When using a modern technology in making payments for purchases, we expect easy, secure and convenient payments. These three are the most important expectations for online transactions. There is an app that allows users to make payments, while enjoying these three features; it is called PushPay.
Just as the name suggests, payments are just a push away. For this, users need to add debit or credit cards and bank accounts once and they can make payments by confirming with a secret code. Users can either make one-off payments or setup recurring payments at specific user-defined intervals.
‘Send money in under 10 seconds’ is what they say on their website. To make a payment, one has to open the app, choose the payee and confirm by entering the secret code. However, the app can be used to pay only registered merchants, currently across the US, New Zealand and Australia. The company is based in New Zealand, but looks to expand elsewhere.
The amazing part of this app is that it is smarter, faster, secure, simple and free of cost; as the name suggests, just PushToPay.
The app can also be used to make donations to charitable organizations including UNICEF and to church communities. The app is available on Android and iOS and can be downloaded from the respective app stores or by visiting this page. But remember, it is presently supported only in Australia, New Zealand and the US.
As banks adopt mobile banking apps, money transfer has been the new addition. Barclays bank of the UK launched an app called Pingit, which can now be used for making money transfers in the UK and to select qualifying countries.
Since launch in 2012, only the Barclays current account holders of age 18 and above were able to use this app for sending and receiving money. But as global banks are opening up to the customers, Barclays decided to make this service available to all their customers aged over 16, who have a current account. Not only that, they went a step ahead in making it available even for non-customers. So any individual who has a current account at any UK bank can use this app and make payments. This app is also available for UK small businesses, who bank with Barclays. There is also an option to receive payments on the Barclays website, which is open to all app users and also to UK small businesses who bank elsewhere and Barclays’ corporate customers.
The app is available for Android, iOS and Blackberry OS. However, money transfer is associated with the phone number rather than the app installed on that phone. This means that all phones will be eligible to receive payments and not just smartphones with Pingit installed. In this case, the recipient has to register online for collecting the payment.
Pingit works on Faster Payment Scheme and all transfers happen instantly, even between Barclays and non-Barclays customers. All transfers are free of charge and the daily limit for sending is £1,500, while for receiving it is £5,000 and the minimum sending amount is £1. However, for joint accounts as well as for payment being made to businesses different limits apply. Payments can also be made internationally to select qualifying countries at no extra charge, but the recipient in other countries must be pre-registered for an appropriate Barclays service.
When the payment has been made, if the recipient is not a Pingit user, they are asked to register for it online or in the app within 24 hours of 5 days, as the sender chooses. For certain businesses, payments can also be made using short codes and QR codes.
Businesses can receive money from customers at no monthly charge. All they need is a mobile phone and a phone number. The app also supports making refunds and generating daily reports.
Like many other banks, they have introduced many good features in this app, but what makes it stand out is that it has no extra charge.
We have come across unique ways to transfer money which use various channels. Here is something interesting and unexpected.
It is the use of social media for transferring money. At times we are in need of money and our friends lend us some. We usually return to them cash when we have enough, and a few of us use other ways. But a bank in Canada has collaborated with the powerful social networking website – Facebook, enabling account holders to transfer money to people in their friend list. $1-$1.50 is charged for each transfer. The receiver gets a notification on Facebook, directing them to login to the financial institution of their choice and deposit the funds.
The bank in question is Royal Bank of Canada. The person-to-person e-transfer happens on a mobile phone using the RBC’s existing mobile banking app. After logging into the app, the account holder has to select the option to send money with Facebook, allow the app to access the Facebook profile, email address and friend list, select a friend from the list that appears, enter account details and transfer amount and confirm payment.
RBC uses Interac e-transfer for this service. Interac is a Canadian money transfer service that can be used by most of the Canadians who use online banking. It is available for more than 200 financial institutions across Canada, and RBC is one of them. Every bank which has a secure mobile banking app uses a secure network for transactions carried out through the app; RBC calls it RBC Secure Cloud, which is a cloud-based solution for money transfer using mobile phones. As RBC claim, “Keeping sensitive client data secure with RBC in the cloud, not on the phone, makes RBC Secure Cloud a safer, faster, more flexible solution.”
This service is only available for Facebook users in Canada. According to Facebook, they have over 9.4 million daily mobile users in Canada. And this service seems to work very well. Reports claim that RBC will donate C$1 for every Interac e-transfer using Facebook in support of Kids Help Phone, an NGO in Canada.
Berhan International Bank SC has hired the accounting and auditing firm of Ernst & Young (E&Y) to undertake an IT security audit, which will enable the Bank to launch Internet banking.
Berhan International Bank – BIB for short – is a relatively young private bank in Ethiopia. The bank opened its first branch around Bole International Airport in October 2009, and now has twelve branches in various Ethiopian cities.
Berhan Bank started operation in October 2009, with all of its branches interconnected through its centralised, online, real-time, electronic (CORE) banking system.
Berhan’s CORE banking system was primed for Internet banking from the beginning, according to Solomon Mammo, the Bank’s director of information systems, who mentioned that the training of 10 employees and a trial implementation of the Internet banking service had already been completed, with the help of trainers from Neptune.
