Gone are the days when parents and grandparents had to make regular trips to the bank to update their passbooks. In the past, these visits often involved cash withdrawals, money transfers, depositing cheques and other bank-related tasks. Fortunately, with the advent of internet banking, we now enjoy a more convenient way of managing our finances.In today's digital era, there are numerous online platforms and technologies that enable us to send money instantly. However, the abundance of options can make it challenging to determine the best method for instant online money transfers. To help you make an informed decision, let's explore a few popular options -- NEFT, RTGS, IMPS and mobile wallets.NEFT (National Electronic Funds Transfer):NEFT is one of the most commonly used methods for online money transfers in India. It is a secure, reliable and cost-effective system that allows individuals to transfer funds between different bank accounts. NEFT operates in batches and settles transactions in hourly intervals during weekdays and working hours. While NEFT offers convenience, it may not be suitable for instant transfers as it can take up to a few hours or even the next working day for the funds to be credited. While you can transfer any amount, banks set their own cap on the amount one can transfer.RTGS (Real-Time Gross Settlement):RTGS is an instant funds transfer system that allows individuals to transfer large sums of money in real time. It is primarily used for high-value transactions, and the funds are settled individually and immediately. While there is no limit to how much you can transfer, you need to transfer a minimum of ₹2 lakh. RTGS operates on a real-time basis and the transactions are processed continuously throughout the banks working hours. However, it is important to note that RTGS is available only during banking hours, and has a minimum transaction threshold, making it suitable only for larger transfers. RTGS transfers generally take around 30 minutes for the money to get credited into the receivers account.IMPS (Immediate Payment Service):IMPS is a real-time interbank electronic funds transfer system, which enables individuals to transfer funds instantly, 24/7, throughout the year. IMPS is highly convenient, as it allows users to transfer money using their mobile phones, internet banking or ATMs. This method is ideal for instant transfers, including person-to-person transfers, bill payments and online shopping. IMPS is widely accessible and has gained popularity due to its speed and availability. Banks may levy some charge for these convenient transactions.Mobile Wallets:Mobile wallets have revolutionised the way people make payments and transfer money. They are e-versions of your physical wallets on your phone, allowing you to store money and make transactions using your smartphones. Mobile wallets offer convenience, as you can make instant transfers to other wallet users, pay bills and shop online.How to pick the most suited instant online money transfer?When choosing among NEFT, RTGS, IMPS or mobile wallets for instant online money transfers, consider the following factors:Transaction Speed: If you require an immediate funds transfer, IMPS and mobile wallets are your best options, as they offer real-time transfers, 24/7.Transaction Limits: If you need to transfer large sums of money, RTGS may be suitable, as it supports high-value transactions. Mobile wallets may have transaction limits, so it's important to check the terms and conditions.Accessibility: NEFT and RTGS require you to have a bank account, while IMPS and mobile wallets offer broader accessibility, and can be used by anyone with a smartphone and internet connection.Use Cases: Consider your specific requirements. If you need to transfer money between bank accounts, NEFT or RTGS would be suitable. For person-to-person transfers, bill payments or online shopping, IMPS or mobile wallets are more appropriate.