{"id":18367,"date":"2025-03-17T10:27:36","date_gmt":"2025-03-17T04:57:36","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=18367"},"modified":"2025-03-17T10:27:38","modified_gmt":"2025-03-17T04:57:38","slug":"imps-vs-neft","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/","title":{"rendered":"IMPS vs NEFT: Best Money Transfer Option for International Students"},"content":{"rendered":"\n<p>When studying abroad, managing finances efficiently is crucial. Students often need to transfer funds from India for tuition fees, accommodation, or daily expenses. Two of the most common methods for transferring money within India before sending it abroad are IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer).<\/p>\n\n\n\n<p>This blog will explore the difference between IMPS and NEFT and how international students can use them effectively before transferring money overseas.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-why-do-international-students-need-imps-or-neft\" data-level=\"2\">Why Do International Students Need IMPS or NEFT?<\/a><\/li><li><a href=\"#h-what-is-imps\" data-level=\"2\">What is IMPS?<\/a><ul><li><a href=\"#h-how-imps-works\" data-level=\"3\">How IMPS Works?<\/a><\/li><li><a href=\"#h-imps-limit-and-charges\" data-level=\"3\">IMPS Limit and Charges<\/a><\/li><li><a href=\"#h-common-uses-of-imps-for-students\" data-level=\"3\">Common Uses of IMPS for Students<\/a><\/li><li><a href=\"#h-features-of-imps-for-students\" data-level=\"3\">Features of IMPS for Students<\/a><\/li><\/ul><\/li><li><a href=\"#h-what-is-neft\" data-level=\"2\">What is NEFT?<\/a><ul><li><a href=\"#h-how-neft-works\" data-level=\"3\">How NEFT Works?<\/a><\/li><li><a href=\"#h-neft-limits-and-charges\" data-level=\"3\">NEFT Limits and Charges<\/a><\/li><li><a href=\"#h-common-uses-of-neft-for-students\" data-level=\"3\">Common Uses of NEFT for Students<\/a><\/li><li><a href=\"#h-features-of-neft-for-students\" data-level=\"3\">Features of NEFT for Students<\/a><\/li><\/ul><\/li><li><a href=\"#h-imps-vs-neft\" data-level=\"2\">IMPS vs NEFT<\/a><\/li><li><a href=\"#h-how-to-use-imps-and-neft-for-student-related-transfers\" data-level=\"2\">How to Use IMPS and NEFT for Student-Related Transfers<\/a><ul><li><a href=\"#h-steps-to-transfer-money-via-imps\" data-level=\"3\">Steps to Transfer Money via IMPS<\/a><\/li><li><a href=\"#h-steps-to-transfer-money-via-neft\" data-level=\"3\">Steps to Transfer Money via NEFT<\/a><\/li><\/ul><\/li><li><a href=\"#h-charges-for-imps-and-neft\" data-level=\"2\">Charges for IMPS and NEFT<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-do-international-students-need-imps-or-neft\"><span id=\"why-do-international-students-need-imps-or-neft\">Why Do International Students Need IMPS or NEFT?<\/span><\/h2>\n\n\n\n<p>Before sending money abroad, students often need to transfer funds between their Indian bank accounts, from parents to students, or to forex services. Understanding which transfer method suits them best can help reduce costs and ensure timely payments.<\/p>\n\n\n\n<p>Reasons for using IMPS or NEFT for Money Transfers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Paying education loan EMIs from one Indian bank to another.<\/li>\n\n\n\n<li>Transferring money to a forex service provider for currency exchange.<\/li>\n\n\n\n<li>Sending money from parents\u2019 accounts to their own student accounts.<\/li>\n\n\n\n<li>Paying credit card or utility bills before moving abroad.<\/li>\n\n\n\n<li>Depositing funds into a bank that offers better forex rates for international transfers.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-imps\"><span id=\"what-is-imps\">What is IMPS?<\/span><\/h2>\n\n\n\n<p>The full form of IMPS is Immediate Payment Service. It is a real-time electronic funds transfer system that allows individuals to send and receive money instantly, 24\/7, including on weekends and holidays.&nbsp;<\/p>\n\n\n\n<p>IMPS is primarily used for urgent transactions where immediate fund credit is required, making it a convenient option for students who need to transfer money quickly before converting it into foreign currency or paying last-minute expenses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-imps-works\"><span id=\"how-imps-works\">How IMPS Works?<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Funds are transferred instantly from one bank account to another.<\/li>\n\n\n\n<li>It requires either the recipient\u2019s <strong>account number and IFSC code<\/strong> or <strong>Mobile Money Identifier (MMID) and mobile number<\/strong>.<\/li>\n\n\n\n<li>Accessible through <strong>internet banking, mobile banking apps, and ATMs<\/strong>.<\/li>\n\n\n\n<li>Unlike NEFT, which processes payments in batches, IMPS ensures <strong>immediate settlement of transactions<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-imps-limit-and-charges\"><span id=\"imps-limit-and-charges\">IMPS Limit and Charges<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Maximum limit:<\/strong> Varies by bank, but generally up to \u20b95 lakh per transaction.