A bank transfer is the process of sending money from one bank account to another. You could be sending money between your own accounts, to someone else’s bank account in the same country, or making an international bank transfer. Bank transfers are considered a safer and more convenient way of moving money between banks than withdrawing cash, for example, but there are a number of different ways you can do this.
These days, there are a number of different ways to transfer money between banks. The best way to do so really depends on the circumstances of your transfer. For example, are you moving money between your own accounts, or sending money to someone else? Are you sending money within your own country, or internationally? Do you need the transfer processed urgently, or is your recipient able to wait a couple of days? All of these factors will affect the best way for you to transfer your money between banks.
If you are transferring money internationally, using a money transfer provider will often be the most cost-effective and quickest way to achieve this. The majority of transfer providers enable bank transfers as a means of sending money abroad, but will also allow you to pay by card if that’s a more appealing option to you. Some of our top recommended transfer operators for transferring money between banks internationally include:
WorldRemit is a popular transfer company supporting international transfers to over 150 countries worldwide. You can transfer money between banks either with a bank transfer or by paying by credit/debit card.
With low fees, transparent exchange rates, and fast transfer times, WorldRemit is one of our top recommended providers for anyone looking to send or receive money abroad.
Azimo supports international transfers to over 200 countries in 60 currencies and is known for sending money abroad for low fees and fast transfer times.
Azimo currently offers new customers your first two transfers fee-free. You can pay by debit or credit card or by bank transfer, with the ability to get your money to your recipient within minutes.
PaySend has over 2 million customers using its services to send money internationally every day, with over 90 countries supported worldwide. PaySend offers a number of options to transfer your money between banks, including bank transfers and card payments, with transfers possible in minutes in many cases.
An appealing feature of PaySend is its transparent approach to fees, with a clear breakdown of the fees, exchange rate, and total your recipient will receive provided before you lock-in your transfer.
If you are sending money to a friend, family member, or business/organisation in the same country (and currency) as you, you may choose to use your bank to transfer money between banks. Read our guide to making a domestic wire transfer for more on this. Your options for this include:
While most money transfer companies operate specifically for international transfers, there are still non-bank institutions that you can use to transfer money between banks domestically.
One example is PayPal, which is popularly used to pay for online goods and services but can also be used to transfer money to friends, family, or businesses without needing your recipient’s bank details.
If you decide to go for a non-bank transfer service, make sure your transfer is safe and secure just like a bank transfer.
Transferring money between banks is relatively easy, however, make sure you enter all the information correctly, as reversing your transfer might not be easy. The information you’ll need to have to hand includes:
International bank transfers can take between 1 – 7 working days. If you are transferring money with your bank, the transfer may take longer than if you were using a transfer provider. While international transfers using your bank will typically take at least 3 – 5 working days, some transfer providers can process your transfer instantly or within 1 – 2 working days.
Domestic bank transfers in the UK are powered by the Faster Payments system, which means most of the time, your transfer will be instantaneous. Failing that, domestic transfers should take no longer than 1 working day to appear in your recipient’s account.
It depends on whether you’re moving money within your own country or sending money abroad. For international wire transfers, a money transfer company is almost always going to have:
Creating an account with a transfer provider is an easy process that you can complete online for free. If time is a key factor, we’d recommend setting up your account ahead of time to ensure you pass any verification checks that are required. Have a look at our guide on how to transfer money for free to see if any of the providers listed there suit your needs. If you absolutely need to stick to your bank account, check our guide on making a cheap wire transfer.
Overall, the best way to transfer money between banks does depend on where you are sending your money. Here are a few key points you can take from this article:
Yasmin is the content writer for MoneyTransfers.com. With an English degree from the University of Nottingham and over 5 years’ experience freelancing in the personal finance niche, Yasmin joined the team with a mission to make international money transfers accessible and easy to understand for all. When she’s not writing, you’ll find Yasmin on her yoga mat or planning her next escape to the mountains.