One of the fastest ways to transfer money between bank accounts is with an ACH debit, provided both accounts are linked. To link accounts and set up a transfer, you'll need to know basic details including your routing number and account number.
Presently, IMPS Person-to-Person (P2P) funds transfer requires the Remitter customer to make funds transfer using Beneficiary Mobile Number and MMID. Both Remitter as well as Beneficiary needs to register their mobile number with their respective bank account and get MMID, in order to send or receive funds using IMPS.
Basically, all Zelle payments are (instant) ACH payments but not all ACH payments are Zelle payments. The primary difference between Zelle and regular ACH payments is related to speed—whereas a standard ACH payment can take 2-5 days to clear, Zelle payments tend to clear in minutes.
Razorpay is widely recognized as one of the fastest payment gateways, offering lightning-fast API response times, minimal downtime, and quick transaction settlements, ensuring a smooth payment experience for both merchants and customers.
Consequently , RTGS payments happen faster, as the amount is reflected in the payee's account within 30 minutes of initiation of payment at the remitter's end. On the other hand, NEFT fulfilment is reflected within 2 hours. Secondly, the RTGS system has a minimum threshold amount of 2 lakhs.
Instant payments are digital payments that are processed in real-time, every day of the year, with the funds immediately available to recipients. Instant payments are a far faster payment option than the previous bank to bank payments which took one to three business days.
If your bank or credit union isn't part of Zelle's network, you'll have to download the Zelle app and stay within significantly lower limits: $500 a week for sending and $5,000 a week for receiving.
Zelle offers the ability to transfer funds immediately since it is run through your bank. Venmo, on the other hand is free for standard transactions (that take 1-2 days to process to your bank), but charges a 25-cent fee for instant transfers.
On average, ACH transfers take 3 days to process. Depending on the type of payment, ACH transfers can happen instantaneously or take up to 5 business days to complete. And if there's an error within the files, you could end up waiting months for your funds as it's entirely dependent on the third party: the ACH network.
Online money transfer programs like Zelle, PayPal and Venmo allow users to send and receive money within minutes. You may have to pay small fees for making quicker transfers, using a credit card or sending money internationally.
RTGS (Real Time Gross Settlement)
Business owners can use RTGS when they need to transfer large amounts instantly. One advantage that RTGS has over the other methods is the transaction speed, since the entire amount is transferred in real time.
Instant Money Transfer (IMT) is an innovative domestic service that allows you to send cash to a receiver. All you need to do is mention receiver's mobile number, amount to be sent and set Sender's code. Beneficiary can withdraw cash using a debit card, from any ATM of the banks empanelled.
Typically, funds are sent within minutes. However, they can take one to two (1-2) business days for the payment to process.
Another option is to rely on instant ACH transfer apps like Zelle and Venmo. These peer-to-peer apps work like immediate ACH transfers, letting you transfer money from your bank account to another account in minutes. The transfer is instantaneous via the app, and then formalized later using ACH processing.
Cons. Limited functionality: Zelle only allows person-to-person transfers between U.S. bank accounts. If you want to add a credit card to make payments or send money to someone internationally, you'll need to use another payment app.
Venmo Fees
You can use the Instant Transfer feature to move money from your Venmo account to any U.S. bank account or participating credit card account. There is a fee of 1.75% for Instant Transfer. “Instant” usually means 30 minutes or less.
3. Potential scams and hackers. The biggest downside to using Venmo is the potential for your money to be stolen. If a hacker gains access to your Venmo, it's pretty easy to change the associated bank account – so the hacker could change the account to their own and transfer the money in your Venmo to their bank.
If you're sending a large amount of money, you may want to use a wire transfer at your bank. You'll need the recipient's account and routing numbers. You and the recipient will likely incur fees. Wire transfers take place in less than 24 hours but do not occur on weekends or on bank holidays.
If you have not yet completed identity verification, you can send up to $999.99 to your bank per week (depending on security checks at Venmo) If you've confirmed your identity, you can transfer up to $19,999.99 to your bank per week. There's a $5,000 per transfer limit.
1. Razorpay. Why it's fast: Razorpay offers quick payment processing with support for UPI, credit/debit cards, net banking, and wallets.
There are two main types of instant payments: credit payments, where money is pushed to another account, and request for payment (RfP), where money is pulled from an account after a request is made.