What is 24/7 money transfer? What are the advantages and disadvantages of using it? - Insurance Finances

With the outstanding development of electronic banking applications, 24/7 money transfer interbank is no longer too difficult. This is even easier when most banks in Vietnam are members of the Napas alliance.

So what is a 24/7 transfer? How to transfer money 24/7 between banks? Find out with banktop.vn through the content of the article below.

What is 24/7 money transfer?

24/7 money transfer simply means a service that allows customers to quickly transfer money between accounts in the same bank or between two banks at any time during 24 hours and 7 days a week.

What is interbank 24/7 money transfer?

Interbank money transfer 24/7 is a service that allows transfers between other banks 24 hours a day and 7 days a week via Internet Banking platform - helping customers to transfer money between banks 24 hours a day. 7 fast, the recipient receives the money almost immediately.

24/7 interbank money transfer receive money immediately

24/7 money transfers save you time and money. Solve common problems such as when needing to transact outside office hours, need to transfer money urgently, are traveling, ...

Learn how to transfer money from one sim to another?

Working principle of money transfer service 24/7

24/7 money transfer service is carried out through the financial system of NAPAS including 3 entities:

• Remittance Bank


• Bank receiving money


• National Payment Corporation of Vietnam (NAPAS) – see more: What is Napas?

NAPAS will act as a payment intermediary between banks. When customers use the 24/7 money transfer service, the money order from the bank will be transferred to Napas, and then to the beneficiary bank. The beneficiary bank will pay the recipient, then account with the sending bank through NAPAS.

24/7 transfer service is done through transaction channels such as:

• Transfer money 24/7 via Internet Banking.


• Transfer money 24/7 Mobile Banking.


• Transfer money 24/7 via ATM card.


• Transfer money at the counter.


• Transfer money 24/7 via e-wallet application.

Evaluate the pros and cons of 24/7 wire transfer

Advantage

24/7 money transfer service is favored by many customers because of outstanding advantages such as:

• Save time: 24/7 money transfer is done in real time, the recipient can receive the money immediately (from 1-2 minutes).


• Do it anytime, anywhere: You can make transactions anywhere through Internet banking, Mobile banking without going to the bank. Transactions can be done even on holidays, holidays, whenever the recipient can receive money after just a few minutes.


• Accepts a variety of cards: 24/7 non-bank money transfer service accepting both domestic debit cards, international cards and credit cards. Customers will not be limited in terms of space and time to transfer money and receive money.


• Easily track transaction status: When the money transfer is completed, the banking system will notify the transaction results and status so that customers can easily track their accounts.

Defect

• Some banks charge higher 24/7 transaction fees than other forms of money transfer.


• Sometimes due to network errors, system errors, there may be cases where the recipient's information cannot be checked, or even the transaction is not possible.

Learn how to transfer money with the wrong account number?

Top 5+ Banks that support the best 24/7 interbank money transfer

Techcombank

Techcombank provides money transfer services 24/7 through services such as Internet Banking (F@st i-bank), Mobile Banking (F@st Mobile), ATM… Maximum remittance limit is up to 300 million VND/transaction, with completely free transaction fees.

Proceed as follows.

Step 1: Open F@st Mobile app, select Transfer > NAPAS 247 Quick Money Transfer.

Step 2: Choose 1 of 2 money transfer methods, via Card number or Account number.

Enter your bank information, Account number, beneficiary name (autofill), amount and message.

Once done, select Done.

Vietinbank

24/7 interbank money transfer is done on VietinBank iPay so that customers can transfer money anytime, anywhere. Customers choose the method of money transfer via Internet Banking or Mobile App.

The steps are as follows.

Step 1: Open the app VietinBank iPayselect Money Transfer > Interbank Money Transfer.

Step 2: Choose a 24/7 transfer method (via Account number or Card number) > Enter transaction information > Continue > Follow the instructions of the app to complete the transaction.

Vietcombank bank

Vietcombank allows individual customers with an account at Vietcombank to use free 24/7 money transfer service by account number or card number through Internet Banking Vietcombank or VCB Digibank application.

Proceed as follows.

Step 1: Go to Vietcombank app, click Quick money transfer 24/7 outside of VCB.

Step 2: Enter recipient information > Continue > Choose a method of quick money transfer 24/7 (via account or card) > Follow the instructions of the app to complete the transaction.

MB Bank

MBBank expands the range of 24/7 transfer offers, completely free, with no limit on the amount of money transfer 24/7 for all customers. Proceed as follows.

Step 1: Go to MB Bank application, select Money transfer > Select transfer method.

Step 2: Enter transaction information > Click Continue > Follow the instructions of the app to complete the transaction.

BIDV Bank

Step 1: Open the app BIDV Smart Bankingclick on Remittance > Select type of money transfer service

Step 2: Enter recipient information, transaction information > Select Quick transfer 24/7 at the transfer method section > Continue > Follow the instructions of the app to complete the transaction.

Timo

Timo application provides free 24/7 interbank money transfer service for users. Most Vietnamese banks (over 20+ banks) are under Napas and can receive money from Timo by this fast money transfer.

Step 1: Sign in to the Timo app.

Step 2: After logging in, you select the Money Transfer feature button.

Step 3: Select New Recipient

Step 4: Select New Money Transfer Place. There are 3 options for you:

• 24/7 money transfer for Timo members


• Transfer money 24/7 to other banks


• Transfer money 24/7 for Debit debit card

Step 5: Enter the amount and content of the transfer (optional)

Step 6: Choose to save recipients in the list for convenience in future transfers without needing to enter information anymore.

Step 7: Double check all information before confirming the transfer 24/7.

Step 8: Timo will send SMS with OTP code. You enter this OTP code and you have successfully transferred money 24/7.

Conclude

The content of the article is information about the 24/7 interbank money transfer service. With 24/7 money transfer service, customers can transfer and receive money instantly, including holidays and weekends. Hope this information is useful to you.

Content edited by: banktop.vn

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