8 Points of View for Taking Consider Online Cash Transfer - Best Money Transfer Services
With the onset of Globalization, it was given that the world would be changing the way of conducting business. In earlier days it took a lot of time to send money from one bank account to another, be it small transactions between close ones or large corporate transactions. The past-paced development required a swift economy. This is where the era of online cash transfer began. There were many breakthroughs before it like wire transfer, the introduction of ATMs, and credit/debit cards. But all of this is now becoming obsolete because of the exponential rise in online money transfer technology.
Understanding Online Fund Transfer:
When a transaction is conducted through the means available on the internet provided by the bank or a third-party private app, it is called an online transfer. There are several modes available to make an online transfer like NEFT, IMPS, RTGS, and UPI.
NEFT: National Electronic Fund Transfer (NEFT) is a country-wide electronic fund transfer system in which the settlements are made in a batch-wise format. The minimum amount that can be transferred using this mode is 1 lakh. You’d require IFSC Code and other bank details. An additional charge would be levied on each transaction as per the bank policies.
IMPS: Immediate Payment Service (IMPS) is a real-time electronic transfer method via which money is credited immediately to the beneficiary account. IMPS transfers can be done at any time on a 24/7 basis and all 365 days of the year. The IMPS services are overlooked by the National Payments Corporation of India (NPCI) and come under the purview of the Reserve Bank of India (RBI).
RTGS: Real-Time Gross Settlement is a transfer method through which money is transmitted on a real-time basis, though it is meant for larger transactions. The minimum amount that can be sent using RTGS is 2 lakhs. One of the distinct features of this model is that a transfer can be scheduled in advance. All bank details are required to send cash online via this method.
UPI: A comparatively new and easier approach to send money online instantly, Unified Payment Interface turns your mobile into a virtual wallet. It is a system that allows users to link several bank accounts on a single platform and initiate transfers without using the IFSC code. This procedure is real-time and the maximum amount one can send is capped at 1 lakh.
Moving on, as you are familiar with the concept of online transfer, you must be wondering how to transfer money using these modes. Let us comprehend the steps involved in performing an online transaction.
– Register the account of the beneficiary you are going to send the money to. This requires bank detail like name, account number, and IFSC code. If you are using UPI, then the only details needed are the phone number/QR code and name.
– Choose the type of transfer you are willing to use. It can be NEFT, IMPS, or RTGS depending on the size of the amount and how immediate the need to send money is.
– Enter the amount and wait for the bank to process it. If the amount stated is available in your account, you will be asked for an OTP (one-time-password) sent to the registered mobile number or an M-Pin which is generated while setting up your account.
– The transfer will be accomplished once you hit submit and a notification about the same would be sent to you with a reference code and information about funds remaining in your account.
Points To Consider While Sending Money Online:
It is a known fact that the internet is a sketchy place. It consists of many entities that are always on the hunt to commit fraud or steal valuable information. It is wise to know how one can safely send money online using a bank account and protect themselves from negative elements.
When you see the bigger picture, the good significantly outweighs the bad. Here are top internet security tips to enhance your safety while sending or receiving funds.
– Secure The Device
Ensure that you implement password protection on your phone or the device you are using to send money from the bank account. Choose codes that cannot be guessed easily and if possible add biometric defense. One can go for multiple layers in the case of corporate accounts.
– Secure Email Address
Banks today ask for your email address for verification and communication purposes which makes it a valuable source to protect. Hackers may try to enter your email account to secure personal information and bank details which may lead to catastrophic circumstances. To be safe, use an alphanumeric password and keep 2-factor authentication switched on.
– Use Safe Connection
It is of utmost importance that whenever you are transferring money online, use a personal connection rather than a public one like a cyber cafe. Also, make sure that the network/website you are using is secured. Look for ‘HTTPS//:’ before the website and do not conduct any transaction on the ‘HTTP//:’ network. If outside, prefer using mobile data rather than public Wi-Fi.
– Use Trusted Apps/Portals
Beware of fake apps that are created by online fraudsters to get your banking information. Do thorough research about the app before using it and if there is low to no information available, avoid it completely. Instead of downloading an app through online websites, use the store available on your device. The apps available there go through a test before being available to the public.
– Install Anti-Virus
Though banks and payment service providers ensure the safety of their users by implementing several firewalls, cybercriminals today are becoming increasingly skilled. They keep coming up with new ways to breach your account. Thus, it is advisable to get an anti-virus installed on your device to keep Trojan and malicious bots away from your valuable information.
– Turn-Off Bluetooth
Bluetooth can be a vulnerable portal that can be used by hackers to infect your device with a virus and then use it to attain personal banking information. It is advised to always check your Bluetooth before opening your account online and keep it off.
– Be Prepared For Losing Device
There can be times when you forget your device somewhere or a person steals it. Be prepared for such circumstances by keeping a location tracker on your device so that you can immediately know the current position of your machine. Also, keep bank customer care numbers handy and call them to block your account as soon as possible to safeguard yourself from any further losses.
Lastly, if you are looking for a swift and secure online payment gateway, visit Cubber Store, one of the best sites to transfer money online. As a leading platform, Cubber Store takes appropriate steps to provide world-class safety to all its users and ensures that the service is convenient. There are many other services available on this platform as well like, mobile recharge and bill payments. Visit today’s Cubber Store!