Online Money Transfer

Online Money Transfer

Online Money Transfer is the modern concept that originated from the concept of Wire Money Transfer. Online Money Transfer is like the Renaissance of the older concept of money transfer. It has just Revolutionized the World. All types of money transfer are possible depending on the availability and requirement.

The most common type of Money Transfer is NEFT.NEFT stands for National Electronic Fund Transfer. In this way money can be transferred from one bank to another using Account Number and IFSC Code of the destination Account.

RTGS stands for Real Time Gross Settlement. In this way the money transfer cases should be more than two. It happens on the Real Time Basis. There is no cap on the amount to be transferred.

IMPS stand for Immediate Payment Service. It can better be defined as NEFT + RTGS. Money can be transferred by entering Account holder’s IMPS id and the Registered Mobile Number. The cap on transaction limit is very low.

UPI better known as Unified Payments Interface allows Money Transfer by using any Smart Phone by using Virtual Payment Address. Here only Mobile Number or Name of transferee is sufficient to transfer the Money.