You can easily transfer money to another UK bank account from the comfort of your own home or while you’re on the go in a matter of minutes. Read on for a step-by-step guide on how to transfer money to another bank account.
Step-by-step guide to domestic transfers
Before you can transfer money online, you’ll need to make sure you’re registered for your bank’s internet banking service. This is a simple process regardless of whether you’re a new or existing customer, so contact your bank or head to its website to find out how to sign up if you haven’t already.
Once that’s taken care of, the process of sending a transfer to another UK bank account is quick and easy. For many digital banking apps, you’re usually given access to online or app-based banking as soon as your account is opened.
How to transfer money to another account
Log in to your internet banking account.
Select the “Payments” or “Payments and Transfers” menu.
If required, select the “Transfer funds” or “Make a payment” option. You may also have the option to select “Transfer funds within the UK”.
Select the account the funds will be transferred from.
Select the account the funds will be transferred to. You will need to provide your recipient’s bank account details (name, sort code and account number) or, if you’ve transferred funds to the same account before, it may be saved in your internet banking portal.
Enter the amount you wish to transfer and write a description.
Review the details of your transfer and submit your payment.
You will be given a receipt for the transaction and you’ll also see the transaction in your transaction history.
What bank account details do I need to send a domestic transfer?
You only need minimal details in order to send a transfer to someone else’s bank account. The only information your bank will need is:
Your recipient’s sort code and account number
Your recipient’s name for the account.
Although the exact process for sending a domestic transfer will vary slightly from one bank to the next, you will typically have the option to either send a one-off transfer or save your recipient’s details for future transactions.
Since 2020, many banks have introduced the ‘Confirmation of Payee’ scheme that checks whether the name you’ve been given matches the name linked to the account number and sort code you’re paying to reduce the risk of your payment ending up in the wrong account.
Why might I want to send a domestic transfer?
There are plenty of reasons why you might need to transfer money to another UK bank account. These include:
Transferring money to a friend or loved one
Buying goods or services
Paying a bill
Paying the rent or mortgage
Paying off your credit card
Transferring funds from your everyday transaction account into your savings account
Whatever the reason you need to send a transfer, it’s quick and easy to do so via your bank’s online banking portal.
Commonly asked questions about transferring money
Transfers between UK banks and financial institutions are typically processed within one to two business days.
Yes. Your bank will provide the option of setting up a recurring transfer amount, for example, to take place every week, fortnight or month. This type of regular transfer is known as a standing order.
The information you enter into the “description” or “reference” field when you lodge your transfer will appear on your recipient’s statement, so use this to enter details that will identify the transaction.
Yes. You should be able to access your bank’s website with your mobile, but many major banks also offer a dedicated smartphone app, which you can use to send transfers with a few taps.
Yes. You can use the “Payments and transfers” feature of your online banking account to, for example, transfer funds between your transaction and savings accounts or pay off your credit card.
Yes. You can use this feature to transfer money from a transaction or savings account to pay off your credit card.
Yes. Your bank will impose a limit on the maximum amount you can transfer to each recipient per day. However, you can apply to have this limit raised if you wish. There will likely also be a cumulative limit on the total amount you can transfer each day.
A payment request typically cannot be stopped or cancelled once it has been confirmed via your internet banking account. However, you may wish to contact your bank about the possibility of initiating a recall or a trace.
You will typically not have to pay any fees when you send a domestic transfer, but check with your bank for confirmation before submitting a transfer request.
Yes, you can send money overseas from your bank account. However, transfer fees and exchange rates apply to the transaction, so it’s worth comparing specialist online money transfer companies to see if you might be able to find a better deal.
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Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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