Many people move money from one account to another via a bank transfer, but if you have not done this before it can be a confusing process. To make things simpler for you, we have explained the process below so that you can start easily manage your money and spending as and when you need to.
What Is A Bank Transfer?
A bank transfer is when you set up a payment that goes from your account to another account or when a payment is transferred into your account from another. Bank transfers are a safe way of sending and receiving money as you do not need to get cash out to do it.
How Do I Make A Bank Transfer?
You can choose to make your bank transfer through three main routes:
- Online Bank Transfers
- Mobile Banking App Transfers
- Telephone transfers
- Branch transfers (if your bank, building society or alternative banking has a high street branch)
Generally, the easiest way to make a transfer is via your online banking or mobile banking app as all you need to do is complete the requested details and the money is then sent. It is also more common for banks to provide online services these days rather than an in-branch service.
To Send a Money Transfer, you Need the Following Information:
- The date you want to send the money
- The sort-code and account number of the recipient
- The recipient’s name
- A reference (this is not essential but is advised so they can identify who sent them money)
How Long Does the Transfer Process Take?
When you first make a transfer to a new person, it can take up to two hours to be processed. However, since Faster Payments have come into force, most transfers are processed immediately, making it a great way to get money to where it is needed the most.
What Are Some Of The Common Issues With Bank Transfers?
As with any payment process, there are some issues that you might encounter. The good news is that they can often be avoided by double-checking everything before you press the transfer button. Look out for the following common problems when arranging your transfer:
- Incorrect details being entered – this is when you mistype the information you have inputted so that the account cannot be located. To avoid this, double-check the numbers you have inputted and ensure you have put them in the correct boxes.
- Sending yourself into overdraft – another common issue is when you send money only to find out that you did not have the required funds and then enter into an overdraft. Before you send money, you should check which commitments you already have in place and what the balance of your account will be after you have sent the money.
Bank transfers are one way to make payments from one bank to another and will often provide you with an easy way to send and receive money when you need it the most.
All Suits Me® account holders have access to create transfers and can be done from their online account, mobile app or via telephone to our customer care.