<\/li>\n\n\n\n<li><strong>Transaction charges:<\/strong> Usually between \u20b92 and \u20b925, depending on the amount.<\/li>\n\n\n\n<li><strong>Is IMPS free?<\/strong> Online IMPS transfers may have minimal charges, depending on the bank.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-common-uses-of-imps-for-students\"><span id=\"common-uses-of-imps-for-students\">Common Uses of IMPS for Students<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Urgent transfers between student and parent accounts.<\/li>\n\n\n\n<li>Depositing money quickly to a forex service provider for international transfers.<\/li>\n\n\n\n<li>Paying university-related expenses like accommodation or exam fees.<\/li>\n\n\n\n<li>Transferring money to friends for shared expenses.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-features-of-imps-for-students\"><span id=\"features-of-imps-for-students\">Features of IMPS for Students<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Instant fund transfer<\/strong>, useful for last-minute payments.<\/li>\n\n\n\n<li><strong>Available 24\/7<\/strong>, including weekends and holidays.<\/li>\n\n\n\n<li><strong>Accessible via mobile banking, internet banking, and ATMs<\/strong>.<\/li>\n\n\n\n<li><strong>Can be used to transfer money to forex dealers for currency exchange<\/strong>.<\/li>\n\n\n\n<li><strong>Requires account number + IFSC or MMID (Mobile Money Identifier)<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/student-account\/difference-between-bsbda-and-no-frills-account\/\"><strong>Difference Between BSBDA and No Frills Account<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-neft\"><span id=\"what-is-neft\">What is NEFT?<\/span><\/h2>\n\n\n\n<p>The <a href=\"https:\/\/fly.finance\/blog\/full-form\/neft-full-form\/\"><strong>full form of NEFT<\/strong><\/a> is National Electronic Funds Transfer. It is a secure, RBI-regulated system for transferring money electronically between banks in India.&nbsp;<\/p>\n\n\n\n<p>Unlike IMPS, which processes transactions instantly, NEFT works in <strong>batches every 30 minutes<\/strong>, meaning transfers may take <strong>up to a few hours<\/strong> depending on the bank&#8217;s processing time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-neft-works\"><span id=\"how-neft-works\">How NEFT Works?<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Transactions are settled in <strong>half-hourly batches<\/strong> instead of real-time transfers like IMPS.<\/li>\n\n\n\n<li>Requires <strong>recipient\u2019s account number and IFSC code<\/strong> for processing.<\/li>\n\n\n\n<li>Available <strong>24\/7, including weekends and bank holidays<\/strong>.<\/li>\n\n\n\n<li>No minimum transaction limit, making it suitable for both small and large fund transfers.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-neft-limits-and-charges\"><span id=\"neft-limits-and-charges\">NEFT Limits and Charges<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Maximum limit:<\/strong> No upper limit, but individual banks may impose restrictions.<\/li>\n\n\n\n<li><strong>Can I transfer \u20b920 lakh through NEFT?<\/strong> Yes, NEFT allows high-value transactions, unlike IMPS.<\/li>\n\n\n\n<li><strong>NEFT vs. RTGS:<\/strong> NEFT works in batches for all amounts, while RTGS (Real-Time Gross Settlement) is meant for <strong>instant settlement of \u20b92 lakh and above<\/strong>.<\/li>\n\n\n\n<li><strong>Best option for \u20b92 lakh transfer?<\/strong> NEFT is preferred over IMPS due to lower charges on high-value transactions.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-common-uses-of-neft-for-students\"><span id=\"common-uses-of-neft-for-students\">Common Uses of NEFT for Students<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Transferring large sums for <strong>education loan repayments<\/strong>.<\/li>\n\n\n\n<li>Paying <strong>tuition fees<\/strong> or <strong>university expenses<\/strong> in advance.<\/li>\n\n\n\n<li>Depositing money into forex services before making international transfers.<\/li>\n\n\n\n<li>Making bulk payments, such as <strong>rent or semester fees<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-features-of-neft-for-students\"><span id=\"features-of-neft-for-students\">Features of NEFT for Students<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Best for high-value transactions<\/strong> like tuition fee payments and loan repayments.<\/li>\n\n\n\n<li><strong>Lower charges<\/strong> than IMPS for large transfers.<\/li>\n\n\n\n<li><strong>Can be used to send money to international remittance services<\/strong>.<\/li>\n\n\n\n<li><strong>Requires IFSC code and account number for processing<\/strong>.