As we have moved into a technological era, monetary transactions are now possible online. Money transfer across different banks in the UAE has now become comfortable, and it is safe too. Systems such as NEFT, RTGS, and Swift – International Payments have made the money transactions secure and smooth without physically going to the bank.
What is RTGS?
Real-Time Gross Settlement (RTGS) is a system that provides online money transfer. RTGS is the fastest and most secured means of money transfer in the UAE. Using RTGS, one can transfer money from one bank to another within the UAE. RTGS is ideal for high-value transfers. There is a minimum cap amount fixed for RTGS transfers. For money transfers below the cap amount, you will have to resort to NEFT or some other international payment modes.
RTGS Charges
To avail the Real Time Gross Settlement (RTGS) service, you need to pay a certain amount of bank fee to process your order. The costs may vary from bank to bank. Learn about the fee structure of the bank before going for RTGS service. The RTGS service charges also vary according to the transfer amount. The two blocks of amount are:
• Transaction between 9600 AED to 24000 AED
• Transactions above 24000 AED.
How to Do RTGS?
• Activate the internet banking facility. Contact the branch office to do the activation for your account.
• Log in to the online web portal of your bank with your ID and password.
• Select RTGS from interbank payment options.
• Provide the necessary details such as account number, IFSC code, etc.
• Enter the amount to be transferred and proceed further.
• A high-security password will be then sent on your mobile number. Enter the password in the window and continue to transfer the amount.
What’s Swift – International Payments?
Swift – International Payments, also known as Society for Worldwide Interbank Financial Telecommunication, is a network that provides a payment system to the various financial institutions of the world to send and receive monetary transactions as well as information about financial transactions. The Swift – International Payments is a secure, standardized, and stable payment mode. The Swift system network does not transfer the money, but it sends payment or transaction orders to the institutions involved in the transaction by sending SWIFT codes.
