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How to transfer money to another bank easily and safely

Moving money around from bank to bank could save you fees on overdrafts, unarranged borrowing or it could be necessary to pay a direct debit or standing order. You’ll need to know how to transfer money to another bank account if you’re running more than one or if you and your partner share joint responsibility for the household bills, so we’ve got a quick guide that’ll make this easy.
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Online

Transferring cash online is now one of the safest ways of moving your money around as long as you’re accurate. You have to be very accurate when you input the recipient’s bank account number and sort code or you could be sending the cash to another person’s account unwittingly. If you do transfer cash into someone else bank account, there’s no easy way of getting it back. New banking codes put in place in 2014 are making things easier for those who mistype a bank account number or send the cash to the right account number but the wrong sort code, but you’re still in for a long wait for your funds so think before you click.

In branch

If you’re jittery about transferring money online, you could do so in branch. Your bank’s customer service desk will be able to make the transfer happen as long as you’ve got all the recipient’s bank details.

Over the phone

As with an in branch transfer, you can call your bank and get them to make the transfer on your behalf. The onus is on them to do the work, but you’ll need to have all the accurate information.

Accurate information

There used to be a time when your cheque book would show your bank account details and your debit card’s 16 digit code was made up in part with your bank account number, but for security reasons banks no longer make your details so easy to get to. If you’re transferring between your own accounts, you should open up both bank’s online service and cross reference the account details as you make the transfer.

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