How to Transfer Money from One Account to Another (2026)

Whether you are moving money between your own savings and current accounts or sending funds to someone else, knowing how to transfer money from one account to another is an essential financial skill. The process is instant and free for same-bank moves, but it gets more complex and considerably more expensive when you cross banks, currencies, or borders. Understanding the options available in 2026 helps you choose the fastest and cheapest method every time.

If you need to transfer money from one bank account to another at a different institution, the UK's Faster Payments system makes domestic transfers instant and free. For international transfers, however, banks rely on the SWIFT network, which is slow and expensive. A combination of wire fees and hidden exchange rate markups means a typical bank can cost you five to ten times more than a specialist transfer service on the same cross-border payment.

This guide covers every method to transfer money between accounts in 2026, from quick same-bank moves to international wire alternatives. It explains exactly what banks charge, shows you how to transfer money from one bank account to another for less using specialist services, and answers the most common questions about speeds, limits, and security.

How to Transfer Money from One Account to Another: The Basics

Before selecting a method, it helps to understand two core scenarios. The first is a same-bank transfer, where both accounts sit at the same financial institution. The second is a different-bank transfer, where the payment crosses from one bank's systems to another. These two scenarios involve entirely different processes, payment networks, and cost structures.

Same-bank transfers are almost always instant and free, because the bank simply updates its internal records without involving external payment rails. Different-bank transfers in the UK go through the Faster Payments Service, which is also instant and free for most everyday amounts. International transfers between accounts are where costs escalate sharply: SWIFT correspondent banking is slow, and each bank in the chain can deduct fees or offer an unfavourable exchange rate along the way.

Knowing how to transfer money in a bank account or between different banks is the foundation. But for anyone sending money internationally, understanding the alternatives to the standard bank wire is where the real savings lie.

Transferring Money Within the Same Bank

If both accounts are at the same bank, the transfer is the simplest form of payment available. Funds typically move instantly at no cost, regardless of the amount involved.

Via Online Banking or Mobile App

The most common way to transfer money within the same bank is through the bank's online portal or mobile app. Log in, go to the payments or transfers section, and select the source and destination accounts. For same-bank transfers you typically need the recipient account number and sort code. Many banks offer a dedicated 'Move Money' or 'Transfer Between My Accounts' feature that simplifies the process when you hold multiple accounts at the same institution, making it quick to transfer money between accounts without manually entering details each time.

Here is a step-by-step guide to how to transfer money in a bank account using online banking:

1. Log in to your bank's mobile app or online portal
2. Select 'Transfer' or 'Move Money' from the main menu
3. Choose the source account (where the money leaves from)
4. Choose or add the destination account (where the money arrives)
5. Enter the amount you want to send
6. Add a payment reference for your records if needed
7. Review all details carefully, then confirm with your PIN, password, or biometrics

Same-bank transfers via digital banking are instant in almost all cases. Funds appear in the destination account within seconds, 24 hours a day, seven days a week. There is no fee at the vast majority of UK and US banks for this type of transfer.

In Branch or Over the Phone

You can also arrange a same-bank transfer by visiting a branch in person or calling your bank's telephone banking line. This takes longer and may carry a small fee depending on the bank and the transfer amount. For very large transfers, a branch visit can be useful because staff can approve payments that exceed standard online limits and walk you through how to transfer money in the bank step by step for high-value transactions. If you are unsure about any part of the process, bank staff can guide you through it in real time.

How to Transfer Money from One Bank Account to Another Bank

When you want to transfer money from one bank account to another at a different institution, the payment travels through an external payment network. In the UK the primary system is Faster Payments, which handles the vast majority of bank-to-bank transfers instantly and for free. Understanding how this works helps you pick the right method depending on the amount, urgency, and destination of your payment.

Faster Payments (UK)

Faster Payments is the standard system for transferring money between different UK bank accounts. Launched in 2008, it now processes billions of transactions per year and has made domestic bank-to-bank payments effectively instant for most senders. The vast majority of transfers arrive within seconds, with a guaranteed maximum of two hours even in edge cases. Many UK banks now allow individual Faster Payments transactions of up to £1 million per payment, though your specific account limit may differ.

