Bank to Bank Transfer – Things You Need to Know Before You Choose
We have been hearing about the bank to bank transfer since the time when the bank came into existence. This service allows you to transfer the money from one account to another account at an ease. However, earlier bank transfer was exclusively done through the bank but with the emergence of the internet, any individual can transfer money online.
In simple terminologies, Bank to bank transfer involves transferring the amount from one account to another. However, the amount of time taken by the bank to complete the transaction depends on independently. In case both the accounts belong to the same bank, then the time taken is, comparatively less.
What are the different ways of Bank Transfer?
Bank transfer is categorized into three broad categories. These categories are –
- Online Bank Transfer – As the name suggests, in online bank transfer you can transfer amount through online mobile application or net banking. This is widely popular especially amongst the tech-savvy generation.
- Telephone Transfer – Telephone transfer is usually not used these days. However, in this service, the sender would give a call to the bank and the bank shall guide the sender step by step.
- In-Branch Transfer – Before the era of the internet this was heavily popular. However, the in-branch transfer is still used in tier three cities or villages where the emergence of internet banking hasn’t gained the momentum yet. The sender is required to carry the money in cash and pay it in the account of the receiver.
What are the benefits of opting for Bank to Bank transfer?
If you are sceptical whether to opt for bank transfer or not, here are some of the benefits as to why should you prefer bank to bank transfer.
- Convenient – With the evolution of technology that goes along the internet bank transfer is highly convenient. These days each bank has a mobile application which allows you make the transaction in merely few clicks.
- Immediate – Gone are the days when it used to take a few days for the transaction to get completed. With bank to bank transfer, online one can easily transfer the amount without any delay. It hardly takes 12-24 hours for the amount to get credit in the recipient’s account.
- Direct – There is no involvement of any third party service provider hence, it makes bank transfer even safer and secured. There are no fees charged on the transaction either. This transparency makes bank to bank transfer reliable.
Is that all?
There are a couple of drawbacks as well. Occasionally, there are unforeseen delays through the bank which makes the process elongated. Also, for bank transfer, you need to know the bank account details of the recipient which could be a hindrance if you are in the utter emergency. Thirdly, bank account transfers are not responsible for the transactions wherein the recipients turn out to be fraud.
However, considering all the points bank to bank transfer is surely one of the most convenient ways of transferring money to the recipients.
