Transfer Money

Transfer Money enables the customer 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 transfer to 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 places 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.

Transfer money also allows initiating Peer to Peer transfer via New Payee option (email/mobile, bank account).

Application provides a solution to the customer 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

 

Workflow

Workflow

You are here How to reach here:

Dashboard > Payments Widget > Transfer Money
OR
Dashboard > Toggle Menu > Payments > Transfer Money
OR
Dashboard > Toggle Menu > Payments Menu > Transfer Money

Transfer Money - Existing Payee

Application provides an option to the user to initiate a payment to an existing payee. All account payees created by the logged in user 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.

You are here How to reach here:

Dashboard > Payments Widget > Transfer Money > Existing Payee
OR

Dashboard > Toggle Menu > Payments > Transfer Money > Existing Payee
OR
Dashboard > Toggle Menu > Payments Menu > Transfer Money > Existing Payee

To transfer the money to existing payee:

  1. In the Transfer Type field, select the Existing Payee option.
  1. From the Payee list, select the appropriate payee, and then the account maintained under payee to transfer funds appears.
  2. From the Transfer From account list, select the account from which transfer needs to be done.
  3. If you have selected International Payee, select the appropriate currency from the Currency list.
  4. In the Amount field, enter the transfer amount.
    OR
    Click the View Limits link to check the transfer limit.
  5. In the Transfer When field, select the appropriate transfer date.
  6. If you select the Now option, transfer will be done on same day.
    OR
    If you select Later option, from the Transfer Date field, select the appropriate future date for transfer.
  7. If you have selected Internal or Domestic Payee, select the appropriate purpose of transfer from the Purpose list.
    OR
    If you have selected International Payee, select the appropriate option from the Correspondence Charges list.
    In the Payment Details field, enter the details of the fund transfer.
  8. Click Transfer to initiate payment.
    OR
    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
    OR
    Click Back to Dashboard link, to navigate to the dashboard.
  9. The Transfer Money - Review screen appears. Verify the details, and click Confirm.
    OR
    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
  10. The Verification screen appears if transaction is configured for 2 factor authentication.
  11. The success message of submitting the transaction appears, along with the transaction reference number.
    Click Go to Dashboard, to navigate to the dashboard.
    OR
    Click More Payment Options to go to other payment options.
    OR 
    Click Add Favorite to mark the transaction as favorite. The favorite transaction is added on dashboard. For more information click here.
    OR
    Click Set Repeat Transferto repeat the transaction. For more information click here.

Note: ‘Set Repeat Transfer’ link appears only for Domestic and Internal Transfer.

Transfer Money - New Payee

Using this option you can transfer funds from your account to payee account within the bank, within the country or outside the country by specifying email or mobile number. The funds transfer is done through peer to peer if payee is not added. You can also maintain payee contact details like email address /mobile number.

To transfer the money to new payee:

  1. In the Transfer Type field, select the New Payee option.
  1. From the Transfer Via list, select the type of payee.
  2. If you select Email or Mobile option:
  3. In the Email /Mobile field, enter the email id or mobile number of the recipient.
  4. In the Amount field, enter the transfer amount.
  5. From the Transfer From account list, select the appropriate account.
  6. If you select Bank Account option:
  7. To add new payee having bank account, click Add Bank Account. The Add Payeescreen appears.
  8. Note: For more information about add recipient, click Add Payee.

  9. Add the bank account details of the payee and then continue to transfer in Add Payee screen.
  10. Click Transfer to initiate the fund transfer.
    OR
    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
    OR
    Click Back to Dashboard link, to navigate to the dashboard.
  11. The Transfer Money - Reviewscreen appears. Verify the details, and click Confirm.
    OR
    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
  12. The Verification screen appears if transaction is configured for for 2 factor authentication.
  13. The success message of submitting the transaction appears, along with the reference number and security code.
    Click Go to Dashboard, to navigate to the dashboard.
    OR
    Click More Payment Options to go to other payment options.
    OR
    Click Add Payee, to add a new payee with the details entered while initiated a payment.

Transfer Money - My Accounts

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.

To transfer the money to own account:

  1. In the Transfer Type field, select the My accounts option.
  1. From the Account Number list, select the own account where the funds need to be transferred.
  2. From the Transfer From account list, select the account from which transfer needs to be done.
  3. In the Amount field, enter the transfer amount.
  4. In the Transfer When field, select the appropriate transfer date.
  5. If you select the Now option, transfer will be done on same day.
    OR
    If you select Later option in the Transfer When field, select the appropriate future date.
  6. Click Transfer to initiate payment.
    OR
    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
    OR
    Click Back to Dashboard link, to navigate to the dashboard.
  7. The Transfer Money - Review screen appears. Verify the details, and click Confirm.
    OR
    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
  8. The Verification screen appears if transaction is configured for 2 factor authentication.
  9. The success message of submitting the transaction appears, along with the reference number.
    Click Go to Dashboard, to navigate to the dashboard.
    OR
    Click More Payment Options to pay bills and go to other payment options.
    OR 
    Click Add Favorite to mark the transaction as favorite. The favorite transaction is added on dashboard. For more information click here.
    OR
    Click Set Repeat Transferto repeat the transaction. For more information click here.

FAQs

ClosedCan I transfer the funds to my loan account which I hold in same bank?

No, using this transactions amount can be transferred to current or savings account.

Closed Can I set a future date for a fund transfer?

You can set a future date for a payment using Pay Later payment option.

ClosedWhat happens if I have set up a future dated transfer, but don't have enough funds in my account on the transaction date for the transfer?

Balance check will not be performed at the time of transaction initiation with future date. The transaction will get declined in case of insufficient funds in the account on the given transaction date.

ClosedWhat happens if the transaction amount is less than set Transaction Limit?

If the transaction amount is less or more than transaction limit set by the Bank, user cannot proceed to make payment.

Closed Can I make a payment to an account which is currently not registered as my payee?

No, using this transaction, you can make the payment only to your registered payees or can transfer the funds to your own accounts.

ClosedCan I transfer the funds to any CASA available under party ID mapped to me by selecting My Accounts transfer?

You can transfer the funds within the CASAs mapped to you.

ClosedWhat happens when I add a transaction in my favorite list?

Once a transaction is marked as favorite it is displayed in customer’s favorite list. Customer can directly initiate a transfer using favorite transactions. User can make required changes in the details and submit the transaction for processing.

ClosedWhat is repeat transfer?

Repeat Transfer – as the name defines, is a type of transfer which is regular and periodic in nature. All the customer payments which need to be repeatedly done by the customer at a periodic interval can be initiated only once through ‘Repeat Transfer’. Once initiated, these will executed repeatedly till the end date.

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