This sounds extremely inferior when everyone around you talks about transferring money and you don’t have any idea about this. We’ll help you with the basic understanding of money transfers.
1. Online Services: Google Pay, Paytm, phonepay, etc. are available in the market and if you are a smartphone user, you surely heard these names quiet often.
2. Domestic Transfers: You can use various options like Google Pay, Paytm, Paypal and other services. But what if your recipient has just a bank account linked with the Aadhar card only?
In that case, you can visit your Customer Service Point and transfer money. PayMonk is a leading Fintech brand in AEPS, domestic money transfer services.
3. International transfers: Transferwise provides a peer to peer transfer option with an extension of checking realtime exchange rates.
4. National Electronic Funds Transfer: It’s a nationwide payment system which provides serviceability in case of third party transfers and is the most viable option these days. There is a limit of 10 lacs in NEFT.
5. Real Time Gross Settlements: Another system maintained by Reserve Bank of India which doesn’t settle payments on a deferred settlement basis.
About the Author:
PayMonk is a Fintech brand of Actas Technologies Pvt. Ltd and has a track record of maintaining good no. of CSPs. One can easily setup a business by becoming a white label partner of PayMonk.
For more information, visit: http://paymonk.com