Bank of India’s Instant Money Transfer Explained

Bank of India has come along with “Instant Money Transfer” facility wherein any individual without having bank account or debit card can use their ATM’s to withdraw cash. This is for the first time in India, that any bank has come up with such a facility to withdraw cash without any bank account. It is quite obvious that this money transfer facility is surely going to be help thousands of Indian population in the rural area who still does not have bank accounts. However, it is going to be helpful for many urban locations too, as this service would benefit the migrant workers.

You must be wondering how is it possible to withdraw cash without having bank account. Mobile phones act as the base for this service. The senders need to use the receiver’s mobile phone details to transfer the cash by means of Bank of India ATM, then by using their mobile phone number and the partial details sent through SMS in order to take out the cash without any bank account or debit card. Once the sender sends the money, the receiver needs to visit their selected Bank of India ATM along with the ‘instant money transfer’ facility. In those ATM, by using the mobile number and allied details sent through SMS once can withdraw their money.

With the emerging mobile phone technology, it has now become possible to send money anywhere. Senders can either make use of ATM or internet banking in order to send money sitting at any corner of the world.

If any sender chose to send money via ‘instant money transfer’, he would be charged Rs. 25 per transaction. Receiver can withdraw Rs. 25,000 in a month using this facility. The highest limit to withdraw money in a day is Rs. 10,000.

The spokesperson of Bank of India believes, this facility would certainly help in the expansion of the bank, wherein funds transfer is made possible from account holders to non-account holders.

RBI is in favour of such a facility where cash transfer is possible without the requirement of the bank account. The in-principle setting up of a payment is going to facilitate funds and would eventually help people. RBI has thoroughly checked the validations before making the service available for public. Every time while making a transaction, a unique code will be sent to the receiver through mobile SMS, which is usable for just one transaction. The entire procedure is extremely safe and secured, which is yet another added advantage that works in favour of Bank of India.