The Different Modes of Bank Transfers

The Different Modes of Bank Transfers
June 09 12:41 2018 Print This Article

The bank is not only used for keeping money safe or storing it but also to do other monetary activities. The services that banks provide are ever-increasing that include investment and also fund transfer. When some amount of money is transferred to another bank account, it is called bank transfer. As per the amount, there are different methods of payments like NEFT, RTGS, and UPI, IMPS. All these methods are done using the internet. Today when the options of everything are so innumerable, bank transfer also has similar options.

The biggest mode is Internet Banking

With the increasing use of the internet, most of the bank activities are performed via the internet. This process is known as internet banking. Basically, internet banking refers to the services provided by a bank via the internet. These services include shopping and fund transfers. Bank transfers have become quicker and easier these days. It is all because of internet banking. Now almost everyone is depended on Net banking for making fund transactions. Internet banking has its own pros and cons. If you take care of few things, Net banking can prove to be an angel for all kinds of services.

Three main benefits of Internet Banking for Bank Transfer:

  1. Internet banking makes the bank transfer way quicker and easier than offline process.
  2. Bank transfer is a risky action because it is related to the money. With the help of internet banking, it is performed within minutes with just a laptop or even a Smartphone in hand.
  3. The facility is safe and because of this, your money is secured. It is advisable not to tell the username or password.

Restrictions to use internet banking

With these many benefits, internet banking may seem the best way for a fund transfer. However, everything has its limits, so Internet banking has. Like while performing a bank transfer via the internet, one should be very cautious and needs to know the process and safety threats of this medium.

Below are the three things you need to take care while using internet banking:

  • Do not save your username and password to a system which is open for everyone. Chances are that your account can be hacked very easily by any random person.
  • You need to secure your device with antivirus software for the protection from viruses and malware. A virus can destroy can sneak the details and steal all of the bank details from your device.
  • Before using internet banking, do check your bank’s internet banking policy to avoid any accident in ignorance later on.

Apart from the very popular and convenient option for Net banking, there are other modes of bank transfer like:

  • Cheque payment—Paying a cheque has never gone old-fashioned. It is yet used for many purposes.
  • Bank Wire Transfers—Bank wire transfer is the traditional way of bank transfer. The large sum of money is transferred between banks.
  • Commercial money transfer service—In commercial money transfer service, bank transfers are done completely outside the banks.
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Clare Louise
Clare Louise

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