A Guide to Money Transfers

Delve into the world of online money transfer, covering methods, advantages, and key considerations for secure, convenient, and efficient transactions.
Download App
A Guide to Money Transfers
3 mins read
13 Feb 2024

In today's digital world, sending and receiving money has become easier and faster than ever thanks to online money transfer methods.

Online money transfer methods

There are numerous options available, each with its characteristics:

Bank transfers:

  • NEFT (National Electronic Funds Transfer): Widely used, allows transfers between bank accounts within India. Takes 2-4 hours, no minimum/ maximum limit.
  • RTGS (Real-Time Gross Settlement): Ideal for large, urgent transfers, funds move instantly. Minimum transaction amount and charges may apply.
  • IMPS (Immediate Payment Service): 24/7 instant transfers with maximum limits, suitable for smaller, immediate needs.

Payment apps:

  • UPI (Unified Payments Interface): A popular option for quick peer-to-peer transfers using virtual addresses. Requires bank linking but offers instant settlements.
  • Digital wallets: Platforms like Bajaj Pay wallet allow transfers, bill payments, and more. Often linked to bank accounts.
  • International money transfer services: Specialized services facilitate transfers abroad, but fees and exchange rates can vary.

Advantages of online money transfer

  • Convenience: Send and receive money anytime, anywhere with just a few taps.
  • Speed: Many methods offer instant or near-instant transfers, eliminating waiting times.
  • Security: Reputable services employ encryption and security measures to protect your data.
  • Cost-effectiveness: Some methods like UPI offer free transfers, making them economical.
  • Accessibility: No need to visit physical locations, making it easier for geographically dispersed individuals.

Additional factors to consider

  • Transfer limits: Each method may have minimum or maximum limits for transactions.
  • Fees: Compare charges associated with different services before choosing.
  • Security: Ensure you use trusted platforms with strong security protocols.
  • Recipient's convenience: Choose a method compatible with the recipient's capabilities.

Conclusion

By understanding the various options and their advantages, you can choose the most suitable online money transfer method for your needs, ensuring a convenient, secure, and efficient experience.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

Is money transfer free of cost?

It depends on the method and amount transferred. Some methods like UPI offer free transfers for small amounts within India, while others might have charges. International transfers usually incur fees.

How much time does it take to transfer money online?

Transfer times vary depending on the method chosen. Instant transfers like IMPS and UPI happen immediately, while NEFT transfers take 2-4 hours, and RTGS transfers are instant for large amounts. International transfers can take 1-5 business days depending on the service and destination.