How to transfer money to someone elses bank account UK

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.There are several ways to transfer money b

How to transfer money to someone elses bank account UK

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

There are several ways to transfer money between bank accounts, whether online, through a mobile app or by visiting a bank branch. The best method depends on when you need the money to arrive and why youre sending it.

Below, youll learn about different transfer methods so you can choose the one that best fits your needs.

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What Is a Bank Transfer?

A bank transfer moves money from one bank account to another without a cash withdrawal. You might make a bank transfer for several different reasons, such as moving money from a savings to a checking account, sending money to kids at college or paying closing costs on a home.

How Does a Bank Transfer Work?

Bank transfers have three moving parts: the sender, the recipient and the transfer method (the means you use to move the money). Heres the typical process to transfer money from one bank account to another:

  1. Choose the transfer method to transfer the money.
  2. Designate the recipient and confirm the required information.
  3. Select the amount of money to send.
  4. Send the money.

The information youll need for your recipient varies by transfer method.

How to Transfer Money From One Bank Account to Another

Several transfer methods are available, each with pros and cons. Here are five ways to transfer money.

Internal Electronic Funds Transfers (EFTs)

Most bank transfers you make daily, such as signing up for direct deposit for your paycheck or using online bill pay, are electronic funds transfers (EFTs), where money is sent back and forth using electronic payment networks. One of the most common types of transfers occurs on an electronic funds transfer network called the Automated Clearing House (ACH).

Most ACH bank transfers and other EFT payments are processed without any extra fees for customers, but check with your bank to make sure.

If you have multiple accounts at the same banklike a checking account and savings accountits often easy to set up a transfer between them. This is known as an internal transfer of funds. Go to your banks online banking platform or mobile app and look for options for setting up a funds transfer. But be aware of the pros and cons of linking your bank accounts.

Youll usually have the option of setting up a one-time or recurring transfer between connected accounts. Most banks will let you choose to transfer funds immediately (during the current business day) or schedule a transfer.

If your accounts are already connected, the bank may approve the transfer immediately (if its a business day). It may take longer to process the transfer when connecting a new account.

External Electronic Funds Transfers

Suppose you have an online savings account at a separate bank than your checking account. You can connect your online savings account with your checking account and set up an external transfer.

To transfer money to an external account, youll typically need the external banks routing number and the account number. Once the accounts are linked, you can make transfers between the accounts.

Peer-to-Peer Transfers

If you prefer to go the digital route, you can use mobile apps to send and receive money. These are called peer-to-peer (P2P) transfers. Some of the most popular apps are Venmo, PayPal, CashApp and Zelle, but plenty of apps are available. Apps are a fast way to send money to friends or family or pay small businesses, often with few fees. If there are fees, theyre generally paid by the recipient.

Its important to understand the fees, timing and limitations of each P2P app before using it to transfer money. For example, Zelle has a transaction limit of $500 per week and Venmo lets you send $4,999 per week or less. Some payment apps do not allow international transactions, so if you need to send money to someone in another country, you may need to choose a different payment method or be prepared to pay a larger fee.

Wire Transfers

Wire transfers can help you send money quickly and securely. This type of transfer is useful if you need to transfer more significant sums of money. Wire transfer fees vary by bank. It may cost $5 or more for domestic wire transfers or $25 or more for international.

Wire transfers are generally considered a highly secure and fast way of sending money. If you send a wire transfer to another bank within the U.S., the funds might be available within one business day or even within a few hours. Sending an international wire transfer may take more time to process.

When making a wire transfer, make sure you are wiring money to the correct recipient and not a scam artist. Wire transfers cant be reversed once they are processed.

Paper Checks

Another way to transfer money from one bank account to another is by writing a check. When you write a check, you authorize your bank to transfer funds to the payable to person or business written on the check. You can write a check to yourself if you need to move money from one checking account to another or to make a deposit into a new account.

Now that mobile check deposit has become common within mobile banking apps, you can often write and deposit a check from the comfort of your home. Keep in mind that checks are not an instant form of money transfer. It may take a few business days for the check to be deposited and to clear, during which time it will be listed as a pending transaction in the deposit account.

How Long Does a Bank Transfer Take?

Often, the best way to send money depends on when the recipient needs the money. Here are the common transfer times for the transfer methods mentioned above:

  • Internal EFTs. Often instant, especially if the accounts are already linked.
  • External EFTs. Up to the second business day.
  • Peer-to-peer transfers. Often, P2P transfers between the same app are instant. For example, Venmo payments to other Venmo users arrive instantly. Transferring money from an app to your bank account can take longer.
  • Wire transfers. Up to the second business day, though domestic transfers may be received the same day if sent before the banks designated cutoff time. International transfers may take longer.

Bottom Line

From paper checks to mobile apps, you have plenty of choices when transferring money between bank accounts. Before you choose the method thats right for you, review transfer times, fees and transfer limitsyoull be more likely to get your money where it needs to go on time.

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