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Every now and then we find you in need of money. The best way to get a personal loan is by lending it from a known person to avoid interest rates. Your credit score will also be taken into consideration while applying for a personal loan. Similarly, when our family or friends are in need we do the same. With advanced technology, there are multiple options available in the market if you wish to transfer funds instantly. There are different ways you can do this depending on your requirement. Various factors such as the amount, the location and receiver’s details will come into consideration.
One of the easiest ways to transfer money is via your local bank transfer. To do this you need to have a working internet connection and set up with your bank. You will require the bank details of the person you are going to transfer the money. The details include bank account number, IFSC code, brand name. Some of the banks take time to approve a beneficiary. If you transfer regularly, you can use this method.
Online personal loan apps allow you to transfer funds to your family or friends in your contact list via the app. Once you request for the quick loan, you will then get an option to choose a transfer option, where you can select the ‘Transfer to a friend’. You can transfer to 5 contacts at a time and you can select the desired amount. Once you submit the request your transaction will be initiated. The entire transaction is done instantly if you are already registered with the app.
Wire transfer is an electronic transfer of money from one financial entity or another using a network. Wire transfer is one of the common ways to send money overseas. The process is fast and secure. You can send it via your bank. The exchange rate is established on the rate offered by the bank; funds will be accessible to your recipient in India in a few days.
5. Online wallets
These are the major 5 ways in which you can transfer the money to your friend and family. If in case, you don’t have access to funds and your friend is an emergency, getting a quick loan via the online app is a good idea. The approval process is much faster and you can directly transfer it to your friend.