Please wait..

What Is Instant Money Transfer?

Electronic funds transfer has witnessed a rise over the past few years with the increasing e-commerce and m-commerce opportunities. Banks are now interconnected via a centralized network and all the accounts held and their details are available on a central server. This enables users to instantly transfer funds between accounts, being miles apart from each other. Banks have been introducing a number of new services to make banking a convenient activity for you. But how about an instant money transfer service which enables you to transfer funds instantly using just the beneficiary’s mobile number?

Instant Money Transfer or IMT is an innovative card-less cash withdrawal service. It is a domestic money remittance service that allows you to send money to anybody with a mobile phone. The receiver can withdraw money from an Axis Bank/ Bank of India ATM without using a debit card. All the details required for withdrawal of the cash are received on the beneficiary’s mobile phone.


When to make optimal use of IMT?

Instant being the key feature, IMT allows you to use the services at any time. IMT services are beneficial in the following cases:-

  •  The receiver needs instant money.
  • The receiver needs the transfer to be made in cash.
  • In case the beneficiary does not have a bank account.
  • When you are not aware of the beneficiary’s account number.
  • The receiver is not in a vicinity where cash can be delivered.

How does IMT work?

Initiating IMT

Using the IMT service, instant cash can be transferred to any mobile number in India by providing the beneficiary’s mobile number. To initiate a funds transfer the remitter or the sender must login to his Internet Banking and initiate IMT. The beneficiary can be registered instantly as a one-time process by entering his/ her name, mobile number and the address details.

Once the receiver has been registered, IMT can be initiated using the receiver’s mobile number, the IMT amount. As soon as the transfer is initiated the beneficiary will receive an SMS text on his mobile phone with all the details regarding the transaction mentioned. The details mentioned in the SMS are:-

  • The IMT amount
  • SMS code (bank generated code sent to the receiver to authorize withdrawal)
  • IMT ID (unique IMT code to refer to the transaction)
  • IMT expiry date



Once the amount has been transferred and the IMT details received by the beneficiary, he / she can access any ATM of your bank’s network and choose to Withdraw via IMT. The ATM shall require certain details such as:-

  • The mobile number on which the IMT details were received
  • The sender’s code
  • The SMS code
  • The IMT amount

As the details mentioned are verified, the cash will be dispensed from the ATM machine. The SMS code will automatically expire after its usage.

In its initial phase, the current limit set for IMT transactions by the Banks is Rs. 10, 000 per transaction for the sender. And the receiver’s limit is set at Rs. 25, 000 per month. However, these limits are not fixed and can be changed by the Bank depending on the growth of IMT services and approvals from the Reserve Bank of India.

Thus the IMT is a useful funds transfer tool which allows you to instantly send cash to someone in need or to pay someone electronically when you are falling short of physical cash in hand.

Share on FacebookTweet about this on TwitterShare on LinkedIn
Previous Article Next Article
Back to top

What are you looking for?


Log In To Personalise Your Page

Log in with Username

Forgot password?

Log in with another account


Query Form

I agree with the Terms & Conditions.