Bank Transfer

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A bank transfer is when money is sent from one bank account to another, and is a safer way to transact than handling cash. While these payments typically happen quickly, bear in mind that the process may take several days depending on which bank you use and which one the intended recipient does. You can pay for almost anything this way, including goods and services, rentals and levies, insurance premiums, traffic fines, and can even make deposits at an online casino.

How to Use a Bank Transfer

Some of the most common bank transfer methods are online, telephone, and in-branch, and of these three, the online approach is most widely used.

You’ll need to login to your online account and select the Payment option, and provide the details for the account you’re transferring money to. Enter the account number of the beneficiary, a payment reference so they know who you are, and usually the name and address of the beneficiary’s bank. Indicate how much you want to pay, review the details and then Confirm them, and then press Pay.

Some banks have smartphone apps that allow for easy transfer too.