State Bank of India (SBI) has introduced a money transfer service where you do not need to add a beneficiary every time you want to transfer money to your friend or relative. The service is called “Quick Transfer” and it allows you to transfer up to Rs 25,000, with a limit of Rs 10,000 per transaction.

Only those customers who have access to SBI’s internet banking facility can avail the service. You can also apply for remittance through the facility.

Who can use SBI Quick Transfer

This service can be used only by those people who are using SBI Internet Banking Service. This service is available at SBI’s internet portal online.

If the other party or beneficiary has an account with SBI, then the amount sent will be credited to the account immediately. If the account of the Beneficiary, however, is in any other bank then the money can be transferred from any of the options in the Immediate Payment Service (IMPS) or National Electronic Funds Transfer (NEFT).

Generally, money transfer services with NEFT and IMPS require you to register a beneficiary by providing details such as beneficiary’s name, account number and bank branch.