Nip VS NEFT Funds Transfer: The Big Difference

In this post today, you will get all you need to know about NIP and NEFT Bank Transfer Method.

The Question, knowing the difference between NEFT and Nip transfer process is extremely ubiquitous, especially among Nigerians. So, here in this post, you’ll get the understanding between NEFT and NIP Bank Transfer in Nigeria. The differences between NEFT and NIP Despite the similarity of both products, they differ in terms of processing timeline and limits of the transfer.

NIP Transfer:

For NIP the recipient gets the value within 10 minutes after the sender has made the transaction (barring network failure).

NEFT Transfer:

For NEFT the receiver gets the value the next day (sometimes up to 24 hours) after the sender has executed the transfer. You can use NEFT for bulk transfer, which is funds transfer to many recipients at the same time. However, NIP can be used only to transfer money to one or two people at the same time. Also, NIP has a maximum limit of N5 million for transfer to individual and N10 million for transfer to the corporate body.

What You Need to Know About The NEFT Funds Transfer:

For NEFT, you can transfer as high as N100 million. Risk of fund transfer The risk electronic fraud is very high with funds transfer. However, there are specific tactics that can protect you from falling victim of fraud. First, don’t be careless with details of your ATM card, and don’t respond to any email or text message asking you to provide such details. Most importantly, you should have the telephone details of your bank’s contact canter, and promptly inform them about any suspicious transaction on your account. You should also be attentive to the security of your network.

Useful Note:

Update your anti/virus and anti-spam programs to protect you from falling victim of fraud. First, don’t be careless with details of your ATM card, and don’t respond to any email or text message asking you to provide such details. Most importantly, you should have the telephone details of your bank’s contact canter, and promptly inform them about any suspicious transaction on your account. You should also be attentive to the security of your network. Update your anti/virus and anti-spam programs to prevent attacks from emails with infected attachments. Set your browser appropriately to prevent accidental or unwanted downloads to enable your safe browsing