How to transfer money from your bank account

Money Advice Service

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. Read on for more information, including how to make a bank transfer and what details you’ll need.

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, usually free and easy way for you to transfer money into another account.

Some of the most common bank transfer methods are:

  • Online bank transfers. Log in to your online account and select the option for making a payment. Follow the instructions on screen to enter the correct details. Find out how to set up an online account in our Beginner’s guide to online banking. 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 might 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.

What details do 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.

  • The date you want the payment to be made.
  • Name of the person or business you’re paying.
  • Six-digit sort code of the account you’re paying.
  • Eight-digit account number of the account you’re paying.
  • A payment reference (often your name or customer number) to let them know the money came from you.
  • Sometimes you’ll 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.

How long does it take for the money to be transferred?

Payments made using Faster Payments will sometimes be received immediately after leaving your account, but can sometimes take up to 2 hours.

This option is free, available 24 hours a day and typically used in online banking, mobile apps, over the phone or in branch.

Most banks let you transfer at least £10,000, but some have much higher limits.

You can check your bank’s limit on the Faster Payments website.

You could also use:

  • Bacs payments. These take up to three working days to clear. Find out more on the Pay your way website.
  • CHAPS (Clearing House Automated Payment System). Payments will go through on the same day, as long the transfer is made by a certain time. Find out more on the Pay your way website.

CHAPS payments often charge a fee.

Avoiding issues with bank transfers

  • 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 (more on this below).
  • Get the person on the end of the line to repeat figures and names to you. If you’re 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’ve specified a future payment date, the money will leave your account straight away, so make sure you have enough available to avoid expensive fees.
Find out about avoiding bank transfer scams on the FCA website and the Take Five.

Other ways to pay

If you need to make a payment frequently, for example a monthly energy bill, you might be better off setting up a Direct Debit or standing order.

Cheques can also be a useful way to send money or pay one-off bills.

Read our guide on How to use banker’s drafts and cheques for more information.

What if there’s a problem?

If you have a problem with a payment, for example, if the money doesn’t arrive, your first step is to contact your bank.

You can find more information in Sort out a money problem or make a complaint.

If you think you might have sent money to the wrong account visit MoneySavingExpert for information on fixing your mistake.

This article is provided by the Money Advice Service.

Links with an * by them are affiliate links which help Rest Less stay free to use as they can result in a payment or benefit to us. You can read more on how we make money here.

Get the latest ideas, advice and inspiration​

No spam. Just useful and interesting stuff, straight to your inbox. Covering finance, learning, jobs, volunteering, lifestyle and more.

By providing us your email address you agree to receive emails and communications from us and acknowledge that your personal data will be used in accordance with our Privacy Policy and Terms and Conditions. You can unsubscribe at any time by following the link in our emails.

Join Rest Less for free

Rest Less is the UK’s fastest growing site for the over 50s, focusing on finance, learning, careers, volunteering, lifestyle and more. 

Good luck with your application

Before you go, we’d love to stay in touch to find out how you get on. Sign up to Rest Less today to get the latest volunteering, careers, learning, financial planning and lifestyle resources sent straight to your inbox.

By providing your email you agree to receive emails and communications from us and acknowledge that your personal data will be used in accordance with our Privacy Policy and Terms and Conditions. You can unsubscribe at any time through the link in our emails.

Good luck with your application

Before you go, we’d love to stay in touch to find out how you get on. Sign up to Rest Less today to get the latest jobs, learning, volunteering, financial planning and lifestyle resources sent straight to your inbox.

By providing your email you agree to receive emails and communications from us and acknowledge that your personal data will be used in accordance with our Privacy Policy and Terms and Conditions. You can unsubscribe at any time through the link in our emails.