How to transfer money using apps

Posted by neha sharma on April 29th, 2019

Transferring money online has become the norm when it comes to making payments. Cheques, demand drafts and all those modes are obsolete when it comes to matching the speed and convenience of online transfers. With the introduction of smartphones and mobile applications, internet banking is left behind. Using account to account money transfer apps is not only simpler, but also convenient. There are multiple such apps that can help you transfer funds between two accounts.

How to transfer money using apps:

1. Pick the money transfer app:

There are a wide range of money transfer apps available in the market. The first step to transfer money is to pick a money transfer app. There are many popular account to account money transfer apps that will help you to transfer money online. However, the key thing to note is whether the app transfers money into a wallet or whether it transfers money directly to the bank account. If it is a UPI based app, the amount will directly get credited to the recipient’s bank account. If not, the recipient will also have to have the same app as the sender.

2. Register and do your KYC:

In case you have not done so, you will need to upload your Know Your Customer (KYC) documents since it is essential to upload these documents to ensure you can use the wallet. The KYC guidelines were instituted by the Reserve Bank of India for wallet apps and it is compulsory to get these done. Each app has a different procedure to get KYC done.

3. Link your bank account/card:

Linking a bank account or a credit or debit card to the account to account money transfer apps is not necessary. However, in order to make online transfers, you will either need to load the wallet and transfer funds or link either of these so that payments are made.

4. Select the mode of transfer:

Some apps have their own system to transfer whereas others offer UPI to make payments.

5. Input recipient details:

These details could be the UPI id, the mobile number or the bank details of the recipient. Transfers can be made with all of them.

6. Input amount of transfer:

Once the recipient details are entered, you need to enter the amount that needs to be transferred. Some apps have limits on the amounts that can be transferred to one person in one day.

7. Verify the transaction:

Once the amount and details are input you need to submit the transaction. The app may use a PIN or a code to verify the transaction. Once the transaction is verified, the transfer happens immediately.