Transferring money from one bank account to another is one of the most popular ways to send money. It’s convenient, it’s easy to set up, and you have a number of options to find the most cost-effective transfer method for you. In this guide, we’ll cover transferring money between bank accounts in full to give you all the information you need.
With the vast majority of banks having user-friendly online banking capabilities and apps these days, it’s easier than ever to transfer money between accounts within the same bank.
Transfers within the same bank branch are usually made on the bank’s own internal network, allowing the process to be quick (instant in most cases) and free. Depending on your bank, your transfer may be processed instantly, or may take up to 24-hours – the time you process your transfer could also affect this.
What information might you need?
Your recipient’s name as it appears on the account
Their bank account number
Their sort code
Transfer amount
The date you want to transfer the funds
How to transfer money to other banks
Transferring money between banks remains a relatively straightforward process, but because the transaction is carried out on external networks, it may take a little longer.
In the US, most banks use the Automatic Clearing House (ACH) network. Generally regarded as a secure network for transferring money, the ACH process usually follows these steps:
First, the sender must initiate a transfer request with their bank, including the recipient’s name, bank account number, sort code, and the date they want the transfer to be made. The sending bank will then make an ACH entry detailing the request
Typically, the ACH request will be bundled as a batch which is sent through to ACH operators throughout the day (which is why not missing the cut-off time of your bank is important for urgent transfers)
ACH operators will then sort your request in either an individual, business, or other category. Entries are then sent to the receiving bank.
Once the receiving institution receives the transfer instructions, the transaction can be completed and the recipient’s account can be credited.
What information might you need?
If you’re sending money to another bank (domestically or internationally) you’ll need to have your recipient’s banking details to hand to complete the transfer. The details you’ll need include:
Recipient’s name
Their bank account number
Their sort code
Transfer amount
Date of transfer
In some cases, the name and address of the receiving bank
What are my options for transferring money between bank accounts domestically?
Bank or wire transfer
A bank transfer is one of the most popular ways of sending money domestically, simply because of how convenient it is. Domestic bank transfers can be initiated via your online banking app, by phone, or directly at a branch, and will often take no longer than 24 hours to complete (often faster).
To make a bank transfer with your bank, you’ll need:
Your recipient’s name
Their bank account number
Their sort code
The sum you are sending and the date you want the transfer made
Occasionally, the name of your recipient’s bank
Not entirely hassle free
While bank transfers are a convenient way to send money domestically, they can involve fees for both the sender and recipient in some cases. In addition, the amount of information required by your bank to make the transfer can be more of a hassle than it’s worth for some.
These apps are all relatively new (with the exception of PayPal) services enabling quicker, faster, and more efficient domestic transfers directly from one bank account to another. Both parties will usually need to have an account with the service being used, and a bank account linked to their account.
The sender then simply needs either the username, phone number, or email address of their recipient to make a transfer, which should be processed almost instantly.
Fast, secure and convenient
The advantage of these peer-to-peer sending services is that they make sending smaller sums to friends and family so much easier – for example, splitting a bill at a restaurant or sharing the costs of a holiday are far easier when using someone’s phone number than having to source their full bank details.
What are my options for transferring money between bank accounts internationally?
Using your bank
One option is to use your bank to send a wire transfer between two bank accounts internationally. A wire transfer is the electronic transfer of money from one bank account to another, and covers a wide range of transfers completed online. Wire transfers can be initiated via your bank or with a money transfer provider, and tend to be a good way of getting your money to your recipient quickly.
An international money transfer service is another popular way to move your money from one bank to another internationally. Transfer providers are known for having generally lower transfer fees, fairer exchange rates, and faster transfer times than if you were to use your bank to send money abroad.
Additionally, you have more options when sending money with a specialist provider. For example, you can choose to pay for your transfer by:
Bank transfer
Debit card
Credit card
Cash (make sure to check your provider does offer this option if this what you want)
To send a transfer, the process is much the same as if you were sending a wire transfer. You’ll need to have your recipient’s name and bank details to hand, and may need to provide your ID to verify your identity if you have not used the transfer provider previously.
What is the fastest way to send money between bank accounts?
If you are transferring money domestically, using a peer-to-peer service such as PayPal or Venmo is often the fastest way to send money between bank accounts. When sending money internationally, a money transfer provider is often faster than your bank, but which provider is best for you will really depend on the circumstances of your transfer, so we’d recommend comparing your options first.
What fees are associated with transferring money between bank accounts?
If you’re sending money abroad, the two main fees you will need to be aware of are transfer fees, and exchange rate margins. Both of these costs can significantly affect the total your recipient is left with once the transfer is complete, so making sure you’re getting the best deal is important.
How long do transfers take?
Transfers between bank accounts can be processed instantly, especially when sending money domestically. However, you should be aware that in some cases, your transfer may take 24 hours to be processed. International bank transfers may take around 3 – 5 working days.
Can I transfer money between my own accounts?
Yes, you can transfer money between your own accounts. This should usually be free of charge if your accounts are with the same branch.
Is there a maximum limit on the amount I can transfer?
Banks and transfer providers may have their own sending limits that you need to make yourself aware of. If you are looking to transfer a large sum of money between bank accounts, using a specialist broker may be a good alternative for you.
Can I reverse a bank transfer request?
You will usually have a very limited amount of time to reverse a bank transfer once it has been initiated. Once the transfer has been completed, it is usually not possible to reverse a transfer.
What’s the best way to send money overseas?
We always recommend comparing your options to find the best service for you – comparing the easiest way to transfer money between bank accounts as well as cost, speed, security, and more. Use our comparison tool at the top of this page to help you find the best international transfer service for you.
How to transfer large sums of money internationally? To transfer a large sum of money internationally, you’ll need to find a currency broker or bank that can handle this request for you. Your two main options are: Using a high-street bank which can facilitate large transfers between two bank accounts. Using a specialist money transfer […]
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Yasmin Purnell is a Content Writer and Editor for MoneyTransfers.com. Having over 5 years’ experience writing across a range of industries including finance, insurance, and travel, Yasmin joined the team with a mission to make international money transfers and everything they encompass accessible to all.