<\/li>\n\n\n\n<li><strong>Processed in half-hourly batches, not instantly<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-imps-vs-neft\"><span id=\"imps-vs-neft\">IMPS vs NEFT<\/span><\/h2>\n\n\n\n<p>When transferring money within India before sending it abroad, students often choose between <strong>IMPS (Immediate Payment Service)<\/strong> and <strong>NEFT (National Electronic Funds Transfer)<\/strong>. The major difference between IMPS and NEFT lies in their <strong>speed and processing method<\/strong>\u2014IMPS offers <strong>instant, 24\/7 transfers<\/strong>, while NEFT processes transactions in <strong>batches every 30 minutes<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Feature<\/strong><\/td><td><strong>IMPS<\/strong><\/td><td><strong>NEFT<\/strong><\/td><\/tr><tr><td><strong>Speed<\/strong><\/td><td>Instant<\/td><td>Processed in batches (every 30 minutes)<\/td><\/tr><tr><td><strong>Availability<\/strong><\/td><td>24\/7, including bank holidays<\/td><td>24\/7, but batch processing applies<\/td><\/tr><tr><td><strong>Best For<\/strong><\/td><td>Urgent small transactions<\/td><td>Large transactions with lower fees<\/td><\/tr><tr><td><strong>Use Case for Students<\/strong><\/td><td>Sending money to forex services quickly<\/td><td>Paying education loan EMIs, tuition fees<\/td><\/tr><tr><td><strong>Transaction Mode<\/strong><\/td><td>Internet banking, mobile banking, ATMs<\/td><td>Internet banking, mobile banking<\/td><\/tr><tr><td><strong>Charges<\/strong><\/td><td>Higher for high-value transfers<\/td><td>Generally lower<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Key Takeaways<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>IMPS is ideal for students who need money instantly<\/strong>, such as transferring funds to a forex dealer at the best exchange rate.<\/li>\n\n\n\n<li><strong>NEFT is better for planned expenses<\/strong> like tuition fee payments or repaying education loans due to lower charges.<\/li>\n\n\n\n<li>If sending money to an international transfer service, use <strong>NEFT to reduce transaction fees<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>Please note: Money transfers are not just limited to IMPS and NEFT. You can compare the <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/https-fly-difference-between-neft-rtgs-imps\/\"><strong>differences between NEFT, IMPS, and RTGS<\/strong><\/a> in detail here.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/life-cover-under-loan-insurance-and-life-insurance-policy\/\"><strong>Difference Between Life Cover under Loan Insurance and Life Insurance Policy<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-use-imps-and-neft-for-student-related-transfers\"><span id=\"how-to-use-imps-and-neft-for-student-related-transfers\">How to Use IMPS and NEFT for Student-Related Transfers<\/span><\/h2>\n\n\n\n<p>IMPS and NEFT are easy and convenient methods for students to transfer money domestically before sending it abroad. IMPS allows instant fund transfers using mobile banking, internet banking, or ATMs, making it ideal for urgent transactions.&nbsp;<\/p>\n\n\n\n<p>NEFT, on the other hand, processes payments in half-hourly batches and is best suited for planned transfers, such as tuition fee payments or education loan repayments.&nbsp;<\/p>\n\n\n\n<p>Both methods require the recipient\u2019s bank account details and IFSC code for secure transactions. Check out the steps to use IMPS and NEFT for money transfers-<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steps-to-transfer-money-via-imps\"><span id=\"steps-to-transfer-money-via-imps\">Steps to Transfer Money via IMPS<\/span><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Log in to your bank\u2019s mobile or internet banking.<\/li>\n\n\n\n<li>Select <strong>IMPS Transfer<\/strong>.<\/li>\n\n\n\n<li>Enter beneficiary details (account number and IFSC or MMID and mobile number).<\/li>\n\n\n\n<li>Enter the amount and confirm the transaction.<\/li>\n\n\n\n<li>Funds are credited instantly, which is helpful for time-sensitive forex transactions.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steps-to-transfer-money-via-neft\"><span id=\"steps-to-transfer-money-via-neft\">Steps to Transfer Money via NEFT<\/span><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Log in to your bank\u2019s online banking.<\/li>\n\n\n\n<li>Select <strong>NEFT Transfer<\/strong>.<\/li>\n\n\n\n<li>Add beneficiary details (account number and IFSC code).<\/li>\n\n\n\n<li>Enter the amount and initiate the transfer.<\/li>\n\n\n\n<li>Funds are credited in the next available batch, making it useful for scheduled payments.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-charges-for-imps-and-neft\"><span id=\"charges-for-imps-and-neft\">Charges for IMPS and NEFT<\/span><\/h2>\n\n\n\n<p>Understanding the charges for IMPS and NEFT is essential for students managing their finances efficiently.&nbsp;<\/p>\n\n\n\n<p>IMPS transactions typically incur small fees depending on the transfer amount, while NEFT charges are often lower and may even be free for online transfers via internet banking.