Fund transfer refers to an approach of transferring the money or funds via any means. Often this approach is practiced online after getting Online banking feature enabled with your account. The transaction may take place from one bank to the other or might even take place between a person and a company. This approach may be bought in use by a single user transferring funds to another person’s account or may be used by multiple institutions as well.
Best Way to Transfer Fund to Someone
To Go For A Fund Transfer:-
You may also choose to go for making a fund transfer via the bank website as well. Simply log in to the transfer account on bank website i.e. www.icicibank.com and then click on the fund transfer option. Select the transfer type that you want like if you want to transfer funds to your own account or someone else. Select the other account and make the desired transfer of funds by entering the desired information about you as well as the receiver including your internet banking ID, password as well as the details of the receiver afterwards.
You will be asked to enter the requisite codes including the IFSC code for internet banking along with the One Time Password that you will receive on your mobile and this way after entering the desired amount of funds that you want to transfer as well as the details of the receiver. Your transaction will get complete this way and your payment configuration number will get displayed on the screen. When the transaction is made successfully, the receiver will receive the desired amount this way. You may confirm the receiver by calling him and enquiring if the money has reached him or not afterwards. If you were making a transfer to your won account, you will need to make the enquiries yourself.
The Basic Meaning of Fund Transfer:-
Fund transfer means nothing but the transfer of funds or in other words, money. You simply need to reach the bank in which you have an account and ask the manager that you want to get the fund transfer facility enabled with your account. You will be provided with a form that you will need to fill so as to get online banking enabled with your account and that’s it. After getting it enabled, you will be able to make electronic transactions and fund transfer with your account. If you are making the electronic transfer via some web site like www.moneygram.com, you might need to send a receiving number to the receiver as well that he or she will need to enter so as to receive the amount.
Making The Visa Card Holder Initiated Transactions:-
In this type of transaction, you will need to make use of your ATM debit, Visa card and you will need to make usage of some website like PayPal etc. so as to transfer funds electronically. In this process the debit payments will be made using the card after authorizing the paypal with your account and then all the transactions will be made online this way. Even your friends out of your country will be able to send you money or funds afterwards. You may also choose to go for the wire transfer like approaches so as to make electronic transfer.
Terms and Conditions:-
Fund transfer should be used only to transfer money from your own enrolled account and trying to do cyber frauds with other’s accounts is completely illegal. The time deposit and Consumer Loan type of accounts can’t be used as a source or destination accounts for fund transfers. Make sure to get the approach, configured with bank first.