Beneficiary

Fund transfer process flow

Fund transfer process flow
  1. What is the process of fund transfer?
  2. What is required to complete the fund transfer?

What is the process of fund transfer?

The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit and credit accounting entries necessary to complete the transaction.

What is required to complete the fund transfer?

The remitter has to provide details of beneficiary such as, name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number, etc. for addition of the beneficiary to his / her internet / mobile banking module.

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