How You Can Send Money Using Internet Banking |
Posted: August 8, 2018 |
Internet banking is one of the most common facilities offered by banks today. Most costumers sign up to use these extensive services provided by banks, that makes the process of banking convenient. Customers use these services to pay bills, EMIs, rents and also to transfer money to different accounts, whether it is within the same bank or to any other domestic bank in the country. When you transfer funds online, the money is credited within the beneficiary’s account almost instantly or within a few hours. Here is the simple process through which you can send money to anyone’s account. Register for internet banking: These days, most banks auto register you for online banking facilities when you open your savings or current account. However, if you haven’t used it, you may have to fill up a form given by your bank which asks you to provide your email address and mobile number. The bank then sets up your online account and provides you two passwords; one for logging in and one for making transfers. You must change both passwords soon as you log in. Some banks allow you to simply visit the bank’s website and input your e-mail id and mobile number and set up your online account by following simple instructions. Sign in to the online account: After completing the registration for banking online and creating your online account, you can log in to your account. Like we mentioned above, there will always be a second-level login when you choose to make a fund transfer via internet banking. Ensure that this password is not the same as your login password. Locate the transfer function: After logging into your online account, you will have to find the section that allows the transfer of funds. While each bank’s website is different, you should be able to find a tab or a section titled “send money”, “online transfers”, or something similar. In case you are unable to locate this section, you can always read the FAQ section on the bank’s website or contact your bank on their customer service helpline for assistance. Select the kind of transfer you wish to make: Next step is to select the type of transfer you’d like to make with the common ones being general transfers (transfers to an account held by you or to another beneficiary’s) and wire transfers (used typically for large sums of money). Some banks also allow you transfer funds abroad (with some additional information necessary) through your online account. You have to enter the beneficiary’s account number and amount and just click “send”. Understand the associated fees: Every bank charges a specific fee for using their net banking facilities. It is important for you to understand the bank’s fee structure as it depends upon the type of transaction. Most banks do not charge anything for intra or inter-bank transfers within the country, but you have to pay a fee for transferring money abroad.
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