This post talks about how to conveniently deposit money into your bank account without actually going to the bank in Uganda.
Ideally, some people would prefer depositing money into their bank accounts without having to visit the physical bank itself if they knew it was possible and how it is done.
A deposit is a term used in finance that implies money held at a bank. Deposits are transactions involving the transfer of money to another party for safekeeping.
On the other hand, a deposit can refer to a portion of the money used as security or collateral for the delivery of a good.
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Contents
How to deposit money into a bank account (the old way)
The most common way of depositing money into a bank account in Uganda is by actually physically going to a bank where you have an account. Then, you are supposed to fill a form indicating the name of your bank account, how much money you would like to deposit, your signature, etc.
Afterward, you take it to the teller and they execute the transaction and you receive a notification on your device that the amount has been deposited into your account.
You might be thinking that that should be a simple process. But it is not. There is more that goes on behind the scenes of that process. For instance:
a) Firstly, the distance from your home to the bank might be long. This means that you get to spend more money to get to the bank and back home. You could also get to be fatigued by traveling that long journey to and fro the bank.
b) Secondly, Some banks have a lot of clients. So, unless you are the first one there, you might find a lot of people already there that need attending to, before you.
I have experienced this at Centenary bank. Clients can’t fit inside the bank. So they bought a tent and situated it outside the bank for the extra people to wait in case the bank gets filled up.
c) Thirdly, some of the deposit slips are not that straightforward to use. Make one mistake on it and the teller tells you to re-write everything on a new slip. It is exhausting re-doing that slip.
That being said. There is a way of depositing money into your bank account without actually going to the bank itself. How? Read on.
How to deposit money into your bank account without actually going to the bank
a) Transfer the funds online
If your bank supports mobile banking, then, you can transfer the funds to your online bank over the internet. The precise method by which you can accomplish this varies depending on the banks you use.
The way I do it using DFCU is that I go to their online banking website or mobile app. Then I go to transfers, and from here I choose wallets. Then I either choose Wallet to the bank where the money is transferred from my mobile money account to the bank account.
b) Use Agent Banking
Agent Banking is the provision of financial services to customers by a third party (agent). This is done on behalf of a licensed deposit-taking financial institution and/or mobile money operator (principal).
The essence of having agent bankers is to provide banking services nearer to clients’ homes and dwellings. So, to get your money deposited, just visit the nearest agent banker and give them your bank account details and the amount and they will get it deposited to your bank account.
Those are the two ways you can conveniently deposit money into your bank account in Uganda.