2. INTRODUCTION
Banking has been an essential part of our daily lives. Since the time it has gone online a lot
of our chores have become easy to deal with.
Money Transfer are electronic transfer of money from one bank account to another, either
within a single financial institution or across a multiple institution, via computer based system,
without direct invention of any other activity. It does not transfer any physical money but
transmit financial information between relevant parties as we said it does not go through banks
and they use their own common system instead of using swift. There are numerous ways of
transferring money from one bank account to another account . With the increasing
technology, online money transfer has become the easiest way of transferring money from one
bank to another without any difficulty. We can now accept payments from customers in the form
of online.
Money transfer basically refers to the electronic transfer of money, initiated by one person
to another . With the facilitation of services like UPI, online banking, etc.
Money transfer has different types like NEFT, RTGS, IMPS, UPI code, Cheque.
3. To understand the concept of Money Transfer System and its Security
services.
The use of all the methods in commerce.
To bring out solution in the form of application to support Money Transfer system
through online also.
Also, to working of various Money Transfer Methods with appreciated work
advantages and risk.
Understanding International Money Transfer Concept.
To know the problem of customer while transferring through NEFT,RTGS,IMPS,
UPI code and Cheque.
To give some suggestion for some queries of money transfer procedure.
OBJECTIVES
5. TYPES OF MONEY TRANSFER
NATIONAL ELECTRONIC FUND TRNSDFER (NEFT)
REAL TIME GROSS SETTLEMENT (RTGS)
IMMEDIATE PAYMENT SYSTEM (IMPS)
USING UPI CODE
USING CHEQUE
6. An international money transfer takes place when money
is sent directly to the bank account of a person or business
abroad. International money transfers can be made with the
help of a bank, an international money transfer service, online
platforms or individual agents.
Usually, international money transfers can be completed within
days, exchanged in multiple currencies and made through
offline and online digital banking applications. There are
different types of international money transfer services
available in India which makes it easy to do an international
money transfer from the comfort of your home.
When money is sent out of the country, internationally,
various kinds of fees are levied over it which is collectively
known as international money transfer fee. It generally includes
the following components:
Transfer Speed, Exchange rates, overhead Charges.
INTERNATIONL MONEY TRNSFER
7. We all realize the value of digitalization in today’s environment. Whether it is
making payment or transferring the payment. Also, for some reason
international transfer we require a digital means of cash transfer that solves our
online transfer concerns and is safe and secure.
IMPS, RTGS, and NEFT are mainly plays critical role in business and daily
life. It provides many advantages to the users like physical presence of an
individual is not required, provides transparency and more security to the
users. It allows to transfer lumps of amount in a second through online, and
also through offline but with no long process.
Additionally, this banking services trio acts as a savior.
CONCLUSION
