How to transfer money from one bank to another can sound complicated, but it doesn’t have to be! Whether you’re sending money within the UK or across borders, there are simple ways to make sure your money gets where it needs to go safely, quickly, and without any extra fees. Let’s break down the easiest ways to transfer money, avoid fees, and keep your funds secure.
Simple Ways to Transfer Money Between Banks
There are a few common ways to transfer money between bank accounts. Some are free and fast, while others may work better for international transfers. Here’s a quick look:
- Direct Bank Transfers – This is when you send money from one bank account to another, usually through your bank’s app or website.
- Using Third-Party Apps – Apps like PayPal, Wise, or Revolut let you send money easily, especially for transfers outside the UK.
- International Transfers – Special services like SWIFT or SEPA are used for cross-border payments.
Each method has its own perks, and picking the right one depends on your needs.
How to Transfer Money from One Bank to Another: Make a Direct Bank Transfer
Direct bank transfers are super convenient, and most UK banks offer options to do this online or through their mobile apps. Here’s how:
- Log In – Use your bank’s website or app to log in.
- Select ‘Transfer Money’ or ‘Make a Payment.’ You’ll usually find this in the main menu.
- Enter the Details – You’ll need the recipient’s name, sort code, and account number.
- Confirm the Transfer – Double-check everything and confirm.
If you’re transferring money to another bank within the UK, the Faster Payments system often makes the transfer almost instant!
How to Transfer Money from One Bank to Another through Mobile Banking
Using a mobile app to transfer money is just like online banking. Here’s how to do it:
- Open the App – Make sure you’re using your bank’s official app.
- Verify Your Identity – Some apps use a PIN, fingerprint, or face scan.
- Make the Transfer – Enter the recipient’s details, confirm, and send!
Transfers between accounts from the same bank are usually instant. For different banks, Faster Payments helps get the money there fast!
In-Branch Transfers
Prefer to go in person? You can always visit a bank branch to make a transfer. Just remember to bring your ID and the recipient’s bank information. Some banks may charge for in-branch transfers, so it’s a good idea to ask first.
Using Third-Party Apps
Third-party apps are great for transferring money easily. They’re especially handy if you’re sending money internationally. Here are some popular ones in the UK:
PayPal
With PayPal, you can send money to almost anyone with just an email address. Here’s how it works:
- Log In to PayPal – Either on the app or website.
- Select ‘Send Money’ – Enter the recipient’s email address.
- Add the Amount and Currency – Check any fees and confirm.
PayPal is safe for sending money both domestically and internationally, though international fees can be higher.
Wise (formerly TransferWise)
Wise is popular for sending money internationally. It uses a fair exchange rate and keeps fees low. Here’s how to use Wise:
- Sign Up with Wise – You’ll need an email and phone number.
- Enter the Transfer Details – Include the amount and currency.
- Confirm and Pay – Wise uses a mid-market rate and small fee.
If you’re sending money abroad, Wise is often cheaper than a traditional bank transfer.
Revolut and Monzo
These digital banks make it easy to send money, with features for both domestic and international transfers.
- Revolut: Great for fast international transfers at low fees.
- Monzo is A UK-based bank that uses Wise for international transfers.
Both offer secure and user-friendly apps, which makes them a good choice if you prefer digital banking.
How to Transfer Money Internationally
If you’re sending money outside the UK, you’ll need an international transfer. Here are some options:
SWIFT Transfers
SWIFT lets you send money globally. It’s reliable, but it can take a few days and may have fees.
- How It Works – SWIFT connects banks worldwide, but the cost can be higher.
- Time and Fees – Transfers can take 1-5 days and have variable fees.
SEPA Transfers (for Europe)
SEPA, or the Single Euro Payments Area, allows you to send money in euros across Europe quickly and with low fees.
- How It Works – SEPA covers euro transfers in EU countries.
- Speed and Cost – Transfers are typically fast, and fees are minimal.
Foreign Currency Accounts
Some UK banks offer foreign currency accounts. These accounts let you hold and transfer money in different currencies without conversion fees. They’re useful if you send money abroad often.
Tips for Avoiding Bank Transfer Fees
Nobody likes fees! Here’s how to keep costs down when transferring money:
- Use Low-Fee Options – Many UK banks offer free transfers through Faster Payments for domestic transfers.
- Look for Free Periods – Some banks waive fees if you transfer money regularly.
- Choose the Right Service – For international transfers, Wise or Revolut usually have lower fees than traditional banks.
Keeping Your Transfers Safe
Security is important, especially when sending money. Here are a few tips to keep your transfers secure:
Two-Factor Authentication
Many bank apps offer two-factor authentication (2FA). This means you’ll verify your identity twice, like with a PIN and a fingerprint. It adds an extra layer of security.
Double-Check Transfer Details
Before you send money, double-check the account numbers and other details. Most banks won’t refund transfers sent to the wrong account, so accuracy is key!
Watch Out for Scams
Be careful with emails or messages pretending to be from your bank. Don’t click on suspicious links. When in doubt, contact your bank directly to make sure it’s safe.
How Long Do Transfers Take?
The time it takes for a transfer depends on the type of transfer:
- Domestic Transfers – Usually, transfers in the UK using Faster Payments are instant or complete within a few hours.
- International Transfers – These can take anywhere from 1 to 5 days, depending on the destination and transfer method.
If your transfer is delayed, you can always check with your bank for updates.
What to Know About Transfer Limits
Banks in the UK have limits on how much you can transfer daily. Many banks let you increase your limit temporarily if you need to transfer a large amount. Just check with your bank if you need to raise your limit.
Sending Large Amounts (Over £10,000)
If you’re transferring a large amount, there are a few extra things to consider:
- Check Reporting Rules – In the UK, some transfers may need to be reported for tax or regulatory reasons.
- Use Secure Options – For big transactions, it’s smart to use a wire transfer or another secure service.
FAQs
1. What’s the cheapest way to transfer money in the UK?
Most banks let you transfer money within the UK for free with Faster Payments. Wise and Revolut are affordable for international transfers.
2. How fast are UK bank transfers?
Domestic transfers with Faster Payments are almost instant. International transfers can take a few days.
3. How can I avoid transfer fees?
Use free options like Faster Payments for domestic transfers. For international ones, check out Wise or Revolut.
4. Is it safe to use third-party apps for bank transfers?
Yes, apps like PayPal, Wise, and Revolut are safe. Just be sure to use 2FA and avoid public Wi-Fi.
5. Do banks have transfer limits?
Yes, most banks set daily limits, but you can request an increase if needed.
6. Can I send money internationally from any UK bank?
Yes, but international transfer fees and times vary. Always check with your bank.
Related posts
10 apps that pay you money for walking
15 apps that pay you money to read
How to Christmas shop on a budget in 2024
How to get Christmas presents with no money
The average cost of Christmas for a family of 4
Freebies for your birthday – Food, drinks, beauty and clothes
Free Christmas movies to watch on Amazon Prime
Topcashback – refer a friend and earn £35.
