How To Transfer Money Without UPI?

UPI (Unified Payment Interface) is the latest technology and the fastest way for making direct bank-to-bank money transfers. However, some of you, especially if you are not very comfortable with technology, then you’d still be confused about how to transfer money without UPI. Let’s discuss the various ways of making payments with and without using UPI in detail.

Ways to Transfer Money

There are both, online and offline ways to transfer money without UPI. With everything going digital, online processes are the easiest and the fastest way out. Paytm UPI is by far and large the best method to make payments. It is easy, quick, secure, and allows direct bank-to-bank money transfers. However, if you wish to find an alternate way to transfer money other than UPI, then the following money-transfer methods would be of help to you-

How to Send Money without UPI Online?

Apart from UPI, you can send money through the following online methods-

1. Paytm Wallet

You can transfer money through an e-wallet such as Paytm wallet, which provides the facility of transferring money from one user to the other online, in a few simple steps. You can simply add money to your Paytm wallet through credit and debit cards, internet banking, or UPI. Users can use Paytm wallet to send money to another wallet user, make payments to merchants, pay electricity/DTH/phone bills, etc. Paytm app also allows you to transfer money from your wallet to the bank. You can send it to your own account or somebody else’s for zero charges. You can now also use Paytm Transit Card to pay anywhere online, shop at a store, make bus/metro payments, etc.

2. Paytm Postpaid

Paytm Postpaid can be used to transfer money to vendors and merchants at groceries, malls, shops, petrol pumps, restaurants, etc. It can also be used for recharges and bill payments; however, it must be noted that Paytm Postpaid is not enabled for money transfers to personal bank accounts of peers or self accounts.

3. Internet Banking

Almost all banks provide an internet banking facility. You can access the banks’ websites to transfer money from one bank account to another. To do so, you need to log in to your internet banking account using your user ID registered with the bank, if you have an active net banking account. To make the transfer, you will also be asked to add the payee by entering all the details like the account number, IFSC, etc. Normally banks take a day to add the payee, after which you can send the money via internet banking. Internet banking was the most preferred mode of online money transfer before the UPI technology came into existence.

4. Mobile Banking

Mobile banking is similar to internet banking. You need to log in to the bank’s mobile application, enter your customer ID and password to log in to the app and perform the transaction. To perform money transfer through mobile banking, you also need to set a Mobile PIN (MPIN) to protect your application’s data through fingerprint reading or other password/pin lock.

In a very similar fashion as that of net banking, you need to add a payee, await the bank’s approval, and then do the transaction via mobile banking. Both the sender and the receiver get notified once the payment is complete. You can also check your transaction history on the digital passbook/e-statement of the bank, on the bank’s internet portal, or mobile app.

How to Send Money Offline?

ATM Money Transfer

Although ATM transfer is digital, it requires the user to physically move and go to an ATM to make the money transfer. You can simply use your ATM card to transfer money to the receiver’s account. An ATM card consists of a magnetic stripe that has all the details of the card owner.

Once you insert it into the card reader of the Automated Teller Machine, it reads those details and passes them on to the user server, which reflects on the ATM screen. You can then use your ATM PIN to log in. Out of many options such as money withdrawal, balance check, etc., you need to opt for a money transfer or fund transfer.

Next, you need to enter the account number of the receiver/beneficiary and the bank/IFSC. You may also have to choose between the account type of the user, whether it is a Savings or a Current Account.

ATM card transfers can be quick and save the user’s time involved in visiting a bank branch and standing in the queue to wait for their turn. Moreover, it sheds off the extra workload from the bank officials as well.

How to Transfer Money through Paytm without UPI?

You can transfer money from Paytm by using the Paytm wallet. However, you must have full KYC verification for doing wallet-to-bank transfers. If you are a user with minimum KYC verification, then you need to upgrade your Paytm account and get completely KYC-verified. This also upgrades your monthly transaction limit from Rs. 10,000 to Rs. 1,00,000. After being fully verified on the Paytm app, follow the below steps-

  • Login to the Paytm app
  • On the homepage, you will find multiple options of payment under the ‘Send Money section
  • When you chose to send money to a mobile number, you can transfer not only from the bank a/c linked with Paytm but also from your Paytm wallet
  • Likewise, when you select ‘Scan & Pay‘, you can make payments from your Paytm wallet. When you click on the ‘Pay’ option, a QR code scanner opens up that allows money transfer
  • Alternatively, you can also send money through the receiver’s mobile number. You need to add the phone number and send money to the Paytm wallet linked with the number. If the number is not linked, you will get a notification of the same
  • You can also send money to a bank account by clicking on the ‘To Bank A/c’ option. Select the receiver’s bank out of the list of many banks and then fill in the account number, IFSC, bank account holder’s name, and mobile number. Thereafter, proceed with the payment. However, this does require you to have your bank account linked with Paytm. This transaction occurs through UPI.

Wrapping it up:

Offline modes like ATMs require the user to step out and don’t give the benefit of making online transfers without moving physically. Although you can send money through several bank websites and mobile banking apps online, it is also a bit time-taking. To your rescue, Paytm facilitates instant online payments through UPI as well as through alternate ways like Paytm wallet or Paytm Postpaid (for specific cases) can. However, Paytm UPI makes direct bank-to-bank money transfers easier and quicker with real-time transfers. All you need is to enter the receiver’s contact. So, why go through the long, complex way when you can transfer money in a few seconds with UPI!

FAQs
Do we need UPI for net banking or vice-versa?
No, both UPI and net banking are independent of each other. You need to add a beneficiary with all bank account details for net banking and await the bank’s approval. UPI money transfer is instant and you can perform transactions with any UPI user.
Is it necessary to have mobile banking for UPI money transfers?
You may not have active mobile banking but you must have the mobile number linked to the bank account for UPI money transfer.
How to transfer money without UPI PIN?
You can transfer money without UPI PIN when you do not do a UPI money transfer. You can do internet/mobile banking or pay through a Paytm wallet
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