How to Transfer Money to Another Bank Account

Transferring money to another bank account can be a simple and efficient process both domestically and internationally. There are several ways to do this, including online, through an app, or even with a traditional paper cheque. In this article, Remitly will explore how to transfer money into a bank account for yourself or friends and family.

Transferring Money from One Bank to Another in the UK

If you are in the UK, there are many methods you can use to send money to another bank account. Here are the most common options:

• Writing a cheque
• Using a debit card
• Using a credit card
• Making an online transfer

Paper Cheques

You can transfer money from one bank account to another by writing a physical cheque to another person or yourself. When you write a cheque, you specify the amount of money to be deducted from your account and transferred to the recipient’s account. The funds will remain in your account until the cheque is deposited or cashed by the payee. If you are writing a cheque to deposit into another account you manage, the same principles apply. Remember, paper cheques expire after a period of time. It’s important to double check the validity period of your cheques before using this method.

Debit Card Transfers

Depending on your bank or building society, you may be able to transfer funds using your debit card at a cash machine (ATM). The accounts must be linked to the same debit card for this to work.

Steps to transfer money via an ATM:

1. Insert your debit card into the cash machine.
2. Enter the PIN associated with your card.
3. Select the option for transferring funds.
4. Choose the account you are transferring from and the account you are transferring to.
5. Input the amount of money you want to transfer and confirm.

When you transfer money via a debit card, it comes directly from your current account. This means you need to have sufficient funds available for the transfer to go through, similar to when writing a cheque.

Credit Card Transfers

Credit cards generally cannot be used to directly transfer money between accounts. However, you can sometimes use them to withdraw a cash advance. It’s important to note that this is borrowed money and may incur interest charges. Like a debit card, you can use a credit card to withdraw cash from an ATM. However, unlike a debit card, the money does not come directly from your bank account. Instead, the withdrawal will appear on your credit card statement as a cash advance.

Things to keep in mind:

• You’ll likely pay a fee for the cash advance.
• A cash advance annual percentage rate (APR) applies, which is the interest on the borrowed amount.

Once you’ve withdrawn the cash, you can deposit it into your bank account. However, this method can be expensive due to fees and interest, so it’s often a last resort.

Online Banking

Online banking is usually the most convenient way to transfer funds between bank accounts. There are several ways to transfer money electronically:

• Bank-to-bank transfers
• Mobile apps
• Websites

Bank-to-Bank Transfers

To transfer money between accounts at the same bank, in your name, you can typically use your mobile or online banking app by selecting the “transfer” option. If you need to send money to an account with another bank, you’ll need to make an external transfer.

For example, you might hold your current account with one bank and your savings account with another. To make the transfer, you will need:

• The sort code and account number for both accounts.

Most UK bank transfers use the Faster Payments Service (FPS), which typically processes transactions within seconds, though it can take up to two hours. For larger transfers, you might need to use the CHAPS system (Clearing House Automated Payment System).

Mobile Apps and Websites

Using mobile apps or websites is an accessible and efficient way to transfer money into another bank account. Many of these apps can also serve as digital wallets, securely storing your payment information and allowing you to send money electronically. Always check individual apps for any sending limits or fees and follow the instructions to set up your account.

Wire Transfers

Wire transfers, often called bank transfers in the UK, can be done in person at your bank branch or through your bank’s online or mobile platform. Domestic wire transfers are usually processed quickly, often the same day, depending on the method used.

International bank transfers, however, can take anywhere from 1-5 working days. Transfer times depend on the recipient’s country and bank as well as any intermediary banks involved.

Keep in mind:

• Fees typically apply to wire transfers, especially international ones.
• Rates vary depending on your bank and where you are sending the money.

Transferring Money Internationally

Sending money abroad can be just as straightforward as transferring funds within the UK. For quick, reliable international transfers, try services like Remitly. Services similar to Remitly often offer competitive exchange rates and lower fees compared to traditional banks.

What is the Quickest Way to Transfer Money to Another Bank Account?

The quickest method is usually via online banking or mobile banking apps.

Can I Transfer Money to Someone Else’s Bank Account Using a Cheque?

Yes, you can write a cheque to the recipient’s name and they can deposit it into their bank account. Cheques may take a few working days to clear.

Can I Transfer Money to Another Bank Account Using My Debit Card?

Yes, you can transfer money between linked accounts using your debit card at an ATM. For other accounts, online banking or apps are generally more efficient.

What Details Do I Need to Transfer Money to Another Account?

To transfer money, you’ll need:

• The recipient’s name
• Their sort code and account number (for UK accounts)
• For international transfers, additional details like IBAN and SWIFT/BIC codes.