Transfer Money enables the user to initiate payment from his bank account to any other bank account without visiting the bank, through digital banking. Payments are categorized on the basis of the transfer being made to an account within the bank, outside the bank and beyond geographical boundaries. When transfer is to an account within the bank it is an internal transfer. Transfer to an account outside the bank but within the country is called a Domestic transfer. A transfer to an account outside the country is called an International payment. This categorization takes place when a customer saves the payee bank account details during payee maintenance.
User can initiate a money transfer when the payees to whom transfers are required to be made are registered in the system.
Application provides a solution to the users through Transfer Money to cater their requirement of different types of payments. User is provided a single screen of Transfer money for their Own, Internal, Domestic or International payments.
Prerequisites:
Features supported in application
Transfer money allows the user to make payments
How to reach here:
Dashboard > Toggle menu > Payments > Payments > Make Payment
OR
Dashboard > Quick Links > Fund Transfer
OR
Dashboard > Quick Links > Own Account Transfer
Application provides an option to the user to initiate a payment to an existing payee. All account payees created by the logged in user and shared by other users of the Party, are listed for selection. Details of selected payee are auto populated on transaction screen. User needs to fill in payment details to initiate the transaction. User can also view the transaction limits associated with a current transaction.
E-Receipt gets generated on successful completion of transaction in the Host. E-Receipt gets displayed in Activity Log detailed view.
How to reach here:
Dashboard > Toggle Menu > Payments > Payments > Transfer Money > Existing Customer
OR
Dashboard > Quick Links > Make Payment
To transfer the money to existing payee:
Field Name |
Description |
---|---|
Pay |
|
Transfer Type |
Payee to which transfer needs to be done. The options are:
|
Existing Payee Below fields appears if you select Existing Payee option in the Transfer Type field. |
|
Payee |
Payee to whom fund transfer needs to be done and the nick name to identify the account for fund transfer. |
Account Type |
Type of account associated with the payee. |
Account Number |
The account associated with the payee along with the account nickname. For more information on Account Nickname, click here. |
Account Name |
Name of the payee in the bank account. |
Bank Details |
Address of the payee 's bank account. Note: Bank Details do not get displayed for Internal Payee. |
Transfer From |
Source account with account nickname from which funds are to be transferred. For more information on Account Nickname, click here. |
Balance |
Net balance in the selected account. |
Amount |
Amount to be transferred along with the currency. Note: The currency for Amount gets defaulted as per payee in case of Internal/Domestic payee. Whereas it allows to select different currencies in case of International Payee only. |
View Limits |
Link to view the transaction limits for the user. |
Transfer When |
Specify when to transfer funds. The options are:
|
Purpose |
Purpose of transfer. Note: This field is displayed only for Internal/ Domestic Payment. |
Correspondence Charges |
The party bearing the charges for transaction. The options are:
Note: This field is displayed only for International Payee. |
Select Date |
Date of transfer. This field appears if you select the Later option from the Transfer When list. |
Payment Details |
The purpose of the transfer. Note: This field is displayed only for International Payee. |
Note |
Narrative for the transaction. |
Note: Applicable for international payees only. For domestic and internal payees, currency gets defaulted.
Note: Applicable for international payees only.
Note: Applicable for international payees only.
User can initiate a transfer within the accounts mapped to the logged in user. User can also view the transaction limits associated with a current transaction.
E-Receipt gets generated on successful completion of transaction in the host. E-Receipt gets displayed in Activity Log detailed view.
To transfer the money to own account:
Field Name |
Description |
---|---|
Pay |
|
Transfer Type |
Payee to which transfer needs to be done. The options are:
|
Transfer To |
Payee account where the funds need to be transferred along with the account nickname. For more information on Account Nickname, click here. |
Balance |
Net balance in the selected account. |
Transfer From |
Source account from which the funds are to be transferred along with the account nickname. For more information on Account Nickname, click here. |
Balance |
Net balance in the selected account. |
Amount |
Amount to be transferred along with the currency. The currency gets defaulted on selection of beneficiary account number. |
View Limits |
Link to view the transaction limits for the user. |
Transfer When |
Specify when to transfer funds. The options are:
|
Select Date |
Date of transfer. This field is enabled if the Later option is selected in Transfer when field. |
Note |
Narrative for the transaction. |
FAQs
Can I transfer the funds to my loan account which I hold in same bank?
Can I set a future date for a fund transfer?
What happens if the transaction amount is less than set Transaction Limit?
Can I make a payment to an account which is currently not registered as my payee?
Can I transfer the funds to an account belongs to linked party?