Help Series

Help 107: Transfer Money Online Instantly using IMPS

Remember those days when transferring money was such a hassle? Go to the bank, fill out 20 different forms, wait in long counter lines, and even after all that, it would take more than 2-3 days for the money to get into the beneficiary account. With the proliferation of Internet in the banking sector, it has now become so much easier to transfer money right from your computer, or given it’s 2014, using mobile.

There are various ways to transfer money over the internet – the most common ones being NEFT, RTGS and IMPS.  NEFT allows you to transfer funds up to Rs. 2,00,000 and using RTGS you can transfer funds only above Rs. 2,00,000. Both these processes require you to add a payee to your internet banking account and further approval from the bank. This can take quite a few hours and cannot be done on Bank Holidays (Sunday) since bank executives are not available to approve payee requests.

However, what happens if you need to send money and its a holiday?

In this week’s Help Series, we talk about the Immediate Payment Service (IMPS), the fastest process to send money to someone online almost instantly. IMPS launched publicly in November 2010 and it offers instant, 24×7, inter-bank electronic funds transfer through mobile or desktop internet.

transfermoney

Registration for Remitter:

  • Register yourself for mobile banking service with your respective bank.
  • Get Mobile Money Identifier (MMID) and MPIN from the bank.
  • Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS. You can also of course use the internet banking portal of your bank.

Registration for Beneficiary:

  • Link your mobile number to the account in the respective bank.
  • Get Mobile Money Identifier (MMID) from the bank.

For Remitter (To send money):

  • Login to the application and select the IMPS menu from the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS. You can also of course use the internet banking portal of your bank.
  • Get Beneficiary Mobile number and MMID.
  • Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send.
  • Await confirmation SMS for the debit in your account and credit in beneficiary account.
  • Note the transaction reference number for any future query.

For Beneficiary (To receive money):

  • Share your Mobile number and MMID with the remitter.
  • Ask the remitter to send money using your Mobile number and MMID.
  • Check the confirmation SMS for credit to your account from the remitter.
  • Note the transaction reference number for any future query.

That’s it! Your money should get transferred instantly. In case you are stuck at any point in the above process or need any other help with the money transferring process, you know who to ask 🙂