What Does Money Transferring Mean?
In simple words, money transfer is transferring money from one bank account to another bank account. It can be a physical or electronic fund transfer from one bank account to another bank account. It may occur between the same bank operators, different bank operators, in the same country, in different countries.
This is the act of transfer money from one place to another place either in the same country or overseas. When it occurs in the same country known as domestic money transfer and when it occurs in overseas known as International or global money transfer.
Basically money remit is used for electronic fund transfer. This is the cashless mode of transferring money from one bank account to another bank account.
How Does Money Transfer Works?
There are very simple steps to money transfer through mobile apps or money remit software. In the above paragraph, we have discussed online fund transfer through mobile applications. Here we discuss the fund transfer process through money transfer software.
Step 1: Visit nearby money remit agent or service provider
Step 2: Register remitter account through your name, mobile number and give him cash amount
Step 3: An OTP will come to your mobile number through which you authenticate your remitter account
Step 4: Now you to provide receivers bank details like name, account number, and IFSC code
Step 5: Agent will register the beneficiary account of the receiver
Step 6: Fill the amount you want to send into the beneficiary account
Step 7: Now agent gets an OTP and after submitting OTP, transactions occur
Step 8: Get transaction receipt from the agent
So these are the steps which you have to follow to transfer money. In return of fund transfer, the agent can charge you a piece of an amount which totally depends on the agent. Different agents charge a different amount for money transfer service but this is very nominal.
How Much Can You Transfer in One Day?
Most of the people are confused about this. Actually there is no fixed limit to transferring money. You can transfer money from a very small amount to 10 lac per day.
- Payment gateway transaction limits up to 10 lac per day/ per transaction.
- If we talk about the personal account, you can transfer any amount which you have.
- If we talk about IMPS, you can transfer up to 2 lac to register a beneficiary account
- NEFT allows you to transfer funds to a beneficiary account up to 10 lac, if your beneficiary account is a new register, you can transfer up to 5 lac and If your account is registered under 24 hours, you are allowed to transfer 50,000 rupees.
- RTGS also allow up to 10 lac/per day to beneficiary account (It take 24 hours to transfer)
- You can transfer up to 50,000 without register beneficiary account through mobile banking
- If you have a new device and new register net banking, you can transfer up to 10,000 without register beneficiary account
What is Money Transfer Business?
Some years ago, fund transfer is only done by banks through physical money transfer. As the technology is growing, money remit service becomes advanced. There are many places in India where banks are unable to reach. To bring all the society at the same financial platform, banks start a policy. In which they provide you the authority to offer money transfer service in a legal way. You can start your own money remit agency as private and can offer fund transfer services.
But to get the authority through these banks you to fulfill their terms and conditions. If I talk about us, it is almost impossible for us, but don’t worry, I have the solution.
There are many software development companies in India that offer money transfer software integrated with money transfer API.
In short, you can start your own online fund transfer agency through all bank money transfer software.
What are the Features of Ezulix Money Transfer Software?
- Our fund transfer software is cost-effective
- Advanced money remittance software with unique features
- It is fast, safe and secure through safe payment gateway and API
- User-friendly and SEO-friendly portal
- Instant fund transfer service
- Lowest surcharge in the market
- Create unlimited agents
- Real-time settlement in Wallet
- The transaction receipt for fund transfer
- You can transfer fund to any bank operator
- 100% success ratio
- Free mobile app for fund transfer
- Best customer support service
These are some features which can help you to understand about money remit software.
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