Faster Payments transfers are free to send and free to receive. To transfer money from one bank account to another using Faster Payments, you need the recipient's sort code and six-digit account number. You can initiate the payment through your bank's mobile app, online banking portal, a branch visit, or a phone call to your bank's customer service. This is the recommended method for all everyday domestic transfers between accounts at different UK banks.

CHAPS (Same-Day Guaranteed)

CHAPS, the Clearing House Automated Payment System, is the UK's high-value same-day transfer system. Unlike Faster Payments, CHAPS carries a fee of roughly £20 to £35 per transaction, depending on your bank. Transfers submitted before the bank's daily CHAPS cutoff time, usually around 3 pm to 4 pm on business days, are guaranteed to reach the recipient's account by the close of the same business day. CHAPS is used primarily for property purchases and large business payments where absolute certainty of same-day delivery is essential. For everyday transfers, Faster Payments is the better and cost-free option.

What Details You Need to Transfer Money Between Bank Accounts

To transfer money from one account to another at a different bank, you need specific information about the destination account. Providing incorrect details is the most common reason domestic transfers are delayed or sent to the wrong account.

• Account holder's full legal name
• Sort code (UK) or routing number (US)
• Account number
• IBAN, for SEPA transfers within Europe
• BIC or SWIFT code, for international transfers outside Europe
• A payment reference to help the recipient identify the payment

UK banks run a Confirmation of Payee check when you transfer money from one bank account to another, comparing the name you enter against the name registered to that sort code and account number. If there is a mismatch, your bank will warn you before you confirm the payment. Take this warning seriously: it is your first line of defence against sending money to the wrong account or falling victim to fraud.

Find the Best Way to Transfer Money Right Now

Before choosing any transfer method, use the comparison tool below to see live rates from leading specialist services. Enter the currencies and amount to find out exactly what the recipient will receive before you commit.

Understanding how to transfer money from one bank account to another is simpler than it used to be, thanks to digital banking platforms and specialist transfer services that have replaced slow, paper-based processes. Whether you are moving your own savings or paying someone else, the key variables are always the same: the destination of the money, the currency involved, and the urgency of the delivery.

How to Transfer Money from One Account to Another Internationally

If you have ever wondered how to transfer money from one account to another quickly and without paying unnecessary fees, the short answer is to use the right channel for the job. Same-bank transfers and domestic Faster Payments are free. International transfers are where the costs diverge sharply between banks and specialists.

Sending money across borders adds complexity and cost to the account-to-account transfer process. When you want to transfer money from one bank account to another in a different country, your bank typically uses SWIFT, the messaging network connecting over 11,000 financial institutions worldwide. Each transfer passes through a chain of correspondent banks, and any of them may deduct a handling fee or apply an unfavourable exchange rate along the way.

SWIFT transfers usually take two to five business days. The sender does not always know exactly how much the recipient will receive until the payment arrives, because intermediary deductions happen after the transfer is confirmed. This opacity is one of the key drawbacks of using a traditional bank for international account-to-account transfers.

The Real Cost of a Bank Transfer Abroad

Banks apply two layers of cost to international transfers. The first is a wire or international transfer fee, typically between £15 and £50 per transaction, charged upfront. The second and usually larger cost is the exchange rate markup: the difference between the true mid-market rate and the rate your bank quotes you. This markup is typically 2% to 4% on major currencies, and banks rarely make it obvious before you confirm.

On a concrete example: sending £1,000 from a UK bank account to a US account often costs £20 to £25 in wire fees, plus a 3% exchange rate markup of around £30. The total cost to the sender is approximately £50 to £55 on just £1,000 before the recipient's bank deducts its own incoming wire fee of $10 to $25. Using a specialist service for the same transfer typically costs under £10 in total. That difference on a single transfer is already significant, and it compounds considerably if you send money internationally on a regular basis.

