What are the Benefits of an Online Bank Transfer App?
As the name suggests, online money transfer or online bank transfer apps help transfer funds from one bank account to another over the internet. Most banks offer mobile banking applications to their registered users. With online bank transfer apps, you can send money to your family and friends instantly without any hassles. Let’s find out the various benefits of online bank transfer apps in the article below.
Benefits of online bank transfer apps
Online banking mobile applications come with numerous benefits along with transferring money. The following are some important advantages of online banking apps.
Open a bank account online
Using a mobile banking app, you can open a bank account without the need to visit the bank branch. It not only saves your effort and time but is also quick to open with minimal documentation. To open a bank account, you simply need to download the app, register using your personal details and upload your Aadhaar and PAN documents. The bank verifies your details through video KYC which hardly takes a few minutes. Once done, you can access your account.
Send money instantly
One of the biggest advantages of mobile banking apps is instant money transfers. With these apps, you don’t have to wait for banking hours to send money to your loved ones. The banks in India offer several methods to transfer funds online such as IMPS, NEFT, RTGS, and UPI. Sending money through UPI doesn’t even require you to enter the beneficiary’s account details as it only requires the mobile number or the UPI ID of the recipient.
Pay utility and credit card bills
You can pay for your electricity, water, phone, and broadband bills through your phone using a mobile banking app. Simply enter your bill type, customer ID, and the amount and pay your bills within no time. Moreover, you don’t require a separate credit card app to pay your credit card bills. Using the online banking app, you can pay as well as manage your credit card transactions without any hassles.
Monitor your bank account
With a mobile banking app, you can easily access your bank account and keep a track of your finances. You can also opt for monthly e-statements and receive the details of all your banking activities through your registered e-mail ID.
Set auto payment mandates
To pay your bills without delays and defaults, you can also set up standing instructions or an auto payment mandate. The bank will deduct the amount on a set date to pay against your utility and credit card bills or transfer funds.
Mobile banking apps have made banking services more accessible and save your time and effort from visiting a bank branch in person. Moreover, you can avail all the financial services round-the-clock from anywhere. The IDFC FIRST Bank mobile app offers comprehensive banking services and products through your mobile phone and is an excellent online bank transfer app. You can open an online bank account within a few minutes and make the most of your finances. The app also offers a deposit account, mutual fund investment, utility, and credit card bill payment, and more.
