To transfer money to another bank account, you typically follow these steps:
- Log in to your bank account online or via your mobile banking app.
- Select the option to transfer money or make a payment. This might be labeled as "Funds Transfer," "Send Money," or "Payments & Transfers."
- Choose to make an external transfer if transferring to a different bank (not an internal transfer between your own accounts at the same bank).
- Enter the recipient’s bank details , including:
- Account holder’s name
- Account number
- Sort code or routing number
- For international transfers, you may also need IBAN or SWIFT/BIC codes.
- Enter the amount you want to send and the date you want the transfer to occur.
- Review and confirm the details carefully to avoid errors.
- Complete any required security verification , such as entering a one-time code sent to your phone.
- Submit the transfer. The money will then be processed and sent to the recipient’s account.
Most bank transfers within the same country are usually instant or take 1-3 business days depending on the banks and transfer method used. For international transfers, it can take longer and may involve additional fees
. If you are transferring between your own accounts at different banks, you may need to first link the accounts by providing the external account’s details and verifying ownership, which can take a few days
. There are different methods to transfer money between banks:
- Bank-to-bank transfers (ACH transfers) : Usually free, take 1-3 business days.
- Wire transfers : Faster (1-2 business days domestically), but may incur fees.
- Paper checks : Slower (2-5 business days), less common now
You can also set up recurring transfers if you want to move money regularly
. In summary, the easiest way is through your bank’s online or mobile banking platform by entering the recipient’s bank details and confirming the transfer
