Complete Guide: How to Transfer Money from One Bank Account to Another

Complete Guide: How to Transfer Money from One Bank Account to Another

11 Sept, 2023

Thanks to online transfers, you can conveniently send money to another bank account. The transfer takes place almost instantly, and you can transfer money securely to almost any other bank account in the country. There are several ways in which you can transfer money, viz. National Electronic Fund Transfer (NEFT), Real-Time Gross Settlement (RTGS), Immediate Payment Services (IMPS) and Unified Payment Interface (UPI). UPI is regulated by the National Payments Corporation of India (NPCI) and allows peer-to-peer transfer. HDFC Bank’s PayZapp app allows you to transfer funds using UPI. Read on to know more about how to transfer money from one bank account to another with this user-friendly platform.

Understanding PayZapp

Developed by HDFC Bank, PayZapp is a mobile payment app that provides a wide range of financial services, including funds transfer, bill payments, and online shopping. Available for both Android and iOS users, PayZapp allows you to link your bank accounts and perform various transactions, including transfer of money from bank to bank.

Setting up your PayZapp account

To start using PayZapp for fund transfers, you need to download the app from the Google Play Store or Apple App Store and register your account.

  1. Once the app is downloaded, launch it and select ‘Register’.

  2. Provide the required details such as name, mobile number, email address, and set a password.

  3. Enter the OTP (One-Time Password) received on your mobile number registered with HDFC Bank to verify your account.

  4. Next, you must complete the KYC process to enable bank transfers.

  5. Lastly, choose your preferred app lock mode – you can either set up a 4-digit passcode or use your device’s default lock (fingerprint, PIN, etc.)

    Click here for fund transfer through PayZapp on your IOS phone.

    Click here to make recharge through PayZapp on your Android phone.

Linking your bank account to PayZapp

To transfer money from your bank account using PayZapp, you need to link it to your PayZapp account. Following are the steps:

  1. In your PayZapp app, go to Accounts & Cards > UPI Account > Add New > Bank Account.

  2. The app will show you a list of banks with some of the popular banks displayed at the top.

  3. Select your bank.

  4. Once you select your bank, the app will automatically retrieve your bank account details linked to the registered mobile number and create a UPI ID. You are not required to enter your bank account number or IFSC.

If you have an existing UPI ID linked to your bank account, you can use that ID’s PIN for transacting in PayZapp as well. However, you can change the PIN in PayZapp, go to Accounts & Cards> UPI Acccounts>Select your bank account> Change or Forgot PIN.

You can add multiple bank accounts this way. You can also remove your bank account whenever you like. Go to Accounts & Cards> UPI Account>Select your bank account> Remove Bank Account.

How to transfer money from one bank to another online

Once you’ve successfully linked your bank account to PayZapp, you can initiate a money transfer in several ways:

  1. Send money using the beneficiary’s UPI ID

You can send money to a UPI-enabled app using the beneficiary’s UPI ID or registered mobile number.

  1. On the PayZapp dashboard, select the "Send Money" option.

  2. Choose ‘Send Money To Any App’.

  3. Enter the recipient's UPI ID or mobile number. You can also select the beneficiary from your contacts.

  4. Verify the recipient's details, such as name and UPI ID.

  5. Enter the amount you wish to transfer and add a remark or description, if necessary.

  6. Select your linked UPI account and confirm the transaction with the UPI PIN.

  1. Send money to bank account

Here’s how you can send money to a bank account using the beneficiary’s bank account details:

  1. Launch the PayZapp app and select ‘Send Money.

  2. Select ‘Send Money To Account’.

  3. Select the beneficiary’s bank and enter their bank account number and IFSC code.

  4. Enter the amount you wish to transfer and add a remark if required.

  5. Select your UPI account from where you’d like to transfer the amount.

  6. Enter the UPI PIN and complete the transaction.

  1. Self-transfer

PayZapp also allows you to transfer money between your linked UPI accounts. Here are the steps:

Send Money > Self Transfer > Select the UPI Account where you want to transfer money > Select the UPI Account from where you’d like to transfer money > Enter the transfer amount and complete the transaction by entering the correct UPI PIN.

How to transfer money from bank to bank via online banking platforms

You can use your bank’s online banking platforms like internet and mobile banking to send money online to your beneficiary:

  1. Log into your internet or mobile banking platforms.

  2. Go to the ‘Fund Transfer’ or relevant option.

  3. Select the preferred mode of transfer. Typically, you can select the following options:

    • NEFT: NEFT is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is available round the year and allows you to transfer money without upper or lower limits. However, banks may set transfer limits.

    • RTGS: The minimum amount you can send via RTGS is ₹2 lakh. RTGS is also regulated by the RBI and is typically meant for high-value transactions.

    • IMPS: IMPS is owned and operated by the NCPI. You can send up to ₹5 lakh via IMPS.

Typically, banks may not charge fees for online transfers, except for IMPS. IMPS transactions incur charges, as specified by the bank.

  1. Select the beneficiary, enter the transfer amount and a small description of the transfer. To add the beneficiary, you’d need their name, bank details, bank account number and IFSC.

  2. Enter the transaction PIN or complete other authentication process like OTP to complete the transaction.

Benefits of online money transfer via PayZapp

Online money transfer systems have revolutionised the way people send and receive money. It offers a plethora of benefits that make it an attractive option for individuals and businesses alike. Following are some of the key benefits of carrying out online payments via PayZapp:

  • Online money transfer is convenient and time-saving, as you can send money from the comfort of your home or office, at any time. It eliminates the hassle of physically visiting banks or filling out paperwork.

  • Online transfers are quick and efficient, with funds reaching the recipient's account almost instantly. This is particularly useful when you have to send money to a family member or friend during an emergency.

  • Online transfers are secure, with robust encryption and authentication measures in place, ensuring the safety of your sensitive data.

  • Online transfers provide transparency and accountability, with detailed transaction records available for reference. online money transfer in India is a game-changer, offering convenience, speed, security, cost savings, and financial inclusion to users.

Security measures and precautions

While transferring money via PayZapp or any other digital payment platform, you should keep these essential security measures in mind:

  • As evident as it is, keep your login credentials, PIN, and biometric information confidential.

  • Use secure networks and avoid conducting transactions on public Wi-Fi.

  • Regularly update the PayZapp app to benefit from the latest security patches.

  • Enable transaction notifications to stay informed about any suspicious activities.

  • Double-check the recipient's details, including account number, IFSC code, or mobile number, before confirming the transaction.

  • Report any unauthorised transactions or suspicious activities to PayZapp's customer support immediately.

Remember to double-check all the information before initiating a transaction to avoid any mistakes or complications. It is essential to keep your lock codes secure and ensure the recipient's details are accurate to prevent any errors.

Alternate uses of PayZapp

PayZapp is a versatile digital payment app that simplifies your everyday transactions. With PayZapp, you can pay bills, recharge mobiles, book flights, shop online, and more, within a few clicks. It offers secure and quick payments, loyalty points, and exclusive deals. Embrace convenience and flexibility in your financial journey with PayZapp.

Download the PayZapp app now and seamlessly send money to any bank account, instantly and securely.

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.

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