For anyone who regularly needs to transfer money from one bank account to another internationally, the comparison between bank wires and specialist services is not close. Specialist services exist specifically to solve the problem of expensive, slow international bank transfers, and they do it consistently.

Best Services to Transfer Money Between Accounts Internationally

Specialist money transfer services use their own technology and liquidity networks to move money faster and cheaper than SWIFT-based bank wires. They access wholesale exchange rates, hold regulatory licences in the countries they operate in, and pass the savings on to the sender. If you want to transfer money from one account to another internationally, these three services consistently deliver better value than high street banks.

Wise

9.5

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Fees & Exchange Rates10.0

Transfer Speed9.0

Safety & Trust10.0

Service & Quality9.5

Go to Wise

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Wise is one of the most widely used services for international account-to-account transfers, with more than 16 million customers worldwide. When you use Wise to transfer money from one bank account to another internationally, you get the mid-market exchange rate, the same benchmark rate you see on Google or a currency data site, with a small transparent fee of typically 0.4% to 2% depending on the currencies and payment method. There is no hidden markup on the exchange rate itself, which is the main mechanism by which banks extract most of their profit from cross-border transfers.

Wise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507. Customer funds are safeguarded separately from Wise's own operating capital, providing protection even in the event of financial difficulty. Transfers to bank accounts in major currencies typically arrive within one business day, and many are processed within minutes.

Remitly

8.5

Read our review

Fees & Exchange Rates8.5

Transfer Speed8.0

Safety & Trust10.0

Service & Quality9.0

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Read our review

Remitly specialises in international personal transfers, particularly to emerging markets. If you want to transfer money from one bank account to another in countries such as India, the Philippines, Mexico, Colombia, or Nigeria, Remitly offers highly competitive exchange rates alongside fast and flexible delivery options. Beyond bank account deposits, the service also supports mobile wallet transfers and cash pickup, giving recipients in developing countries multiple ways to access funds.

Remitly offers two delivery speed tiers on most corridors. Economy typically delivers within three to five business days and carries the lowest fees. Express delivers within minutes for a slightly higher cost. Both show you the full rate and fee before you confirm, so you always know exactly what the recipient will receive. Remitly is FCA authorised in the UK, ensuring your funds are handled to regulatory standards.

Xe

9.0

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Fees & Exchange Rates7.5

Transfer Speed10.0

Safety & Trust10.0

Service & Quality9.0

Go to Xe

Read our review

Xe has been in the foreign exchange and money transfer business for over 25 years and is particularly well suited to transfers in less common currencies. The platform supports transfers in more than 100 currencies across 130+ countries, making it one of the most geographically comprehensive services for anyone needing to transfer money from one account to another in an unusual currency. Xe charges no fixed transfer fee on most transfers, applying a small margin on the exchange rate instead, which still compares very favourably to what a high street bank would charge.

Xe is a strong choice for larger transfers and for corridors that Wise or Remitly do not fully cover. If you need to transfer money between accounts in a currency that other services do not support, Xe is often the most comprehensive option available. The service is FCA authorised in the UK and registered with FinCEN in the United States.

How Long Does It Take to Transfer Money from One Account to Another?

Transfer times vary depending on the method, the currencies involved, and whether the transfer is domestic or international. The table below summarises typical delivery times and costs for the most common options.

For domestic UK transfers between different banks, Faster Payments is the clear first choice: instant, free, and available at all hours through most mobile apps. For international transfers, specialist services like Wise consistently beat bank timelines on major corridors while costing a fraction of the bank's total charge. When you compare transfer money between accounts options, the difference between a bank wire and a specialist service is particularly stark on the international side.

Transfer Limits and What to Know Before You Send

Most banks and transfer services impose daily or per-transaction limits on how much you can move at a time. For UK Faster Payments, individual transaction limits vary by bank but are commonly set between £10,000 and £1 million per payment. If you want to transfer money between accounts above your bank's standard online limit, you may need to contact your bank in advance, visit a branch, or route the payment through CHAPS instead.

