Bank transfers are an easy way to receive money electronically. Loved ones can transfer money to you from one bank account to another within the same country or internationally. Bank transfers are popular because they are straightforward to receive and generally secure. Money can be transferred to you using online banking, over the phone, or by visiting a bank or other financial institution offering transfer services.
Ready to get started? This article will explain how to receive a bank transfer, the details you need to provide for the process, and how services like Remitly can help you receive money easily and securely.
What is a bank transfer?
A bank transfer is a type of electronic money transfer that allows you to send and receive funds securely from one bank account to another. Bank transfers are a reliable and fast way to move money domestically or internationally without handling cash.
How To Receive a Bank Transfer
There are four main steps to receiving a bank transfer—whether within the UK or from abroad.
Step 1: Decide With the Sender Which Money Transfer Service To Use
As mentioned earlier, there are different ways to transfer money, including online banking, in-branch services, or online money transfer companies like Remitly.
Step 2: Provide Your Bank Account Details To the Sender
The next step is to give the sender the necessary information about your bank account. This usually includes your account number, sort code (for UK domestic transfers), and, for international transfers, your IBAN (International Bank Account Number) and SWIFT/BIC code.
Always double-check that the details you provide are correct to avoid delays or failed transfers.
Step 3: Track Your Incoming Money Transfer
Once the sender has initiated the transfer, it can take between a few hours and several business days for the funds to arrive, depending on the type of transfer and the banks involved. For international transfers, timelines vary depending on the sending bank, the receiving bank, and the service used. Some services, like Remitly, offer tracking tools to help you monitor the transfer’s progress.
Step 4: Verify the Payment
The transfer service or your bank will notify you once the funds arrive in your account. At that point, verify that the correct amount has been received.
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How Much Do Bank Transfers Cost To Receive?
Bank transfer fees vary depending on factors such as:
- Whether the transfer is domestic or international
- The banks involved
- The amount being transferred
- The service used
When transferring money internationally, the provider may also include a currency exchange rate. Exchange rates can vary depending on market conditions, and some institutions may offer better rates for larger transactions.
What Information Do I Need To Receive a Bank Transfer?
Whether you use online banking or a money transfer service, you’ll need to share specific information with the sender to ensure a smooth transfer. Here’s what you’ll typically need:
Receiving Domestic Bank Transfers
For UK transfers, you’ll need to provide:
- Your bank name
- Your sort code
- Your account number
- Your full name (as it appears on your bank account)
- Your address and contact details (if required)
Receiving International Bank Transfers
For international transfers, you’ll also need to provide:
- Your IBAN (International Bank Account Number)
- Your SWIFT/BIC code (Bank Identifier Code)
Your full name, address, and contact details will also be required. Always confirm the exact bank identification code details with your bank or transfer service, as requirements may vary slightly depending on the country and institution.
3 Tips to Help You Avoid Scams When Receiving a Bank Transfer
When receiving a bank transfer, you’ll need to share sensitive details such as your bank account number and sort code. To keep your information secure, follow these tips:
- Do not share your bank details with strangers or individuals you can’t verify.
- Avoid clicking on unknown links or entering information on unauthorised websites.
- Pay transfer fees directly to your bank or transfer service. Never send money to the sender to cover fees or expenses.
If something feels suspicious, contact your bank or the transfer service directly to confirm the legitimacy of the transaction.
Frequently Asked Questions (FAQs) About Receiving Bank Transfers
How Long Does It Take To Receive a Bank Transfer?
The time it takes to receive a bank transfer depends on the service and type of transfer:
- Domestic Transfers: Faster Payments can arrive almost instantly, while CHAPS transfers are usually completed on the same day.
- International Transfers: These can take anywhere from a few hours to several business days, depending on the banks and services involved.
What Details Do I Need to Provide to Receive a Bank Transfer?
For domestic transfers in the UK, you’ll need to share:
- Your bank name
- Your sort code
- Your account number
- Your full name (as it appears on your bank account)
For international transfers, you’ll also need:
- Your IBAN (International Bank Account Number)
- Your SWIFT/BIC code (Bank Identifier Code)
Confirm these details with your bank to avoid any issues.
Can I Receive a Bank Transfer Without a UK Bank Account?
No, to receive a bank transfer in the UK, you will need a valid UK bank account or a suitable account with an international bank that can process incoming transfers.
