8 Instant Money Transfer Solutions You Didn’t Know About

By ketkih | October 10, 2015

8WaysInstantMoneyTransfer

Have you ever wanted to buy something from an online sale but couldn’t because your online banking was down?
Maybe you didn’t want to use your credit card but didn’t want to miss the flash sale either.

Worry not! Here are 8 ways to transfer your money instantly and not miss that sale.

  1. Pre-paid credit cards: Pre-paid credit cards are pre-loaded with funds and can be used like a normal credit card. They are typically Visa, Mastercard or American Express branded. Instead of buying things on ‘credit’, you will be buying things with the money which is already present on the card. This way, you don’t run the risk of running into debt, since you have already paid for what you are buying.
    Indian banks issue prepaid cards in various formats – gift cards, meal cards, medical benefits cards, student cards etc.
  1. Virtual credit cards: A virtual credit card is a card without any physical existence, with all its details present online. It is usually given as an add-on card to your primary credit card. There is no hassle of carrying around a plastic card. The virtual credit card is usually valid for 24 to 48 hours. Because there is no physical existence, this is a highly secure mode of payment.
    However, if you need to show your credit card for proof of online payment, this cannot be used.
  1. Mobile wallets: You can preload an app with money using an existing credit card, debit card or internet banking. Thereafter, this mobile wallet can be used to make payments for your online and offline transactions. You also get rewards in the form of discounts, cash backs and offers while using the mobile wallet.
    However, this depends on the efficiency of you smart phone and internet connectivity. There are several mobile wallet providers in India, like PayTM, Mobikwik, Airtel Money, Vodafone m-pesa, etc. Banks also have their own mobile wallets these days.
  1. Worldpay: This is a London based payment processing company which provides payment services for online as well as offline transactions. Present in 146 countries, Worldpay offers products and services to large as well as small businesses.
    Their products include card payments, alternative payments, mobile payments, pay pages etc.
  1. Paypal: Paypal is a leading online payment provider based in the United States. It operates in 203 markets and allows multicurrency payment across the internet. Users need to create an account with Paypal and they can make online payments and transfer funds to anyone with an account.
    Businesses can use Paypal to accept more payment types and reach out to more customers.
  1. NEFT: The NEFT or National Electronic Funds Transfer system can be used for instant transfers. The condition is that the receiving and sending bank branches are required to be part of the NEFT system. You can also transfer money using NEFT even if you don’t hold an account with the branch from which you choose to transfer the money.
    The beneficiary details, along with the recipient bank IFSC code needs to be entered to effect the NEFT transfer.
  1. RTGS: RTGS or Real Time Gross Settlement is also a transfer and payment system like NEFT. As the name suggests, RTGS is done on a real time basis and the settlement and transfer takes place immediately. The transfers are done on an individual basis.
    However, in the case of NEFT, the transfer is done on a batch basis. RTGS also differs from NEFT in terms of minimum amount to be transferred, the timing of transfer and the charges.
  1. IMPS: IMPS or Immediate Payment Service is another electronic transfer system present in Indian banks. The interbank transfer is immediately done and is available on all days, at all times. The user needs to input a 7 digit Mobile Money Identifier (MMID) number of the participating bank using the mobile number registered with the bank.
    Transfers can be done from person to person (using the MMID and mobile number of the beneficiary) and also from person to account (using the account number and IFSC code of the beneficiary).

Now that you’ve picked your favourite method, get clicking away.

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