&nbsp;<\/p>\n\n\n\n<p>The cost factor makes NEFT more suitable for high-value transfers such as tuition fees and education loan repayments, whereas IMPS is preferred for quick, urgent transactions despite slightly higher charges.<\/p>\n\n\n\n<p>Here is a comparison table highlighting the transaction charges for IMPS and NEFT based on the transaction amount:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Transaction Amount<\/strong><\/td><td><strong>IMPS Charges<\/strong><\/td><td><strong>NEFT Charges<\/strong><\/td><\/tr><tr><td>Up to INR 1,000<\/td><td>INR 2.50 to INR 5 per transaction (varies by bank)<\/td><td>INR 1 to INR 2.50 per transaction (varies by bank)<\/td><\/tr><tr><td>INR 1,001 to INR 10,000<\/td><td>INR 5 per transaction (varies by bank)<\/td><td>INR 2.50 to INR 5 per transaction (varies by bank)<\/td><\/tr><tr><td>INR 10,001 to INR 1 lakh<\/td><td>INR 5 to INR 10 per transaction (varies by bank)<\/td><td>INR 5 to INR 10 per transaction (varies by bank)<\/td><\/tr><tr><td>INR 1 lakh to INR 5 lakhs<\/td><td>INR 10 to INR 15 per transaction (varies by bank)<\/td><td>INR 10 to INR 15 per transaction (varies by bank)<\/td><\/tr><tr><td>INR 5 lakhs and above<\/td><td>Not applicable for IMPS (max limit is INR 5 lakhs)<\/td><td>INR 15 to INR 25 per transaction (varies by bank)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Notes:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>IMPS Charges: Vary by bank and transaction amount. Maximum transaction limit is \u20b95 lakhs.<\/li>\n\n\n\n<li>NEFT Charges: Generally lower for smaller transactions and can vary by bank. No specific maximum transaction limit.<\/li>\n\n\n\n<li>Transaction Speed: IMPS is typically faster and available 24\/7, while NEFT operates in batches during banking hours.<\/li>\n<\/ul>\n\n\n\n<p>To sum up, for international students, IMPS is best for urgent, small-value transfers, while NEFT is ideal for large, planned transactions like tuition payments or education loan repayments.&nbsp;<\/p>\n\n\n\n<p>If transferring money to a forex provider before sending it abroad, using NEFT can help save on transaction fees. Check out the FAQs for more details.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1742186973505\"><strong class=\"schema-faq-question\">Can students use IMPS to send money abroad?<\/strong> <p class=\"schema-faq-answer\">No, IMPS is only for domestic transfers. However, it can be used to send money to a forex provider for international transactions.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742186974734\"><strong class=\"schema-faq-question\">Which is cheaper for large transfers, IMPS or NEFT?<\/strong> <p class=\"schema-faq-answer\">NEFT is usually cheaper for high-value transactions, making it better for tuition fee payments and education loan repayments.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742186976212\"><strong class=\"schema-faq-question\">Is IMPS available 24\/7?<\/strong> <p class=\"schema-faq-answer\">Yes, IMPS is available 24\/7, including weekends and bank holidays. The transfer is processed instantly.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742186976788\"><strong class=\"schema-faq-question\">Is Google Pay an IMPS service?<\/strong> <p class=\"schema-faq-answer\">Google Pay uses UPI for transactions, but underlying bank transfers may be processed through IMPS or NEFT.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742186977348\"><strong class=\"schema-faq-question\">Does IMPS require IFSC code?<\/strong> <p class=\"schema-faq-answer\">Yes, if using the account number method; not needed if transferring via MMID.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742187070931\"><strong class=\"schema-faq-question\">Is IMPS an app?<\/strong> <p class=\"schema-faq-answer\">No, it is a banking service available through various platforms like mobile banking apps, internet banking, and ATMs.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742187071968\"><strong class=\"schema-faq-question\">Can I use NEFT to pay my education loan EMI?<\/strong> <p class=\"schema-faq-answer\">Yes, NEFT is a good option for paying EMIs on time.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742187072432\"><strong class=\"schema-faq-question\">Which transfer method is better for forex payments?<\/strong> <p class=\"schema-faq-answer\">IMPS is faster, but NEFT is cheaper for large amounts, making it preferable for forex transactions.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742187072849\"><strong class=\"schema-faq-question\">How long does an NEFT transfer take?<\/strong> <p class=\"schema-faq-answer\">NEFT transactions are processed in batches every 30 minutes.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742187073293\"><strong class=\"schema-faq-question\">What is the maximum limit for IMPS transactions?<\/strong> <p class=\"schema-faq-answer\">Most banks allow IMPS transfers up to INR 5 lakh for individuals.