A bank transfer is when money is sent from one bank account to another. Transferring money from your bank account is usually fast, free and safer than withdrawing and paying in cash, says moneyadviceservice.org.uk.
When transferring money, you should take some precautions, the report says.
Double-check the details: Check every figure, even if your bank preloads them. It can be difficult to get your money back if you send it to the wrong account.
Get the person on the end of the line to repeat figures and names to you: If you are doing a transfer through your telephone banking service, ask the person taking your call to repeat every number and letter to you.
Beware of going overdrawn: Unless you have specified a future payment date, the money will leave your account straight away; so, make sure you have enough (available) funds to avoid expensive fees.
Payments made using fast payments will sometimes be received immediately after leaving your account, but can sometimes take up to two hours.
The fast payment option is available 24 hours a day and typically used in online banking, mobile apps, over the phone or in a bank’s branch.
How to make a bank transfer
There are a number of ways you can make a bank transfer.
Telephone and online banking offer a fast and easy way to transfer money into another account.
Some common bank transfer methods are:
Online bank transfer: Log on to your online account and select the option for making a payment. Follow the instructions on the screen to enter the correct details. Some banks also offer smartphone apps that allow you to transfer money.
Telephone transfers: Call your bank’s telephone banking service. The bank’s customer services representative will guide you through the process – in some cases, you may be guided through by an automated recording.
In-branch bank transfers. If you have the money in cash, you can pay it into the account of the person you owe it to in-branch.
Details you need to transfer money
Whichever way you choose to transfer money, you will usually need the following details of the person or organisation you are paying.
Name of the person or business you are paying.
You may need the sort code of the account you are paying.
Account number of the account you are paying.
A payment reference (often your name or customer number) to let them know the money came from you.
You also need the date you want the payment to be made.
Sometimes, you will need the name and address of the bank you are sending the money to. This helps them to check that the sort code is right.
If you need to make a payment frequently, for example, a monthly bill, you may be better off setting up a direct debit or standing order.
If you have a problem with a payment, for example, if the money doesn’t arrive, your first step is to contact your bank.
Making payments online
If you collect payments mainly through cash or cheques, while this may be working for you at the moment, adding online payments provides a number of advantages to you and your supporters, according to wildapricot.com.
Meet expectations: People are increasingly comfortable paying online. When members or supporters are ready to sign up, register for an event, or make a donation, they want to do it quickly and easily. In fact, websites that don’t support online payment can be seen as being out of step.
Speed up the process: Online payments are faster than manual payments, since you don’t have to wait for the cheque to arrive or for it to clear. The whole process – from submitting an online payment to updating your bank account – can take a matter of seconds. The end result is improved cash flow for your organisation, and almost immediate confirmation of transactions. Prospective members won’t have to wait to join your organisation, and participants will know right away whether they have successfully registered for an event.
In addition, the online payment service lets you know right away if the person making the onl
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