Types of Bank Transfer
Online banking has replaced the good old monthly activity of going to the bank and encashing your monthly cheque. Now money is transferred to your online account. The advent of debit and credit cards have also ensured you do not need to have ready cash all the time to process payments, whether that involves shopping in malls or getting money transferred to a friend’s account.
Some of the most monotonous and everyday activities that we carry require the use of digital payments involving online bank transfer. Here are a few examples:
1) Credited Salary: Many major companies prefer to pay their employees directly through an online bank transfer. Earlier they would write a cheque for their employees, which involved constant visits to the nearest branch. Now the salary is automatically credited as long as your account number is linked to the company profile
2) Online Shopping: There is now no need to bring cash everytime, everywhere to purchase stuff. Most stores have a swipe machine they keep to process payments. Whether you are in a grocery store or a restaurant, keeping your debit card always comes in handy.
3) Metro Recharge: Apps like Paytm have the option to recharge your Metro card online instead of having to stand queues and make payments via cash to the counter. All you need to do is follow a few quick and simple steps for effective bank transfer to your smart card. This involves logging in to the app, click on the Metro Recharge icon and enter the Metro card number on the next screen. Then you need to enter the amount and give your bank details. You can also get your card details saved on your system so that you do no need to face the hassle of entering all that information every time you access the app.
4) Airplane and Train Booking: This system of online bank transfer has indeed made life very simple for frequent travellers. You can not only book seats of your choice in a jiffy but also customise your package and compare prices among different travel portals to get you the best deal.
5) Mobile Recharge: Who needs to go to the nearest mobile retailer store to recharge your sim when you can do so by your own without having to leave the house? You can recharge your account by downloading your network operator app or just get it done through apps such as Paytm.
These days, online e-commerce apps also give you the advantage of cashback options and coupons that you can use for shopping in malls or in restaurants. All you need to do is enter the promo code they come with and have the opportunity to get some percentage of money transferred back to your account in a couple of days after the bank transfer goes through.