What is EMT Full Form in Banking?
The EMT Full Form in Banking is an Email Money Transfer. This is a way of transferring the funds between the bank accounts with the help of email and other online banking services. It serves as a digital alternative to traditional methods such as cheques, cash, and wire transfers. It is a very simple and speedy process, and with the help of a few clicks, it is possible to send money to someone’s bank account with the help of only their mobile phone number and email address.
How do EMTs work?
It is crucial for both the sender and receiver to understand how the EMT works. The sender would initially log onto their online banking platform or the mobile app and select the option to send the EMT. They will then enter the email address or the mobile number of the recipient, along with the amount to be transferred. The receiver may have to answer the security question property for the funds to get transferred instantly.
How to cancel an EMT?
Cancelling the EMT feature may be required, if there are any errors made in the recipient’s information. Most of the online banking platforms offer the option to cancel the EMT. In order to carry out the cancellation process, the first step is to log into the online bank account, navigate to the section to view the pending EMTs and choose the transaction to cancel.
