Online money transfer has become one of the fastest ways to send money quickly and securely. All you need is the internet, a smartphone or a computer, and you can conduct online money transfers with just a few clicks. With DBS Bank, you can initiate online money transfers within India and abroad in several different ways.
National Electronic Funds Transfer, or NEFT, enables the transfer of funds from one account to another bank account, provided it is with an NEFT-enabled bank. With NEFT, the fund settlements are done on a half-hour basis. There is no specific lower or upper limit to the amount you can transfer in a day, nor are there any charges for online NEFT transactions.
Real-Time Gross Settlement (RTGS) is another method to transfer funds, in which the beneficiary receives the online money transfer immediately. However, the transfer amount must be a minimum of INR 200,000, and there is no upper limit. The main difference between RTGS and NEFT is that while the former is ideal for high-value transfers, the latter enables you to transfer funds of less than INR 200,000 only.
Immediate Payment Service (IMPS) is a real-time online money transfer service that offers instant transactions, 24/7, every day of the week. You can make IMPS transactions through multiple channels like mobile, internet, and ATM, etc. Funds are credited into beneficiary accounts instantly, and both the sender and payee are notified of the instant transaction via SMS alerts. Unlike RTGS and NEFT, you must pay a nominal fee for IMPS transactions. The fee ranges from INR 2.50 to INR 25 and depends on the fund transfer amount.
Instant Money Transfer (IMT) is yet another method of initiating domestic fund transfers. This facility enables you to send money to beneficiaries in India simply by sharing their mobile number, especially if they do not have a bank account. Through this fund transfer method, the beneficiary can withdraw the funds at any ATM in India using their debit card. They may also opt for a card-less cash withdrawal.
To avail of this service, you will need to register your mobile number with your bank, download the fund transfer medium of your choice, and set up a Mobile Money Identifier (MMID) and MPIN from the bank. For most IMPS service providers, you do not need to add a beneficiary - you just need their mobile phone number. If the beneficiary is already using the same service, you will find them in your contact list.
You can also use this facility to pay merchants, shop online, pay bills, and more.
Remittance refers to sending money from one account to another, usually overseas. In India, you can transfer money internationally via banks or money transfer companies. The charges for international transactions may differ, depending on the country you are transferring the funds to, the fund transfer medium you choose, and the currency of the fund transfer.
If you wish to make recurring payments to a payee, you can easily set up the payee on the digibank app or net banking portal with these simple steps.
Conduct online money transfers conveniently with DBS Bank.
Yes, you and the beneficiary will receive a text message as soon as the funds are transferred.
The bank will refund your source account if your beneficiary does not receive the money transferred due to a technical glitch. The time taken to complete the fund transfer depends on the online money transfer service used.
No, RTGS services are not provided by all bank branches in India. However, almost every well-established bank in India is RTGS-enabled.