Funds Transfer enables the user to initiate payment from his bank account to any other bank account without visiting the bank enjoying from the ease of his home through digital banking. Payments are categorized on the basis transfer to account within the bank, outside the bank and beyond geographical boundaries. When the transfer is to an account within the bank it is an internal transfer. Transfer to an account outside the bank, but within the country is called a Domestic transfer. A transfer to an account outside the country is called an International payment. This categorization takes places when a customer saves the payee bank account details during payee maintenance.
The customer can initiate a money transfer when the payee to whom transfers are required to be made are registered in the system.
Application provides a one solution to the customer through Transfer Money to cater their requirement of different types of payments. The customer has provided a single screen of Transfer money for their internal, domestic or international payments.
Transfer money allows the user to make payments:
Transfer to new beneficiaries is done using the payee’s email id or the mobile number.
How to reach here:
Payments Dashboard > Transfer Money card > Transfer Money
Using this option you can transfer funds from your account to already added Beneficiaries's account within the bank, within the country or outside the country.
To transfer the money to existing Beneficiaries:
Field Name |
Description |
---|---|
Transfer Type |
Beneficiaries to which transfer needs to be done. The options are:
|
Existing Beneficiaries Below fields appears if the Existing Beneficiaries option is selected in Transfer to field. |
|
Beneficiaries |
Beneficiaries to whom fund transfer needs to be done and the nick name to identify the account for fund transfer. |
Account Type |
Account type of Beneficiaries. |
Account Number |
Account number of the Beneficiaries account. |
Account Name |
Account name of the Beneficiaries account. |
Bank Details |
Bank details of the Beneficiaries account. |
Transfer From |
Source account from which the funds is to be transferred. |
Balance |
Net balance in the selected account. |
Amount |
Amount to be transferred along with the currency. Note: CurrencyA generally accepted form of money, including coins and paper notes, which is issued by a government and circulated with in an economy. changes as per the type of transfer. |
View Limits |
Link to view the transaction limits for the user. |
Transfer When |
Specify when to transfer funds. The options are:
|
Select Date |
Date of transfer. This field appears if you select the Later option from the Transfer When list. |
Purpose |
Purpose of transfer. |
Note |
Narrative for the transaction. |
Using this option you can transfer funds from your account to Beneficiaries account within the bank, within the country or outside the country by specifying email or mobile number. The funds transfer is done through peer to peer if Beneficiaries is not added. You can also maintain Beneficiaries contact details like email address /mobile number.
To transfer the money to new Beneficiaries:
Field Name |
Description |
---|---|
Transfer Type |
Beneficiaries to which transfer needs to be done. The options are:
|
Transfer Via |
Type of mode to be selected to transfer the funds. The options are:
|
Below field appears if you select Bank Account option in the Transfer Via list. |
|
Bank Account |
Option to add new Beneficiaries having bank account. For more information click here. |
Below fields appears if you select Email/ Mobile option in the Transfer Via list. |
|
Email / Mobile |
Email ID or mobile number of the Beneficiaries to initiate the money transfer. |
Amount |
Amount to be transferred. |
Transfer From |
Source account from which the funds is to be transferred. |
Balance |
Net balance in the selected account. |
Note |
Narration entered by the user for the transaction. |
Note: For more information about add recipient, click Add Beneficiaries.
Using this option you can transfer funds to your own accounts within the same bank.
To transfer the money to own account:
Field Name |
Description |
---|---|
Transfer Type |
Beneficiaries to which transfer needs to be done. The options are:
|
Transfer To |
Beneficiaries account where the funds need to be transferred. |
Balance |
Net balance in the selected account. |
Transfer From |
Source account from which the funds is to be transferred. |
Balance |
Net balance in the selected account. |
Amount |
Amount to be transferred along with the currency. |
View Limits |
Link to view the transaction limits for the user. |
Transfer When |
Specify when to transfer funds. The options are:
|
Select Date |
Date of transfer. This field is enabled if the Later option is selected in Transfer when field. |
Note |
Narration entered by the user for the transaction. |
FAQs
Can I transfer funds to my mortgage or loan account held in another bank?
How do I know my Beneficiaries received their funds?