How to use ATM Card for Fund Transfer
ATM cards allow customers to safely transfer money between accounts in addition to making cash withdrawals. ATM fund transfers offer an easy and convenient method to send money to friends or family without the need for mobile apps or online banking.
How to Use an ATM to Transfer Funds Between Accounts
Using an ATM to transfer money is simple, Follow these steps:
Step 1: Go to an ATM that is connected to your bank and insert your ATM card
Step 2: Enter your four-digit PIN to confirm the transaction.
Step 3: From the menu, select Inter-Account Transfer or Transfer Funds.
Step 4: Choose if the recipient has an account with the same bank or one that is different.
Step 5: Enter and verify the recipient's account number.
Step 6: Enter the amount of the transfer, there may be a daily transfer limitation on certain ATMs (for example, Rs. 25,000 to Rs. 50,000).
Step 7: Check all the information, including the amount and account number.
Step 8: Click Confirm to finish the transfer.
Step 7: Collect the transaction receipt, for your records
Advantages of ATM Money Transfer Services
The following are some advantages of using an ATM to transfer money:
- No Internet Required: works even without a banking app or smartphone.
- ATMs are open at anytime and anywhere.
- PIN generation is necessary for safety transactions.
- Immediate Transfers: For the same bank transfer, funds are provided immediately.
- No Extra Fees: A large number of banks have no additional fees on transfers made through ATMs.
Advice for Transferring Money Through ATM
The following are some safety tips for using an ATM to transfer money:
- Never give your ATM PIN to anybody
- When entering the PIN, Cover the keyboard
- Make use of ATMs in safe areas
- Verify the recipient’s information twice before confirming
- Till the transfer is successful, hold onto the transaction receipts.
Resolving ATM Transfer Failures
The following are possible explanations for why ATMs sometimes fail to transfer money:
- Transaction Rejected: A network issue, incorrect PIN, or insufficient balance
- The amount paid but not credited: Incorrect account information or a technical issue
- If the ATM is not responding, try another machine and cancel the transaction.
FAQs on How to use ATM Card for Fund Transfer
- Can I use any ATM to send money?
Yes, but only if ATM transfers are accepted by your bank. Some ATMs might only permit withdrawals.
- What is the ATM's maximum transfer limit?
It differs from bank to bank, it typically varies between Rs.25,000 and Rs.1,00,000 every day.
- If I enter an incorrect account, is it possible to reverse an ATM transfer?
No, the transfer cannot be reversed once it has been verified. Verify details twice at all times.
- Do ATM transfers require registration?
Check with your bank, however most banks have this function enabled by default.
- Can I use an ATM to send money outside the country?
No, domestic ATM transfers are normal. For worldwide transactions, use wire transfers.
- What happens if money is taken but the ATM transaction fails?
For a refund, get in touch with your bank and provide the transaction receipt.
- Is it secure to transfer money through an ATM?
Yes, it provides you safe ATMs and maintains the security of your PIN.
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