How to Transfer Money from One Bank Account to Another Bank Account?

Looking to move money between bank accounts? Whether you’re splitting bills with friends, transferring funds to family, or managing your finances, understanding how to make a bank transfer should be known by you.

In this guide, we’ll take you through the process step by step, covering various methods and offering tips for a seamless and secure transaction. 

Transfer Money From One Bank to Another Bank Account via UPI

Step 1: Open your UPI payment app, like Paytm, on your phone.

Step 2: Find the option to send money or make a payment.

Step 3: Enter the recipient’s details, like their UPI ID or bank account info.

Step 4: Type in the amount you want to send and any extra info asked.

Step 5: Check everything carefully to make sure it’s correct.

Step 6: Confirm the transaction by entering your UPI PIN.

Step 7: Once confirmed, the app will send the money to the recipient’s account.

Step 8: You’ll get a message or notification when the transfer is done.

Transfer Money From One Bank to Another Bank Account via IMPS

Step 1: Sign in to your mobile banking or internet banking account using your login details.

Step 2: From the main page, find and click on the ‘Fund Transfer’ option.

Step 3: Choose ‘IMPS‘ (Immediate Payment Service) for the transfer method.

Step 4: Enter the beneficiary’s MMID (Mobile Money Identifier) and your MPIN (Mobile Personal Identification Number).

Step 5: Input the amount you wish to transfer to the beneficiary.

Step 6: Click ‘Confirm’ to proceed with the transaction.

Step 7: You might need to verify the transaction with an OTP (One-Time Password) sent to your registered mobile number.

Step 8: Enter the OTP received to finalize the transaction.

Transfer Money From One Bank to Another Bank Account via NEFT

Step 1: Log in to your internet banking account using your credentials.

Step 2: On the main page, locate and click on the ‘Fund transfer’ option.

Step 3: From the drop-down menu that appears, select ‘NEFT‘ (National Electronic Funds Transfer).

Step 4: If you haven’t added the beneficiary to your list of beneficiaries, you will need to do so. Click on the ‘Add beneficiary’ option on the page.

Step 5: Enter the required information of the beneficiary, such as their name, bank account number, IFSC code, and other necessary details.

Step 6: Click on ‘Confirm’ or ‘Add’ to add the beneficiary to your account.

Step 7: To authenticate this step, you will be asked to enter the OTP (One-Time Password) sent to your registered mobile number.

Step 8: After entering the OTP, your action will be processed. Please note that it may take around 24 hours to add a beneficiary.

Step 9: Once the beneficiary is added to your account, select their details from your list of beneficiaries.

Step 10: Enter the amount that needs to be transferred and confirm your transaction.

Step 11: Click on ‘Confirm’ to initiate the transfer. The amount will be transferred from your bank account to the recipient’s account.

Transfer Money From One Bank to Another Bank Account via RTGS

Step 1: Log in to your internet banking account using your credentials.

Step 2: On the main page, locate and click on the ‘Fund transfer’ option.

Step 3: From the drop-down menu that appears, select ‘RTGS’ (Real Time Gross Settlement).

Step 4: If you haven’t added the beneficiary to your list of beneficiaries, you will need to do so. Click on the ‘Add beneficiary’ option on the page.

Step 5: Enter the required information of the beneficiary, such as their name, bank account number, IFSC code, and other necessary details.

Step 6: Click on ‘Confirm’ or ‘Add’ to add the beneficiary to your account.

Step 7: To authenticate this step, you will be asked to enter the OTP (One-Time Password) sent to your registered mobile number.

Step 8: After entering the OTP, your action will be processed. (Note that it may take around 24 hours to add a beneficiary)

Step 9: Once the beneficiary is added to your account, select their details from your list of beneficiaries.

Step 10: Enter the amount that needs to be transferred and confirm your transaction.

Step 11: Click on ‘Confirm’ to initiate the transfer. The amount will be transferred from your bank account to the recipient’s account.

Transfer Money From One Bank to Another Bank Account via Cheque

Step 1: Fill out a cheque with the recipient’s name, bank account number, and the amount you wish to transfer.

Step 2: Ensure that the cheque is signed by you, the account holder, in the designated area.

Step 3: Drop the filled-out cheque into a cheque dropbox at your bank branch or hand it over to a bank teller for processing.

Step 4: The bank will process the cheque and debit the specified amount from your account.

Step 5: The recipient’s bank will receive the cheque and credit the transferred amount to the recipient’s account.

Step 6: The recipient can use the money once the cheque clears, usually in a few business days.

As online methods offer convenience, transferring money between bank accounts offline is limited. While most methods work online, NEFT and RTGS offer both online and offline options. Among them, UPI stands out as the most favoured due to its numerous benefits.