Bank to Bank Transfers at The Comforts of Your Home: Step by Step Guide

Almost a decade ago, the hassle of having a savings account from a bank different from your payroll account is inevitable when it comes to transferring funds. Once payroll funds comes in, you need to go physically to an ATM to withdraw the money that you need then go to the nearest branch of the bank of your savings account to withdraw. To make things worse, if you withdraw on an ATM that is different from your card’s bank, you’ll have to bear a transaction fee – a double whammy for the effort and the unwanted transaction fee. Much worse of all, the branch where you opened your savings account is in the city, and you really need to deposit the fund but you are in the province so you have no choice but to pay a service fee – another S.M.H. moment.

Maybe around 5 years ago, mobile banking was introduced in which there is more access due to cheaper mobile internet rates (in terms of speed). More people are getting more convenience in bank transactions, but are still limited to same bank transactions. The same hassle of inter-bank funds transfer was still inevitable.

Fast a little forward to about year or two ago, the dilemma has been finally resolved. There is no longer a need to physically go to two different banks to transfer funds, and you can finally do that with just a few taps on your smartphone. If you aren’t aware of that, then you must read on to find out.

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The smartphone app is Gcash, in which it offers a wide range of money-related features. You can pay bills, buy prepaid mobile load, and of course fund transfer through this app. In this blog, we will focus on fund transfer specifically on how to do inter-bank transfer.

Let’s consider you already have the app installed and is using it for paying bills. Of course, you might have done a cash-in method to fund the app so we will focus on the the inter-bank transfer flow. Here’s the step by step guide:

Step 1: Cash-in

In the In-App main menu, tap on the “Cash In” button.

You will then be prompted to cash in to your linked accounts. Tap on the preferred account to transfer funds from.

(Usually, payroll ATMs do not have readily available account numbers thus enrolling them through bank cards is a good practice)

Input the desired amount for cash in on the boxed portion. Once done, tap on the “Submit” button.

Input the desired amount for cash in on the boxed portion. Once done, tap on the “Submit” button.

You may be prompted for further authentication to authorize your transaction through SMS on the mobile phone number you nominated. Once confirmed the number, tap on the “Send Code” button

Once you have inputted the correct code sent to you via SMS, you will be prompted with this screen.

Tap on the “Confirm” button afterwards.

You will then be prompted of this screen. Check back from time to time on the main menu of the app if the cash you transferred is already reflected.

Tap on the “OKAY” button afterwards.

You will then be prompted of this screen. Check back from time to time on the main menu of the app if the cash you transferred is already reflected.

Tap on the “OKAY” button afterwards.

Step 2: Transfer to another bank account

In the in-app main menu, tap on the “Bank Transfer” button.

You will then be prompted to input the desired amount to transfer.

Tap on the desired account name and number to transfer to.

Inputting the email address is optional. This is just to have a copy of the transaction receipt.

Once done, tap on the “Send Money” button.

You will then be prompted to reconfirm all the details before the actual transfer.

Once confirmed, tap on the “Confirm” button.

You will then be prompted to inform that the transaction is being processed.

Tap on the “OK” button and check your nominated account if the amount has been transferred accordingly.

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So there you have it, the transfer of funds from a different bank into another – all done by just tapping buttons on your Smartphone.

I hope this guide finds you relieved that you will not do the same tedious actual bank visits ever again.

Please feel free to contact us for further clarifications on this feature of this great app.

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