With each consumer having a smartphone, it has become very easy to transfer money using a money transfer app. There are different options available to the users as well and depending on the bank to bank money transfer app that the recipient has, it is possible to send money.
If you’re wondering how to transfer money online, the process is fairly simple:
- Login to your money transfer app
- Input the recipient’s details
- Put in the amount to be transferred
- Authenticate if required
It is possible to transfer funds with just a few clicks without any hassles.
However, whether you are a new user or you send money online instantly several times, there are safeguards you must take when you use these apps. Without protection, the bank to bank money transfer apps are vulnerable to misuse.
Here are 5 things to remember before using a money transfer app:
- Transfers are irreversible:
Fund transfers such as wallet based transfers, UPI, IMPS, RTGS are instant and irreversible. It is not possible to reverse these transactions or get a refund once they have been initiated. This makes it very important to recheck the recipient’s details to ensure the funds are being sent to the right person.
- Transfer cost:
Using a send money app usually involves some element of cost, even if it is nominal. IMPS, NEFT, RTGS have a cost associated with it. This cost differs from lender to lender and is charged for each transfer based on the amount that is transferred. Using a wallet app to make payments has a cost when it comes to withdrawing it to your bank account. Currently, UPI is the only form of transfer that has no fees associated with it.
- Fund transfer limits:
Each money transfer app has its own fund transfer limits. These limits pertain to all transactions made in one day. It is better to check these limits before you make a fund transfer.
- Transaction failure:
Sometimes, while using a send money app, there may be a transaction failure. In such case, the amount gets credited to your account immediately. In case the amount does not get credited, then you need to contact the customer service of the bank to bank money transfer app.
- Login failsafes:
The most important thing to remember when you want to send money online is that these apps are vulnerable to misuse. It is recommended to use a password that you don’t repeat elsewhere and that is alphanumeric. It is also important to keep changing this password often so that the app is secured. This password should not be shared with anyone.