Simple Ways to Transfer Money to Another Bank Account

If you are wondering how to transfer money from one account to another, it is essential to understand the various different ways. Traditionally, you had to write a check, physically visit a bank or use a money order to send funds. 

With online transactions, you now have a variety of options at your disposal, such as NEFT, RTGS, UPI, and IMPS. Account transfer is easier and more convenient than ever before. 

In this blog, we will discuss step-by-step online bank transfer modes as well as offline modes. 

What is an Account Transfer?

The account transfer refers to transferring funds from one account to another. This can be done internally or externally. Internal account transfer means transferring funds within the same bank. On the other hand, external fund transfer refers to transferring money from one bank to another. 

What are the Types of Bank Account Transfers? 

There are different ways to transfer money from one account to another. If you are technically adept, you can opt for services like RTGS and UPI. However, if you are not comfortable with technology, offline bank transfer methods also exist. 

• Account to Account Money Transfer: Online Method 

With the advent of Digital India, the banking process has completely revolutionised. Gone are the days of standing in long queues for money transfers. The different types of bank account transfers are:

• NEFT (National Electronic Fund Transfer)
• RTGS (Real-Time Gross Settlement)
• UPI (Unified Payments Interface)
• IMPS (Immediate Payments Service) 
• Wire Transfer 

• Account to Account Money Transfer: Offline Method

Offline methods of money transfer are still prevalent in India. In the offline mode, you have to visit your nearest bank branch in person. The different ways to transfer money offline are:

• Cheque 
• ATM Transfer 
• NEFT (offline mode)
• RTGS (offline mode) 

Step-by-step Method to Transfer Money from One Bank Account to Another

In order to learn how to transfer money from one account to another, you need to understand the steps for each type of transfer. 

Steps to Transfer Money Using NEFT

Here is a guide to the online NEFT transfer method:

1. Log into your mobile banking account or visit your bank’s official website. 
2. Select the ‘fund transfer’ or ‘money transfer’ option. 
3. Choose the ‘NEFT’ option. 
4. If you have already added the beneficiary, you can skip the next steps. 
5. Select ‘Add Beneficiary’ and provide the bank details such as IFSC Code, Account Number and Beneficiary Name. 
6. Once added, choose their details and add the amount you want transferred.
7. Click on confirm and end the process. 

Here are the steps you must follow to complete the offline NEFT transfer method:

1. Visit the nearest branch of your bank and fill out the NEFT form. 
2. Add the necessary details and submit it along with the cheque or cash. 

Steps to Transfer Money Using RTGS

Check out the steps you must follow for the online RTGS transfer method:

1. Log in to your online banking account or visit your bank website. 
2. Select the RTGS option from the ‘fund transfer’ or ‘money transfer’ option. 
3. Fill out the beneficiary name and details. 
4. Confirm the transaction and wait for confirmation. 
5. After confirmation, check your bank statement and verify the transaction. 

Following are the steps for the offline RTGS transfer method:

1. Visit your nearest bank branch. 
2. Fill out the RTGS form by providing the necessary details. 
3. Pay the RTGS fee. 
4. Confirm the transaction and check your account statement. Since RTGS happens in real time, it will be reflected in your bank statement quickly. 

Steps to Transfer Money Using IMPS

You can access IMPS or Instant Payment Service online or through a bank ATM. 

Online IMPS method:

1. Open the mobile or net banking app of your bank. 
2. Select ‘Fund Transfer’ and click on the IMPS method. 
3. Enter your beneficiary details such as bank account, IFSC code and transaction amount. 
4. Verify details and confirm the transaction. 

IMPS Transaction Through ATM: 

1. Visit your bank’s ATM and your PIN. 
2. Navigate to the main menu and select the IMPS option. 
3. Enter the beneficiary’s mobile number, MMID and transaction amount. 
4. Confirm the details of the transactions. 

Final Words

How to transfer money from one bank to another is a popular question among novice customers. Thankfully, services like UPI, RTGS, IMPS, and others make it easy and quick to transfer money from one account to another. You can also transfer funds between your own accounts with ease.

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