How to do a bank transfer?

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Got to wire someone money urgently and don't know how? Well, you will by the time you read through this article. Owning a bank account offers ease of transferring money to others and makes the process much easier.

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Syed M.
Jul 28, 23 · 8 min read
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In today's world, you can send money, even significant sums, to a payee's bank account all over the world. And with online mobile banking capabilities shrunk down to fit the palm of your hand, you shouldn't have much trouble doing things!

Old school methods — Do they work just as well?

Some of the most common old-school methods (still in use) for bank transfers include cashier's checks, bank drafts, money orders, and even the issuance of a personal check. All of these are documents signed by the issuing authority.

The payment amount mentioned in the document will go to the account of the beneficiary. This can take a couple of days since it all has to be processed and verified before the payment is transferred.

If you have to transfer a sum quickly, you can use online banking apps for instant transfers.

Using banking apps & websites for transfers

If you have the necessary details of the payee's account holder (such as their account number, name, and so on), you can send a payment in a pinch.

The underlying mechanism is the same, but you must give your approval digitally. When you log into your bank's app, you can authorize transactions without requiring you to sign anything.

Of course, when you pay someone's account or get paid, you'll get a notification via email and SMS (depending on your preferences). Sending payments has never been simpler — here's how you do it:

  • Just log into the app/website
  • Add the beneficiary's details
  • Decide the amount you plan on sending
  • Verify the details (when prompted)
  • If all is okay, initiate the payment

What information do you need to transfer money to someone's account

So, what should you ask for when transferring a sum to your payee? This depends on whether the payment is local or international. You need a 6-digit sort code when sending the payment domestically within the UK.

But if you're using your app to transfer a sum overseas, you'll need:

  • The other person's full name
  • Their bank name
  • The SWIFT code of their bank (available in online directories)
  • Their international bank account number

Is the payee unsure about how to get this information? Just ask them to look at their account statement or chequebook.

You can also use your debit card to make payments to a vendor's account. If you're shopping and don't want to use cash, this option is both simpler and convenient. Of course, for overseas bank transfers, a direct approach is better.

Your banking app can help you navigate through the process in a pinch!

How to stay safe when using online banking apps

Now the thing about banking apps is that they are not foolproof. If you're not careful, you might accidentally let an unauthorized person manage your account actions. You need to be cautious when using your banking app for wire transfers.

Start by keeping all sensitive details to yourself (your username, password, and authentication details). Also, try making a complicated password with block letters, numbers, and symbols. Try to change your password regularly.

You should also avoid logging into your bank account on a public device. Instead, only use a device that is accessible to no one but you for accessing your account. You can also go the extra mile with two-step verification and fingerprint scanner features

For the best measure, keep your bank's app on only one device accessible to you. You can use your phone or computer for this. Once you've finalized your transactions, log out from the app.

Also, make sure you don't accidentally download any spyware into your system.

Never share your credit card security code, OTP, and other sensitive reference details with anyone (your bank will NEVER ask for these). This way, you can make sure that no one else tries to manage your transactions.

Keeping these safety precautions in mind will help you transfer money instantly and without fear of any unauthorized transactions.

We hope this article helped you understand money transfers via banks!

How to initiate bank transfers without hassle

Gather the information you need. First, ask for the payee's bank details, including their routing number (for local transfers) or swift code (for international transfers). Then you can initiate a transfer. Make sure you get all the details right before you send the money.
HowTo step image

1. Use online banking features to transfer funds

You don't have to contend with old-school options necessarily, although that too is a way to go. Instead, you can use online banking features for instant transactions. And the best part is that these services are usually free!

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