How to Transfer Money from One Bank to Another [Complete Guide]

Whatever the reason you need to transfer money from one bank account to another, a bank transfer is often the best solution. It’s safe, fast, simple, and often instant. You can make a bank transfer online or in person, and it typically takes anywhere from a few seconds to a couple of hours. While this method is often the ideal solution to complete a transaction, in some cases it’s worth considering alternative options.

So, can you transfer money from one bank to another, and how exactly do you do it? By the end of this article, you’ll know everything you need to know about bank transfers.

What Details Are Needed for a Bank Transfer?

To successfully complete a bank transfer, you will need to provide specific details. The information you need to enter includes the account holder’s name, sort code, account number, payment amount, and payment date (immediate or scheduled), and some other details.

It’s also important to note that if you're not transferring money between your cards but paying someone else, you may also need a payment reference, such as an invoice number.

When it comes to any financial transactions, it’s crucial to be attentive to all entered data and double-check everything in detail. Remember that any payment mistake could result in losing your money. Although banks may alert you if they detect discrepancies in the information received, you shouldn’t rely on this entirely. Staying attentive is always the safest approach.

How to Transfer Money to Another Bank Account

A bank transfer is a financial transaction that allows you to send money between accounts quickly and securely. For irregular transactions, these are often called one-off payments.

In most cases, this process is simple and doesn’t require assistance from a bank representative. So, how to transfer money from one bank to another? Below are the most common ways to transfer money between banks.

Mobile or Online Banking

Perhaps the most popular and convenient way to transfer money between banks is to use online tools. To access these features, visit your bank’s official website or download its mobile app for Android or iOS. Then, simply follow the on-screen instructions to transfer funds from one account to another.

Telephone Banking

Another option for making a remote money transfer is to call your bank’s contact center. You’ll need to verify your identity, after which an operator will guide you through the process of sending funds between accounts.

Visiting a Bank Branch

If, for any reason, you prefer to conduct financial transactions in person, you can visit your bank branch. Although this option may take more time, you’ll receive qualified support and assistance from a bank manager if any questions or issues arise.

How Long Does a Bank Transfer Take?

So, how long does it take to transfer money from one bank to another online? In the UK, bank transfers are typically fast and free, with most transactions completing instantly or within a couple of hours. However, depending on your bank or the payment method used, some transfers may take up to 24 hours.

Your main task is to ensure you have sufficient funds in your account to complete the transfer. If the transaction fails or is blocked, your bank may charge a fee.

Other Payment Methods to Consider

Despite the obvious advantages, bank transfers aren’t always the best payment option. Depending on your situation, other methods might be safer or more convenient. For example, if you’re transferring money outside the UK, to someone you don’t know personally, or for something other than a one-off bill, it might be worth considering other ways to transfer money from one bank to another.

So, how to transfer money from bank to bank? Let’s look at the best alternatives and when to use them.

• Direct Debit: Perfect for automatic bill payments. This option allows transactions to be processed automatically as they become due. Clear benefits include guaranteed on-time payments, no late fees, and no need to manually manage recurring bills.
• Credit Card: Ideal for purchases or deposits. If you choose this payment method, you’re guaranteed to receive protection for amounts between £100 and £30,000. This option also offers chargeback protection in the event of any issues. Credit cards generally don’t involve high interest rates, but only if you repay your balance in full and on time.
• Debit Card: The best alternative for those who can’t or prefer not to use a credit card to make payments. A debit card offers chargeback protection for all financial transactions, making it a secure and straightforward payment option.
• Clearing House Automated Payment System (CHAPS): An excellent tool for urgent or high-value payments. However, this service is usually not free — be prepared to pay a bank fee.
• International Payment: Ideal for sending money abroad. This method typically offers more competitive rates and lower fees for cross-border transfers compared to standard bank transfers.