Looking for a guide on how to transfer money from bank to bank? You’re in the right place – in this post we’ll walk you through everything you need to know to carry out an interbank transfer, both online and offline, as well as explaining how to transfer cash between banks in different countries.
The Advantages of Bank to Bank Transfers
Bank to bank transfers have the beauty of being a safe and usually fairly quick way of moving money around. It means you don’t have to mess around with physical cash and you have an electronic record of your transaction. Also, depending on the bank account plan you have, it’s often free or very low cost to transfer money between banks.
The Process: How to Transfer Money from One Bank to Another
Step 1 – You’ll need the bank account details of the person or company you want to transfer money to. If it’s a domestic transfer, this will usually just be their bank account number, the name of the account holder, and the name of their bank. If you’re transferring overseas you will typically also need the SWIFT code.
Step 2 –
The next step is to carry out the transfer itself. If you’re doing this offline, you’ll need to physically go down to the bank with the transfer details and talk to the teller. If it’s an online transfer, you’ll simply need to login to your Internet banking account and look for the ‘Transfers’ options. This will differ from bank to bank but usually there will be a tab, button or link that says something like ‘Make a payment’ or ‘Make a transfer.’ If you get stuck give your bank a call and ask them for instructions.
Step 3 –
Enter the details of the bank account you want to transfer to, along with the amount you’re transferring and the account you want to transfer from.
Step 4 –
Once the transaction is complete, the money will be processed by the bank. The funds will leave your account right away, but they may not show up in the recipient’s account immediately so don’t panic. If the recipient uses the same bank as you the transfer may be instant, but if they use a different bank it may not go through until the next business day.
How to Do a Bank Transfer to an Overseas Bank
Things get a little trickier if you want to send money to an overseas bank account, especially if you’re converting currency in the process. As mentioned above, you’ll need the SWIFT code (sometimes called a BIC code) – this is a code which identifies the bank and branch the money will be transferred to anywhere in the world.
You can process an international wire transfer directly through your everyday bank, but it’s not recommended due to the high fees typically charged. Most banks also offer very poor exchange rates on their international transfers. You’re better off using an online service like OrbitRemit which specializes in online transfers in order to get the best deal on a low-fee, high exchange rate international bank to bank transfer.
Visit OrbitRemit to find out more.