Nowadays, digital money transfer is at its peak. People opt for internet and mobile banking to transfer money online from one account to another. But, we will tell you on How to transfer money from ATM to another bank account.
Transfer money from ATM to another bank account is a traditional method and works well at places with poor internet connectivity.
When there was no internet people use this method to transfer money to their bank account. This will save their time and they do not have to stand in the long queues.
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What is the process to transfer money from ATM to another bank account
In order to send money from ATM to another bank account, you need to follow these instructions carefully. We have explained the process with the example of Axis Bank ATM.
- Visit the nearest ATM booth of your location and swipe in your card.
- Choose the language in which you are comfortable.
- Now, click the ”Banking Services” menu.
- Then click the “Funds Transfer” option and again click on the “Other Axis Bank Account” option.
- Type the account number of another bank account and click on “correct”.
- You have to do this step again.
- Now, enter the amount you want to send and click on “Confirm”.
- Enter your ATM Pin.
- Click on the “Confirm” button on the next screen to complete the fund’s transfer process.
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Method to transfer money from SBI ATM to another SBI bank account
Here are the steps to send money from the State Bank of India ATM to another bank account. However, this method works with the same bank atm machine and card.
- Visit any nearby SBI ATM booth and insert your State Bank of India debit card in it.
- A list of options will appear on the ATM display. Choose the “Transfer” option from it.
- Now, you have to type your secret pin on the next screen.
- Then, select the “Account Base Transfer” option.
- Choose the account type. i.e. savings, current, etc.
- Type the account number of the beneficiary. Make sure that you have entered the account number of SBI. This process works with SBI to SBI transfer only.
- Click on the “Correct” icon and enter the beneficiary account number again.
- Now, enter the amount you want to send and hit the “confirm” button to complete the process.
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Pros and Cons of ATM Funds Transfer
ATM funds transfer has its own pros and cons which are displayed in the table below.
|1. It can be done without the internet.||1. Time taking process as compared to internet banking.|
|2. Saves from online fraud.||2. Not all ATMs offer funds transfer facilities.|
|3. Reduces the rush in banks.||3. Have to wait in the ATM booth queues.|
Ans. No, some of the ATMs do not have the option of transfer money to any other bank account.
Ans. Usually, in most cases the transfer is instant and the amount got transferred in few seconds. However, many a time it will take 1 working day to reflect the amount in the bank account.
Ans. Yes, both the SBI and Axis Bank have ATM fund transfer facilities to any other bank account. However, you can transfer the money to another bank account of the same bank only.
For example, You can transfer the money from your SBI bank account to another SBI account only.