A system for managing funds transfer and banking that facilitates mobile funds transfers, mobile deposits, mobile withdrawal of funds by a user. These operations are conducted with the help of one or more agents, as necessary. The system for managing funds transfer and banking comprises a server to which a user can connect using a first mobile device or a computer/laptop. The server receives a funds transfer request from a first mobile device communicatively coupled to the server and it communicates a first one-time-use token to the first mobile device. The first mobile device is used by a sender of funds in a funds transfer operation. The sender approaches an agent who can facilitate funds transfer, for example by accepting cash/money from the sender and initiating funds transfer.