start Money Transfer Business

Money Transfer Business

In this article, you will know what is money transfer, which system is used to transfer money,

How you can start Money Transfer Business

How you can earn a good commission by changing your shop to mini bank with a money transfer agent ID

If we talk about today, money transfer service has become very important for us,

Almost every person in our India uses money transfer from every businessman,

In such a situation, not having all the information about money transfer can be harmful to us in the future, it is good for us to have full knowledge of the thing that we are doing, so let us tell you what money transfer would be and how it works.

The purpose of this post is to tell you about the system of online money transfer so that if you want to start a money transfer business in the future, then you will not face any kind of problem,

This post also explains how you can make your own money transfer business by connecting to Digital Gramin Seva.

Which systems are mostly used to transfer money?

  1. RTGS

(Real Time Gross Settlement)

  1. NEFT

(National Electronic Fund Transfer)

  1. IMPS

(Immediate payment service)

RTGS

What is RTGS?

The full form of RTGS is Real Time Gross Settlement.

This RTGS system is used for large fund transfers.

More and more merchants use this system because it is a system that can transfer a large amount of money from one account to another in a short time.

Under this system minimum 2 million fund transfer is to be done.

Time to transfer funds through RTGS System? 

You can do Fund Transfer by RTGS System only in Banking Working Days.

Monday To Friday – 9:00 AM To 4:30 PM

Saturday – 9:00 AM To 2:00 PM

What is the charge for transferring money through RTGS?

If you transfer money between 2 lakh and 5 lakh, then you have to pay a charge of 30 rupees.

If you transfer money more than 5 lakhs, then you have to pay a charge of 55 rupees.

NEFT

What is NEFT?

NEFT has full form National Electronic Funds Transfer

And according to the money transfer system NEFT is a bit slow,

The biggest advantage of NEFT is that there is no minimum amount of limit, you can do as much or as little transaction as you want.

Time to transfer funds through NEFT System?

A few batches are used every hour for the transaction of money.

If we talk then this 12 batch which goes on from 8 am to 7 pm.

On the same Saturday, 6 batches run from 8 am to 1 am.

Apart from these times, if you transfer funds, your fund transfer will be in the next settlement.

What is the charge for transferring money by NEFT?

  • Up to 10,000 transfers – Rs 2.50 + Applicable GST
  • 10,000 to 1 Lakh – Rs 5 + Applicable GST
  • 1 Lakh to 2 Lakh – Rs 15 + Applicable GST
  • 2 Lakh to 5 Lakh – Rs 25 + Applicable GST
  • 5 Lakh to 10 Lakh – Rs + Applicable GST

IMPS

What is IMPS

IMPS full form is Immediate Payment Service.

IMPS was started by NPCI (National Payment Corporation of India), through this service, you can transfer funds to any bank at any time. The thing about IMPS is that sending or receiving money is the lowest. It takes place in time.

Time to transfer funds through IMPS?

Talking about transferring funds through IMPS, you can transfer funds anytime in 24 hours.

You can transfer funds whether it is a bank holiday or Sunday, 365 days.

What is the charge for transferring money through IMPS?

  • Up to 10,000 – Rs 2.50 + Excluding GST
  • 10,001 to 1 Lakh – Rs 5 + Excluding GST
  • 1 Lakh to 2 Lakh – Rs 15 + Excluding GST

How much commission do you get on money transfer through Digital Gramin Seva? | Digital gramin seva money transfer commission chart

As you know which systems are used to transfer money,

Let us tell you now, if you want to start your money transfer business and generate a good income, then how can you start this business?

First of all, you have to register at our Digital Gramin Seva  portal, after registering you get a retailer ID,

Registration Link:- https://digitalgraminseva.in/home/Sign_Up

With that retailer ID, you can facilitate money transfer,

digitalgraminseva
Many people apply for CSC Center, but they do not get an ID. So in such a situation opening a Digital Gramin Seva (DGS) center can be a better option for those people. It not only provides you employment, but you can also get a good salary through these centers. You can earn more money by opening this center than CSC Kendra.