Online Fund Transfer in Nepal- Effortless Money Movement with Fonepay Direct

Who knew that transferring money between devices could be as easy as dialing a phone number?The digital payment trend in Nepal can be defined as the pre-Fonepay and post-Fonepay era, and it’s not even an exaggeration now.

The arrival of Fonepay marked a turning point in the transition to digital payments in Nepal, redefining the way people make payments.

Fonepay has always been innovative in their approach in terms of service offerings.

Among the various products and services offered by Fonepay, the interbank fund transfer known as the "FONEPAY DIRECT" service stands out as a key offering! It is basically the process of money transfer from one bank account to another using a mobile banking application.

Now let’s walk through the journey, explaining how this money transfer and various other Fonepay services have made everyone’s life easy.

Fonepay Direct: Money Transfer in Nepal Made Easy

There are three ways people can use the Fonepay Direct service.

• By transferring the money from one bank account to another bank account via ‘Account number’.
• By transferring the money from one bank account to another bank account via ‘Mobile number’.
• By transferring the money from one bank account to another bank account via ‘Personal QR Codes'.

With the launch of online money transfer services, people got away from the tedious journey to the bank counters for cash withdrawals and transfers. People are no longer bound by the necessity of meeting in person to hand over money among one another. They embraced a fruitful change in their life where funds transfer effortlessly through their smartphones. All they had to enter was the bank account number or phone number of the recipients.

Send Money Through Mobile Number

Even after solving such a significant problem of money transfer in Nepal, Fonepay stretched IBFT service one step further. Now, individuals no longer need to inquire about the recipient's bank account number to send money online. Instead, they can effortlessly send money through the recipient's mobile number.

Why Fonepay Direct?

There are very many advantages of using Fonepay direct for your money transfer in Nepal, among them, some significant reasons for using Fonepay direct for online money transfer are given below.

• Instant: Whether you're making payments or splitting the cost of lunch, send money to someone directly to their bank account within a matter of seconds.
• Convenient: Sending money through Fonepay Direct is extremely convenient. It only takes a few taps on your smartphone. No additional application installation is necessary, as Fonepay Direct is already integrated into your banking application.
• Secure: Fonepay Direct ensures a high level of security for your transactions. The service utilizes encryption and advanced security measures to protect your financial information and prevent unauthorized access.

How to transfer money using Fonepay Direct?

Here are the steps users can follow to transfer money online using Fonepay through their mobile banking app.

Step 1: Login to your mobile banking app.

Step 2: Navigate ‘Send Money’ section and tap on ‘fund transfer’.

Step 3: Choose the option of sending money to either ‘same bank’ or ‘other bank’.

Step 4: Choose the option of sending money via ‘Using Recipient’s Mobile Number’ or ‘Using Recipient’s Account Number,’ or “Via uploading Recipient’s QR”

Step 5: Fill the required amount & other fields and tap on ‘proceed.’

Step 6: Enter the transaction PIN or use your biometric to execute the transfer.

Fees involved in using Fonepay Direct

Users must pay a specific fee when using the Fonepay Direct service in their mobile banking app. For each interbank transaction, a charge of Rs 11.3 is applicable; this is when the sender’s bank differs from the recipient’s bank. If both the sender and recipient have accounts at the same bank, no charge is applicable, and the service is free.

As we bid farewell to the era of long queues and bank counters, Fonepay Direct emerges as a beacon for transferring instant, convenient, and secure payments from one bank account to another bank account. The step-by-step guide provided above for online fund transfer ensures a user-friendly experience, empowering individuals to send money with ease. The high-level security measures, encryption, and biometric features assure users that their financial information is in safe hands.

What's Next?

Exciting times lie ahead for Fonepay as it ventures into new frontiers of innovation. Brace yourselves for an upcoming game-changer: 'Interbank Fund Transfer for Businesses.' This visionary move by Fonepay is set to revolutionize how businesses transfer payments among themselves. The same instant, convenient, and secure fund transfers that individuals have come to enjoy will soon become a reality for businesses.

More about “Interbank Fund Transfer for Businesses” in our future blogs. Stay tuned.