Instant Money Transfers – How do They Work?

The world has seen a rise in electronic transfer of money with the steady increase in eCommerce opportunities. Financial institutions and mobile companies collaborate to offer ease and convenience to their customers. With technological advancements and the formation of international consortiums of banks, there has been an increase in wire transfers of money globally. Means of instant money transfer to your loved ones at the click of a button are now available.

Instant money transfer is the remittance of money to anyone in the world with only his or her mobile number, even if the beneficiary has no bank account. This mode of transfer is convenient for those who have an immediate need of sending money in a small or large sum in form of cash. All you have to do is visit an agency or log in to your mobile app and transfer funds from your IMT account to any person’s mobile number. The beneficiary can walk into the nearest branch and encash the money instantly. You can also choose to transfer to a mobile wallet or bank account. Internet on mobile phones makes it possible to connect globally with internet banking services.

Advantages of instant money transfer:

• It is a mode of fast money transfer when in need
• Easy and efficient
• No need of bank account for recipient

When you do not remember the account number of the recipient or if they do not have a bank account, this facility has an added advantage. The only thing required is a correct mobile number to send money fast to the beneficiary.

How does it work?

When the need to remit money to some using their mobile number arises, all the sender has to do is login to his internet banking service and initiate an IMT request. It requires filling essential details like the recipient’s name and mobile number and the amount to be transferred. Once the receiver is registered, the transfer begins using the mobile number provided.

A SMS is sent to the beneficiary with the transaction details like:

• A unique customer transaction PIN, which is an essential code required to authorize the beneficiary to claim the amount transferred
• IMT amount
• IMT Identification code, which is the reference code to the transaction
• IMT expiry date, which indicates the validity of the transfer and last date of redemption

Withdrawal: Once the SMS stating the successful transfer is received by the beneficiary, all he or she has to do is, visit any closest and convenient ATM branch of the their bank and choose to withdraw via IMT. The unique customer verification code that was received by the recipient is essential for the collection of funds. This swift transfer is subjected to a sending limit depending on the financial institution providing the service. Instant money transfer allows you to transfer money even without physical money in hand. This mode of easy money transfer is an effective and efficient means to make banking a pleasant experience for you and your loved ones.

Source: Article Base