Specialist transfer services scale their limits with account verification. Wise allows fully verified personal account holders to send up to £1 million per transfer in most currencies. Remitly and Xe similarly increase limits as your account verification and transfer history grow. If you need to transfer a very large amount for the first time, contacting the service's customer support team in advance can help smooth the process and reduce the likelihood of a compliance hold on the transaction.

Before confirming any transfer, always double-check the recipient's account details. When you transfer money from one bank account to another internationally, recall is difficult once the payment enters the SWIFT network. For domestic UK transfers, the Confirmation of Payee system catches name mismatches before you confirm. For international payments you are solely responsible for the accuracy of the details you provide.

How to Transfer Money Safely Between Accounts

Security is a priority whenever you are moving money between accounts, and especially for larger amounts or first-time recipients. Authorised push payment fraud is the biggest risk in the UK, accounting for hundreds of millions of pounds in annual losses. Fraudsters impersonate banks, solicitors, and businesses to manipulate people into initiating transfers to accounts they control.

Always initiate any transfer from your own bank's official app or website, accessed directly rather than through a link in an email or text message. Never share your one-time passcode, full banking password, or two-factor authentication codes with anyone, including someone claiming to be from your bank. If you receive an unexpected call asking you to move money or authorise a transfer, hang up and call your bank on the number printed on the back of your card.

When using a specialist service to transfer money between accounts for the first time, check that the provider is authorised by the appropriate regulator. In the UK this means verifying a listing on the FCA Financial Services Register at fca.org.uk. Wise (FCA Firm Reference 900507), Remitly, and Xe are all FCA authorised, meaning customer funds are protected under the Electronic Money Regulations 2011 or the Payment Services Regulations 2017. Choosing a regulated provider is the most important single step in keeping your money safe during an international transfer.

Compare Transfer Rates Before You Send

Comparing rates before you confirm any international transfer can save you a significant amount. Use the widget below to see live rates from major specialist services for your currency pair and amount.

Frequently Asked Questions

Knowing how to transfer money in a bank account correctly means understanding not just the mechanics but the full cost chain, from the fee you see to the exchange rate you might not notice. Our comparison tool below shows the real delivered amount across all major providers so you can see exactly how much the recipient gets.

Anyone asking how to transfer money for one account to another internationally should compare at least two specialist services before using their bank. The difference in the amount the recipient receives can be 3% to 5%, which on a £1,000 transfer means £30 to £50 more in the recipient's account with no extra effort from the sender.

Many people search for how to transfer money for one account to another without paying fees at all. The honest answer is that free transfers exist only for domestic moves within the same bank or via Faster Payments. For international transfers, fees are always present somewhere, but transparent, low-cost services charge far less than banks.

The most common question on this topic is how to transfer money from one bank account to another without overpaying. The answer has three layers: use same-bank moves for free internal transfers, use Faster Payments for domestic inter-bank moves at zero cost, and use a specialist service like Wise or Remitly when you need to transfer money from one bank account to another across currencies or borders.

Here is the practical sequence for how to transfer money from one bank account to another internationally at the lowest cost: first, open an account with Wise or Xe, which takes around ten minutes; second, add the recipient's bank details (IBAN and BIC for Europe, account number plus SWIFT code for most other countries); third, enter the amount and compare the rate to your bank. The savings on even a single transfer often justify the setup time entirely.

For domestic transfers in the UK, learning how to transfer money from one account to another is straightforward. Open your bank app, navigate to Payments or Transfers, add the recipient's sort code and account number, enter the amount, and confirm. Faster Payments delivers the money in seconds. For international corridors, the process to transfer money from one account to another uses the same flow but through a specialist platform rather than your bank's wire service.

At its core, knowing how to transfer money from one bank account to another in 2026 means understanding three things: the method (same-bank, Faster Payments, CHAPS, or wire), the cost (free domestically, expensive internationally via banks), and the speed (instant to five business days depending on the route). Get all three right and you will never overpay on a transfer again.