There are a lot of ways to send money to your friends/family members’ bank account. You can go to the bank itself, fill the form with the receivers account numbers and other details, and give the cash to be transferred to the bank official. Or if you have Internet Banking facility, you can simply transfer money online using NEFT or RTGS.
If both the sender and receiver have their banking account in SBI, there is now a new way to send money. Called SBI Transcash, using which you can transfer money by swiping your ATM cum Debit card at any State Bank ATM’s centres.
Note that you will need the ATM cum Debit card number of the receiver.
- At the ATM, you should insert the card and select ‘Transfer’
- Enter your card’s PIN
- Select ‘Card to Card’
- Enter the receivers’ card number (this is a very long number, generally of 19 digits)
- Enter the amount to be transferred
- Submit it (the credit to the receivers account happens instantly).
Note that sending money to a debit card is nothing but send it to a bank account.
SBI Transcash limitations
Currently, you can only send Rs.15000 per transaction, only Rs.30000 per day and only 2 such transactions in a day.
This means, if the amount to be transferred is less than Rs.15000, you can complete in one transaction. In case the amount is Rs.30000, you need to do it in 2 transactions, obeying the Rs.15000 per transaction limit.
And in case the amount is more than Rs.30000, it is convenient to follow other ways of sending money (mentioned above) since you can only send up to Rs.30000 per day.
Obviously, this is the easiest and fastest way to transfer small amounts of money to any corner in India. But one should really take care of the receivers debit card number as that is the sole identification for the system to send the money.