Three Steps In Online Transfer Of Funds From Bank To Bank

2019/02/25

Bank accounts are frequently used to transfer money from one account to another. Payer can issue a check in favor of a beneficiary to transfer the funds. It normally takes three to four days for a check to get credited in the beneficiary’s account.

Many banks provide internet banking facility to its users. This facility can be used for various purposes. For Instance, an individual can check his/her account balance without visiting the bank. Online transfer has simplified the way of transferring funds.

Three Steps In Online Transfer Of Funds From Bank To Bank.

a) Select Transfer Funds And Add Beneficiary:

Before making an online transfer you need to add the beneficiary’s bank account. For adding an account, you need to login into your bank account using your unique username and password.You need to click on “Transfer Funds” option which will take you to a new window (screen) with multiple options such as transfer funds within bank, transfer funds to other bank and so on.  You will have to select the relevant option in order to add the beneficiary.

For Instance, in case you hold an account with ABC bank while the beneficiary holds an account with XYZ bank, you will have to select the option “Transfer Funds to Other Bank”. Once relevant option has been selected, you will be taken to a new screen where you will have to enter details related to the beneficiary’s account.

Information to be entered will include beneficiary’s name, beneficiary’s account number, bank name and bank branch details. These requirements may vary from bank to bank.For Instance,some banks may require information on the beneficiary’s account type and his/her mail id. Adding beneficiary is a onetime process. It is important to note that each bank’s website may have a different kind of user interface.

b) Transfer Money:

It may take some time before a beneficiary gets added to your account. Once a beneficiary has been added to your account, you will have to use “Transfer Funds” to make the payment. It is important to note that a particular beneficiary’s account will appear only under the relevant option selected by you in step a).

You will have to select the beneficiary to whom funds are to be transferred and click on “Make Payment” option. On the fund transfer screen you will have to enter the amount that you need to transfer in favor of the beneficiary.It is advisable to check all the details again before clicking on “Submit” button.

It is important to note that different banks may have different security checks before they allow you to make an online payment.Even though they will allow you to add a beneficiary, they may require some extra information from you before funds can be released. This is to ensure that funds are transferred by the account holder only.

c) Check Status:

In case of online transfers, your account will get debited almost instantly. However, it may take few hours or a day for the funds to get credited to the beneficiary’s account.

In case of online transfers,you are generally provided with a unique transaction number for each transfer.This number can be used for all future correspondences with the bank or the beneficiary and can also be used to track the status of an online transfer.

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