A bank transfer is a way of transferring money from one bank account to another. You can typically transfer money online, in a branch, or through mobile banking.
You can make a bank transfer to someone at the same bank as you, or at a different bank. They can also be used to send money internationally. It’s a safe and secure way to move money without having to handle cash.
How do bank transfers work?
Making a bank transfer is a normal part ofmanaging your moneyand is very simple to do. You instruct your bank to make the transfer. The money then leaves your account and is sent by your bank. It will arrive directly in the account of the person receiving it.
There are 3 main types of bank transfer:
What details are needed for a bank transfer?
To transfer money to someone, you’ll need their bank transfer details, so your bank can send the money to the right place.
For BACS, CHAPS and Faster Payments within the UK, you’ll need the account number and sort code of the person you’re sending the money to. You’ll also need the person’s name as it appears on their account.
For international payments, you’ll need the IBAN or account number of the person you’re sending the money to. You’ll also need their address, as well as the bank code of the receiving bank, which will be a BIC or SWIFT code.
How long do bank transfers take?
This depends on the type of bank account transfer you make, and where the money is going. Internal checks can also affect the time it takes for a bank transfer to be completed.
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BACS payments can take up to 3 working days if started before 10.30am
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CHAPS payments can be used for same day payments
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Faster Payments usually arrive within 2 hours
How much can I transfer online?
You can only transfer money if you have the balance available in yourcurrent accounts. For UK payments, the daily limit for online and mobile bank transfers is £25,000 per account.
If you need to transfer a larger amount, for example making a deposit on a house, you’ll need to make a CHAPS payment. This can be done in branch and has no upper payment limit.
How much money can I transfer between banks?
If you’re transferring money online to another one of your HSBC accounts, there is no limit to how much you can move.
If you’re paying bills or making payments to friends and family – there is a daily limit for online bank transfers of £25,000. This applies to transfers within the same bank, as well as to a different bank.
What is the difference between bank transfers and wire transfers?
Wire transfers and bank transfers are both ways of sending money from one bank account to another. While the end result is the same, the way it works is slightly different for each.
Bank transfers use a system called an Automated Clearing House for the transaction. Wire transfers use the SWIFT system.
A wire transfer can be usedto transfer money internationally. Bank transfers are often used for everyday transactions.
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