Author: dev777rahul

How to transfer money from SBI to SBI account using SBI internet banking

Online transferring money utilizing internet banking of State bank of India(SBI)account is a 2 stage process.

Fist you have to add the beneficiary account whom you are going to send money and then second step is transferring money to beneficiary account .

Adding beneficiary is the first step that takes some time after it is added you can send money as many times you want.

Step 1. Adding new Intrabank Beneficiary

First sign in to your SBIaccount . Online SBI is the internet banking website of sbi where you have to login first.

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Now go to  ‘Manage Beneficiary’.

 

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Then you have enter your profile password which is different from your main login password.

 

 

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 Note: you must know your profile password and remember it because without that you can not add any beneficiary into your account.

Now Click on ‘Intra-bank Beneficiary’  option because receiver(ie beneficiary)  whom you are sending money is having account in SBI bank .

 

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Enter beneficiary account details and the payment limit  as it is visible in the  form available to you . Here payment limit is the money amount which is max you can send and transfer in to beneficiary account.5

 

 

After you have added the beneficiary, details  now  you have to approve him. To do this, click on  the ‘Approve Now’ button that appears.

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Select ‘Approve Beneficiary’ to approve the newly added beneficiary.

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After that you have to Select ‘Approve through OTP’ option.

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After selecting that option you’ll receive an OTP code on your registered mobile number with that account you are a trying to transfer money. Then Enter the sent code to complete process of adding beneficiary to your SBI net banking account.

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Step 2. Transfer money to the added beneficiary account

As you have successfully added the beneficiary into your online sbi account , follow belo  process to transfer money.

Again Login to OnlineSBI and go to ‘Payments/Transfers’ section.

 

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Then you have to Select  the ‘Accounts of Others’ under ‘Within SBI’ option to see a list of all the SBI beneficiaries you have added in your account.

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Select account, enter the amount and remarks to remember the transaction. This remark would show in the mini-statement of yours and the beneficiary. Click ‘Submit’ to initiate funds transfer.

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Now the final step  and click ‘confirm’ to send money.

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A confirmation message will show up and that’s  it . You have successfully transferred money to your beneficiary account.

 

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So if you have any query or suggestion mention in the  comment section.  Share and subscribe for more information on money transfer.

 

 

 

What is money Transfer

What is money Transfer

Money  Transfer ?

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Money transfer  is basically refer  to one of the accompanying cashless methods of below mentioned installment or installment system:

  • Electronic fund transfer , widely used term for bank card payment process
  • Wire exchange , a worldwide assisted bank-to-bank reserves exchange
  • Giro , otherwise called direct deposit
  • Money order ,  transfer by postal check or others ways 

     

     

In todays date many bank  allows to transfer money via internet banking  like here how SBI offer fund transfer to their consumer.

Rather, Money Transfer is a protected correspondence between two gatherings (banks) .

The correspondence determines that the record of the collector at the getting bank must be credited by the sum sent, and, in the meantime, a similar sum must be taken out from the sender’s record.

Basically sending money from one account to your beneficiary account via any medium is you can say money transfer and today’s date  there are many medium available you can use  to send money .First and basic method is using bank to transfer money  then net banking and other convenient option is using money transfer agencies who charges very low amount of fee and transfer your money instantly.

 

There are many money transfer agency available in Mumbai who help you to transfer money anywhere in India at lowest cost.