I have been using internet banking service for quite some time. However, there was always an option lurking that said "Visa Money Transfer". I only saw it with curiosity - and never used it. After All, when I could do NEFT - why should I try something unknown?
However recently I opened a new bank a/c. The particular branch is a new one - and though it is NEFT etc enabled, its IFSC code is not in the database of other banks internet banking systems(SBI & Axis) - that I use.
So as a means to explore ways of transferring money, I looked into the option of "Visa Money Transfer" with more interest. Earlier SBI charged Rs. 25 per transaction for such VISA transfers. However I found that now SBI has made it free. Even though Axis continues with Rs. 25 per transaction.
As a test I transferred Rs 20 from SBI to Axis through VISA Money Transfer(so that I could use such facility with my new bank a/c later on - as I have not received its debit card yet).
The transfer materialised in the third day - with one day in between being national holiday. The amount was deposited to the bank a/c to which the VISA Debit card is linked.
So, I found this method to be really good. Even such transfer can be resorted to if NEFT is not working(at times Bank’s NEFT is under maintenance!). Or as in my case where the banks have not updated their IFSC databases for transfer to new bank branches.
The only thing, that I dont know currently is that if there is any problem - where should the complaint be made. Ideally it is the bank branch. However, looking at the workload and the information level of officers manning such branches it is often difficult to make them understand of what happens and how. So in case of NEFT it is always the RBI where one can write and(as in my earlier experience) the NEFT issues get sorted out within a couple of hours.
In case of VISA money transfer, there is no such authority that I could find. Also, I would put the disclaimer that I have used this service only once as a test and only for debit card - this service can be used also for transfer of money to credit cards as well.