PayPal funded company) and many more used to send money with a nominal fee, Western union app offers to send money online freely in India.
Above all are the different ways to transfer money in India. Some Apps offers free service without any fee and some services have a few fees to send money.