Today we will discuss three popular ways to send money easily from one bank to another.
National Payment Switch (NPS):
NPSB is the most popular means of instant remittance from one bank to another. Launched in 2012, the system currently supports NPSB in ibanking of about 25 banks and in pos of 52 banks.
In this method money can be sent from account to account, from account to card, from card to account, from card to card. The money is deposited in the receiver bank within 1 minute.
Sending money basically takes account number or card number and bank name. However, ibanking usually wants the name of the account, the branch name. Some banks also want phone numbers.
NPSB can be sent from one account to 1 to 1 lakh at a time. A maximum of 10 times a day and a total of 1 million can be sent per day.
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Transactions at NPSB sometimes fail. In this case, if a complaint is issued to the sender bank, they may take up to 3-4 days. If the funds are not deducted from the sender bank by Bangladesh Bank, the bank usually refunds within 1-3 days of the complaint.
Note that credit cards usually cannot be billed by NPSB (city and mdb go to credit cards). And some banks do not allow NPSB to turn off their debit card which is very small!
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Bangladesh Electronic Funds Transfer Network (BEFTN):
The most popular and most used method of interbank transactions is BEFTN. It is basically a manual process. So it is slow and reliable. In this method money can be sent from account to account, from account to card.
As a result, it is the easiest and most popular way to pay credit card bills! This method settles on the same day if the money is sent before 12.30 on working days (02:00 in some banks). If sent after this period, it is settled on the next working day.
In this method, to send money from one bank to another, the name of the account, account no (or card no), branch (or routing no) has to be given. If you don’t know the routing number, you can get it by Google. In many banks, if the name of the branch is given, the routing number is auto.
Note that if you send money to a prepaid card or credit card, then select the account. Because in many banks, if you select the card, the transaction is canceled. However, if you select the account, it works in all banks. Also note that you can pay branch HEAD OFFICE at BEFTN when paying credit card bills. In fact, any branch works.
In this method, a minimum of 1 paisa to a maximum of 3 lakh can be sent at once. A maximum of 1 million can be sent per day. However, the number of daily transfers is unlimited. However, many banks set daily limits (5/10/20).
During banking (10:00 to 3:30) RTGS is the most reliable way to send 1 lakh to 5 lakh rupees from one bank to another instantly through the app. This method can take up to 30 minutes. Bankved will charge 100 rupees or 115 rupees. Note that any amount can be RTGS from the branch. However, up to 5 lakh at a time and up to 10 lakh per day can be done from the app.
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