This UK-based company, established in 1999, is the one that provided Berhan with its CORE banking software, Rubikon.
“Once we ensure that our networks are secure, we will immediately start Internet banking services,” Mammo said.
This technology will allow clients to view their loan and bank statements online. Clients will also be able to transfer money from one account to another in any branch of the Bank, a service called book transfer, that is also available at Zemen Bank. United Bank, the only other bank with Internet banking, has still not introduced this service.
Internet banking in Ethiopia, including that to be introduced by Berhan Bank, is still at a rudimentary level, according to Solomon Desta, director of banking supervision at NBE.
“Online banking, in its proper form involves online purchases and other e-commerce activities that involve money transfer through the Internet from one bank to another,” he said. “It has a lot of security and capacity implications.”
The SWIFT code for Berhan International is BERHETAAXXX.
How to Apply to Your Local Bank for a U.S Dollar Wire Transfer to India, Bangladesh, Nepal or Sri Lanka
The following information is provided by SBI and other sources:
A. Wire Transfer to SBI and its Associate Banks in India
Do you need to send a wire transfer to SBI, the State Bank of India? Or maybe remit money through one SBI’s associate banks? SBI associate banks are:
State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of Indore
State Bank of Mysore
State Bank of Patiala
State Bank of Saurashtra
State Bank of Travancore
If so, ask your bank to route the wire transfer through State Bank of India, New York. Click here to download a form that will serve as a handy guide when you fill the wire transfer application form of your bank.
Onward transmission on the day of receipt of funds by SBI, New York.
450 branches of SBI, which have SWIFT facility, receive funds generally on the next banking day in India. Click here to view a list of SWIFT-facility branches of SBI in India.
Other branches receive funds via a nearby SWIFT-facility branch.
In addition to whatever your bank charges, you will have to pay SBI’s wife transfer fee, which is a flat fee of $30, deducted from the amount received by SBI, New York.
Conversion to Indian Rupees and Exchange Rate
Conversion to Indian rupees, where required, is done by the Indian SWIFT-facility branch to which the SWIFT message is sent. While the exchange rate cannot be precisely known in advance (due to the difference in time zones), the exchange rate offered by SBI and its Associate Banks in India is generally among the best in the Indian market.
To track your remittance online, enroll for the internet banking service of the branch of SBI or Associate Bank where you have an account in India (if the facility is offered by that branch). To enroll for this service with SBI branches, and learn more about the service, click on the following link: www.onlinesbi.com
SBI states that all inquiries pertaining to wire transfers must be made through your local bank. Please allow the normal transmission time to elapse before asking your bank to make an inquiry.
B. Wire Transfer to Bangladesh, Nepal and Sri Lanka
SBI advises that you apply for a wire transfer to your local bank to send money to any bank in Bangladesh, Nepal or Sri Lanka through SBI correspondents in those countries, and ask your local bank to route the wire transfer through State Bank of India, New York.
Click here to download a form that will serve as a handy guide when you fill out the wire transfer application form of your bank.
Onward transmission to SBI’s branch/correspondent on the same day.
Beneficiary bank receives funds a few days thereafter.
In addition to whatever your bank charges, you will have to pay SBI’s wife transfer fee, which is a flat fee of $30, deducted from the amount received by SBI, New York. SafeCashTransfer.com did a little research and it appears that if you have a local branch of SBI to send from, you may only have to pay the one fee. For example, SBI California has several branches, in Los Angeles, Artesia, San Jose, Fresno, Canoga Park, Bakersfield and San Diego. If you send your money through them, there is no fee for drafts over 50,000 rupees. So you would pay only the $30 fee deducted by SBI New York.
Conversion to Home Currency and Exchange Rate
Conversion to home currency is done by the SBI correspondent in the recipient country. While the exchange rate cannot be precisely known in advance (due to difference in time zones), SBI states that their correspondent will strive to offer competitive exchange rates. Inquiries
SBI advises that all inquiries pertaining to wire transfers must be made through your local bank (from which you initiated the wire transfer). Please allow the normal transmission time to elapse before asking your bank to make an inquiry.
Monday, February 11, 2008 9:43:55 PM Oman Time
MUSCAT — Oman’s Global Money Exchange, under the direct management of State Bank of Travancore (SBT), has introduced the National Electronic Fund Transfer (NEFT) system for its customers in Oman. NEFT is a system whereby funds are transferred electronically to the credit account of participating banks in India, using RBI’s NEFT service.
When a person remits money, the amount goes directly to the Reserve Bank of India (RBI) gateway, which then transfers the credit to the respective bank’s account within 24 hours.
The advantage that a NEFT transaction has over the existing modes of money transfer is that the collection and clearance process for cheques and drafts is eliminated, thereby saving a lot of time and hassles. The beneficiary does not incur any charges, while the remitter will pay a nominal charge of RO1.5, irrespective of the bank to which money is remitted.
There are no deductions at any stage.
This sounds like a good, hassle-free system and I’m sure it will vastly increase the quantity of remittances from the Gulf to India.