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742187175915\"><strong class=\"schema-faq-question\">Can I use IMPS to send money to my university abroad?<\/strong> <p class=\"schema-faq-answer\">No, you must use an international money transfer service for that.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742187176923\"><strong class=\"schema-faq-question\">Are online NEFT transactions free?<\/strong> <p class=\"schema-faq-answer\">Yes, RBI has removed charges for online NEFT transactions done via internet banking.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1742187227508\"><strong class=\"schema-faq-question\">Can I use IMPS without internet banking?<\/strong> <p class=\"schema-faq-answer\">Yes, IMPS can be used via mobile banking, ATMs, or even through bank branches.<\/p> <\/div> <\/div>\n\n\n\n<p>To learn more about <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>bank accounts for students<\/strong><\/a>, the best <a href=\"https:\/\/fly.finance\/loans\"><strong>education loans<\/strong><\/a>, <a href=\"https:\/\/fly.finance\/forex\"><strong>forex<\/strong>,<\/a> banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background has-fixed-layout\"><tbody><tr><td colspan=\"2\"><strong>Additional Reads<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/difference-between-fera-and-fema\/\"><strong>Difference Between FERA and FEMA: FERA vs FEMA<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/difference-between-loan-sanction-letter-and-loan-capability-certificate\/\"><strong>Difference Between Loan Sanction Letter And Loan Capability Certificate<\/strong><\/a><\/td><\/tr><tr><td><a 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href=\"https:\/\/fly.finance\/blog\/education-loan\/sbi-education-loan-vs-bob-education-loan\/\"><strong>SBI Education Loan Vs BoB Education Loan<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Follow Us on Social Media <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-social-links is-layout-flex wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-instagram  wp-block-social-link\"><a href=\"https:\/\/instagram.com\/flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12,4.622c2.403,0,2.688,0.009,3.637,0.052c0.877,0.04,1.354,0.187,1.671,0.31c0.42,0.163,0.72,0.358,1.035,0.673 c0.315,0.315,0.51,0.615,0.673,1.035c0.123,0.317,0.27,0.794,0.31,1.671c0.043,0.949,0.052,1.234,0.052,3.637 s-0.009,2.688-0.052,3.637c-0.04,0.877-0.187,1.354-0.31,1.671c-0.163,0.42-0.358,0.72-0.673,1.035 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aria-hidden=\"true\" focusable=\"false\"><path d=\"M22.23,5.924c-0.736,0.326-1.527,0.547-2.357,0.646c0.847-0.508,1.498-1.312,1.804-2.27 c-0.793,0.47-1.671,0.812-2.606,0.996C18.324,4.498,17.257,4,16.077,4c-2.266,0-4.103,1.837-4.103,4.103 c0,0.322,0.036,0.635,0.106,0.935C8.67,8.867,5.647,7.234,3.623,4.751C3.27,5.357,3.067,6.062,3.067,6.814 c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>When studying abroad, managing finances efficiently is crucial. Students often need to transfer funds from India for tuition fees, accommodation, or daily expenses. Two of the most common methods for transferring money within India before sending it abroad are IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer). This blog will explore the difference &#8230; <a title=\"IMPS vs NEFT: Best Money Transfer Option for International Students\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/\" aria-label=\"Read more about IMPS vs NEFT: Best Money Transfer Option for International Students\">Read more<\/a><\/p>\n","protected":false},"author":29,"featured_media":18368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"class_list":["post-18367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-transfer"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IMPS vs NEFT: Best Money Transfer Option for International Students<\/title>\n<meta name=\"description\" content=\"Understand the differences between IMPS vs NEFT for efficient money transfers while studying abroad. Discover which suits you best.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMPS vs NEFT: Best Money Transfer Option for International Students\" \/>\n<meta property=\"og:description\" content=\"Understand the differences between IMPS vs NEFT for efficient money transfers while studying abroad. Discover which suits you best.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/\" \/>\n<meta property=\"og:site_name\" content=\"Fly Finance\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/shubhika.garg\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-17T04:57:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-17T04:57:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/flyblog.fly.finance\/uploads\/2025\/03\/Difference-between-IMPS-and-NEFT-1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Shubhika Garg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shubhika Garg\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"IMPS vs NEFT: Best Money Transfer Option for International Students","description":"Understand the differences between IMPS vs NEFT for efficient money transfers while studying abroad. 