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  • Category: Miscellaneous

    Is it a good idea to have money transfer option in ATM'S?

    When I was walking along the roadside I saw some of the kiosk banking which can transfer our amount to any specific account irrespective of any banks but they will charge a certain amount for that. For example, if you are transferring a certain amount below or equal to 5000 they will charge 50 rupees extra.We witnessed many ATMs are visible with no cash boards especially after demonetization it is good to have at least transfer option to transfer the amount. So that the intended person will receive it and withdraw cash.Do you think Transfer option is extremely useful in ATM's .Knowledgeable members, please respond to the question.
  • #614430
    It is good if we have that facility in ATMs. This facility is there online and also at a bank Kiosks. So if they can extend this facility to ATMs it will be excellent. Many people will have the advantage. But how it can be done and what are the requirements to be studied for the IT professionals and finally a system is to be finalised. Let us hope the facility will also be there shortly in our ATMs.
    always confident

  • #614438
    I have known this was existing for accounts in the same branch but was not aware of this option to any other account in any bank. This would be a good option for emergencies and sudden transfers when we are on the move and in smaller places or rural area where in the banks cannot have staffed branches providing all services everywhere. This transfer facility between your account to any other bank account in an ATM doesn't need the presence of a staff, forms to be filled, cheque leaf to be filled or standing in a queue to be served. It's like withdrawing cash, enter the numbers, very the accuracy and press a button. It would be good for families to do a quick transfer when one of them is in an emergency, son/daughter studying far off and needs money, paying friends etc. If the transaction charges are high it defeats the purpose, I think once its secure, the banks should reduce the charges and then make it widely used.

  • #614440
    I don't seriously recommend your idea of transferring money through ATM. You are trying to make Automatic Teller Machine as Automatic Transfer Machine. Let ATM handle only cash(Accept and deliver) There shouldn't be any transaction through ATM. ATM should not become a media for online transfer of cash. If required, we should try and device a separate cashless machine for on line transfer of money to other accounts.

    While most of us have a desktop or laptop or a mobile in hand to do the transfer job in a secure way, why to trust the ATM and load the system. I don't recommend it sincerely.

    No life without Sun

  • #614442
    It is indeed a good suggestion and that would pave way for much more hassle free banking. If a person cannot withdraw money in person and give to other who requires, he should have the option to transfer the same without the help of bank branch and from ATM machine itself through the debit card or bank card he should able to do. Hope the bankers would be seeing this thread and make arrangement in future. Most of the payments what we draw would be used for purchases or to be given to others as payments and if transfer option would be available even ISC payments to members can be made in no time.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #614479
    Such type of atms are called deposit ATMs. They are available in very less quantity. It will be really good, if their number is increased, as the money transfer to any other bank account will get easier.
    Do what inspires you !!

  • #614482
    I have seen ATM Deposits machine but not any which can transfer to any account in other branches. I think with the access to the internet on our devices, a transfer is just at the tip of our fingers. In the coming years, even the ATM might slowly disappear just the post office, so will there be a need for a machine to transfer money to other accounts which might not be beneficial in the long run?

  • #614509
    As far as I know, no bank is having amount transfer facility from the ATM and that too operated by card holders. The banks have micro banks operating at many places and they are doing this transfer business with commission.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

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