How to make a bank transfer There are a number of ways you can make a bank transfer.
Telephone and online banking offer a fast, usually free and easy way for you to transfer money into another account. Some of the most common bank transfer methods are: Online bank transfers. Log in to your online account and select the option for making a payment.
Follow the instructions on screen to enter the correct details. Some banks also offer smartphone apps that allow you to transfer money.
Simple and Easy Money Transfer Services
Telephone transfers. In-branch bank transfers. If you have the money in cash, you can pay it into the account of the person you owe it to in-branch. What details do you need to transfer money?
Whichever way you choose to transfer money, you will usually need the following details of the person or organisation you are paying. Find out more on the Get Safe Online website.
The date you want the payment to be made. A payment reference often your name or customer number to let them know the money came from you.
Contact your bank's customer service department if you do not have an IBAN or do not know how to generate one. You will need to enter the account information of the person or entity you would like to send money to. Typically, this includes the recipient's bank account number and bank routing number. Depending on the bank or wire service you use, you may also be asked to enter additional information such as a SWIFT Society for Worldwide Interbank Financial Telecommunication Code, which is used for identifying banks. Many banks offer the option of sending money abroad in either your local currency or in the currency of the recipient's country.
This helps them to check that the sort code is right. How long does it take for the money to be transferred?
Payments made using Faster Payments will sometimes be received immediately after leaving your account, but can sometimes take up to 2 hours. This option is free, available 24 hours a day and typically used in online banking, mobile apps, over the phone or in branch. You could also use: Bacs payments.
Best for Domestic Peer-to-Peer Transfers and Domestic Transfers of Large Amounts
These take up to three working days to clear. Find out more on the Pay your way website.
Payments will go through on the same day, as long the transfer is made by a certain time. CHAPS payments often charge a fee.
Avoiding issues with bank transfers Double-check the details. Check every figure, even if your bank preloads them. It can be difficult to get your money back if you send it to the wrong account more on this below.
Get the person on the end of the line to repeat figures and names to you. Beware of going overdrawn.
- You probably use EFT all the time -- it's simply a completely electronic way of transferring money from one bank account to another bank account.
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Find out about avoiding bank transfer how to make money transfers on the Internet on the FCA website opens in new window and the Take Five website. Other ways to pay If you need to make a payment frequently, for example a monthly energy bill, you might be better off setting up a Direct Debit or standing order.
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- PayPal beats out other peer-to-peer P2P money transfer apps like Venmo and Zelle because of its accessibility and choice of payment methods.