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How do Instant Money Transfers Work?
Category: money News

Instant money transfer is the remittance of money to a beneficiary located anywhere in the world using only his or her mobile number, even if the recipient has no bank account.

How does Instant money transfer work?

The IMT process provided by money transfer agencies and banks, in namely two ways, visiting an agent or using the mobile application with an internet connection.

When visiting an Agent: When you opt for Instant Money Transfer through a reputable money transfer agency with branches and network spread globally. All one has to do is visit a branch of one's  convenience and fill a form, with the correct beneficiary mobile number, name and choose the country and currency of transfer. After settling the payment and choosing the desired mode of transfer, the agent will initiate the transfer using swift money transfer services, providing the sender a 16-digit pin code for tracking the payments through their online gateway and for the receiver's aid when collecting the payment.

When transferring money using a mobile application: Log in to the mobile app and make easy money transfers from one's IMT account to any person's mobile number. All the beneficiary needs to do is visit the nearest transfer agency branch and redeem the money instantaneously or avail the transfer on their mobile wallet.

It is essential to have a working Internet connection on the mobile device to use internet banking services for easy money transfer, globally.

Available Modes of Payment in Instant Money Transfer:

  • In cash
  • ATM cards
  • Door step delivery
  • Prepaid cards
  • Mobile wallet
  • Bank accounts

The IMT is a fast money transfer service, which can be used when one needs:

  • Stress-free and effective payments
  • The beneficiary has no bank account
  • Need for cash transfer
  • Urgent need for a fast money transfer

Advantages of instant money transfer:

The main advantage of Instant money transfer services is to send money fast to any individual, banked or unbanked, by using just their mobile number. The people who have no bank accounts or find it difficult to make withdrawals can easily avail the delivery services to get their payment at their home.

How do these Instant Money transfers actually work?

Transfer process:

  • To transfer money using just the beneficiaries mobile number, all the sender needs to do is login to an internet banking service account and initiate an Instant money transfer request.
  • Filling the required information such as the recipient's name, mobile number and the amount to be transferred.
  • Once the payment is made inclusive of a small transfer fee, the transaction is initiated using swift transfer network.
  • The beneficiary receives an SMS, with all transaction details including a unique transaction PIN, which authorizes the beneficiary to redeem the money transferred, amount, the reference code and expiry of the transaction.
  • All the beneficiary needs to do is visit the nearest and convenient payment centre and choose to redeem the transferred money by providing the unique pin code.

With the rise in e-commerce and technological advancements, the need for fast money transfers has increased considerably. The Instant money transfer provides convenience to those who need to transfer money urgently to reach a loved one in time, no matter where they are, using just their mobile number. Make money transfers boundary less now!

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