What is a bank transfer payment?
A bank transfer is when money is sent from one bank account to another. Transferring money from your bank account is usually fast, free and safer than withdrawing and paying in cash. Read on for more information, including how to make a bank transfer and what details you'll need.
How to transfer money from your bank account?
A bank transfer is when money is sent from one bank account to another. Transferring money from your bank account is usually fast, free and safer than withdrawing and paying in cash. Read on for more information, including how to make a bank transfer and what details you’ll need.
How to make a bank transfer?
There are a number of ways you can make a bank transfer.
Some of the most common bank transfer methods are:
- Online bank transfers: Log in to your online account and select the option to make a payment. Follow the instructions on the screen to enter the correct details. Find out how to set up an online account in our Beginner’s guide to online banking. Some banks also offer smartphone apps that allow you to transfer money.
- Telephone transfers: Call your bank’s telephone banking service. The bank’s customer services representative will guide you through the process - in some cases, you might be guided through by an automated recording.
- 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 organization you are paying.
- The date you want the payment to be made.
- Name of the person or business you’re paying.
- Six-digit sort code of the account you’re paying.
- Eight-digit account number of the account you’re paying.
- A payment reference (often your name or customer number) to let them know the money came from you.
- Sometimes you’ll need the name and address of the bank you are sending the money to. 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.
Most banks let you transfer at least £10,000, but some have much higher limits.
You could also use:
- Bacs payments. These take up to three working days to clear. Find out more on the Pay your way website.
- CHAPS (Clearing House Automated Payment System). Payments will go through on the same day, as long the transfer is made by a certain time. Find out more on the Pay your way website. 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: If you’re doing a transfer through your telephone banking service, ask the person taking your call to repeat every number and letter to you.
- Beware of going overdrawn: Unless you’ve specified a future payment date, the money will leave your account straight away, so make sure you have enough available to avoid expensive fees.
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.
Cheques can also be a useful way to send money or pay one-off bills.
What if there’s a problem?
If you have a problem with a payment, for example, if the money doesn’t arrive, your first step is to contact your bank.
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