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I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.","sameAs":["https:\/\/www.facebook.com\/shubhika.garg\/","https:\/\/www.instagram.com\/shubhika.garg\/","https:\/\/www.linkedin.com\/in\/shubhikagarg71\/","https:\/\/www.tumblr.com\/blog\/shubhikahere"],"url":"https:\/\/fly.finance\/blog\/author\/shubhika\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742186973505","position":1,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742186973505","name":"Can students use IMPS to send money abroad?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No, IMPS is only for domestic transfers. However, it can be used to send money to a forex provider for international transactions.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742186974734","position":2,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742186974734","name":"Which is cheaper for large transfers, IMPS or NEFT?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"NEFT is usually cheaper for high-value transactions, making it better for tuition fee payments and education loan repayments.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742186976212","position":3,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742186976212","name":"Is IMPS available 24\/7?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, IMPS is available 24\/7, including weekends and bank holidays. The transfer is processed instantly.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742186976788","position":4,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742186976788","name":"Is Google Pay an IMPS service?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Google Pay uses UPI for transactions, but underlying bank transfers may be processed through IMPS or NEFT.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742186977348","position":5,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742186977348","name":"Does IMPS require IFSC code?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, if using the account number method; not needed if transferring via MMID.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187070931","position":6,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187070931","name":"Is IMPS an app?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No, it is a banking service available through various platforms like mobile banking apps, internet banking, and ATMs.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187071968","position":7,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187071968","name":"Can I use NEFT to pay my education loan EMI?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, NEFT is a good option for paying EMIs on time.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187072432","position":8,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187072432","name":"Which transfer method is better for forex payments?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"IMPS is faster, but NEFT is cheaper for large amounts, making it preferable for forex transactions.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187072849","position":9,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187072849","name":"How long does an NEFT transfer take?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"NEFT transactions are processed in batches every 30 minutes.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187073293","position":10,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187073293","name":"What is the maximum limit for IMPS transactions?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Most banks allow IMPS transfers up to INR 5 lakh for individuals.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187175915","position":11,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187175915","name":"Can I use IMPS to send money to my university abroad?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No, you must use an international money transfer service for that.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187176923","position":12,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187176923","name":"Are online NEFT transactions free?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, RBI has removed charges for online NEFT transactions done via internet banking.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187227508","position":13,"url":"https:\/\/fly.finance\/blog\/money-transfer\/imps-vs-neft\/#faq-question-1742187227508","name":"Can I use IMPS without internet banking?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, IMPS can be used via mobile banking, ATMs, or even through bank 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