How to Transfer Money to Another Bank Account
Knowing how to transfer money to another bank account is one of the most fundamental financial skills -- whether you are paying rent, splitting a bill, sending money to family, or moving funds between your own accounts at different banks. The process has become much simpler in recent years, but there are still several methods to choose from, each with different speeds, costs, and use cases depending on whether the transfer is domestic or international.
For most UK bank-to-bank transfers, you will need the recipient's sort code and account number. Domestic transfers via Faster Payments are free and arrive within seconds for most high-street banks. Transfers to accounts at a different bank work exactly the same way -- the sort code identifies the destination bank and the account number identifies the specific account. You do not need to know which bank the recipient uses; just their sort code and account number.
International transfers are more complex. Banks typically use the SWIFT network, charge a flat fee of GBP 15-25, and add a 2-4% exchange rate markup on top. On a GBP 1,000 transfer to Europe, that can mean GBP 40-65 in hidden costs before the money even leaves your account. Specialist services like Wise use the mid-market exchange rate with a transparent fee of 0.4%-2%, making them significantly cheaper for international bank-to-bank transfers.
This guide covers every method for how to transfer money to another bank account -- domestic and international, same bank and different bank, online and in-branch -- along with what you need, how long it takes, what it costs, and when to use a specialist service instead of your bank.
What you need to transfer money to another bank account
Before you start a bank transfer, gather the following information. Missing any of these will cause the transfer to be rejected or delayed.
- Sort code -- a 6-digit code (written as XX-XX-XX) identifying the recipient's bank branch. Every UK bank account has one.
- Account number -- an 8-digit number identifying the specific account. Together with the sort code, this uniquely identifies where the money goes.
- Account holder name -- required for Confirmation of Payee (CoP) checks. If the name does not match, your bank will warn you before sending.
- Amount -- confirm the exact amount to send. Double-check this before confirming -- bank transfers cannot always be reversed once sent.
- Payment reference -- optional but useful. Add a note (your name, invoice number, purpose) so the recipient can identify the payment.
For international transfers, you will also need: the recipient's IBAN (International Bank Account Number) or local account number, the BIC/SWIFT code of their bank, and in some cases their bank's full address. Specialist services like Wise and Remitly simplify this by guiding you through exactly what is needed for each destination country.
How to transfer money to another bank account online
Online banking and mobile apps are the fastest and most convenient way to transfer money to another bank account. The steps are broadly the same across all major UK banks.
- Log into your online banking or mobile app using your credentials or biometrics.
- Navigate to 'Payments', 'Transfer', or 'Send Money' -- the label varies by bank.
- Select 'Pay someone new' or 'Add a payee' if this is a first-time transfer to this account.
- Enter the recipient's sort code and account number, and their name. Your bank may run a Confirmation of Payee check -- if the name does not match, review carefully before proceeding.
- Enter the amount to send and an optional payment reference.
- Review the summary screen. Check that the sort code, account number, and amount are correct.
- Confirm and authorise the payment -- usually via a passcode, PIN, or biometric.
- Save the confirmation screen or reference number in case you need to track or query the transfer.
Domestic transfers via Faster Payments typically arrive within seconds, though some banks process payments in batches, which can extend this to a few hours. CHAPS transfers (for large amounts, typically over GBP 10,000) are same-day but carry a fee of GBP 20-30. BACS transfers (used for payroll) take 3 working days.
How to transfer money to another bank account by phone
If you prefer not to use an app or online banking, most banks allow you to transfer money to another bank account via telephone banking. Call your bank's customer service line, navigate to payments, and provide the sort code, account number, recipient name, amount, and a security verification (memorable word, PIN, or one-time code). Telephone transfers are processed via Faster Payments in the same way as online transfers and arrive within seconds to hours. Some banks charge a small fee for telephone-assisted payments.
How to transfer money to another bank account in branch
Visiting a branch is the slowest method but sometimes the only option for very large transfers or for customers without online banking access. Bring your account details, the recipient's sort code and account number, valid photo ID, and the amount you want to send. Branch staff will process the transfer and give you a receipt. Domestic transfers are still sent via Faster Payments or CHAPS and arrive the same day. Some branches charge a fee for counter transactions -- check with your bank beforehand.
How to transfer money from 1 bank to another (your own accounts)
Many people maintain accounts at more than one bank -- a current account at one bank and a savings account or credit union at another, for example. Knowing how to transfer money from 1 bank to another works exactly the same as paying someone else: you use your account's online banking, enter the sort code and account number of your other account, and initiate the transfer. The recipient name should match the name on your destination account.
How to transfer money from one bank to other can also be done in reverse -- set up the destination bank as a standing order payee in your source bank and schedule regular automatic transfers. This is useful for sweeping excess salary to a savings account each month. Alternatively, most banks allow you to log into the destination account and pull funds from a linked external account -- check whether your destination bank supports this feature, as it avoids having to log in to both banks separately.
How to transfer money from 1 bank account to another is also possible via the Current Account Switch Service (CASS) if you want to move your entire account -- but this is a full account migration, not a one-time payment. For recurring transfers, knowing how to transfer money from one bank to other can also be achieved through standing orders set up in your source bank. For one-time payments between your own accounts, the online banking method described above is sufficient.
How to transfer money from an ATM to another bank account
How to transfer money from ATM to another bank account is a less common query -- most modern ATMs in the UK do not support inter-account transfers as a standard feature. ATMs are primarily designed for cash withdrawals and balance enquiries. However, some ATMs operated by specific banks do offer a 'Transfer' or 'Pay someone' option in their menu -- insert your card, enter your PIN, select Transfer, and enter the recipient's account details.
If you want to transfer money from ATM to another bank account but your bank's ATMs do not support it, the practical alternatives are: use your bank's mobile app (most people with a smartphone can do this immediately), call telephone banking, or visit a branch. ATM transfers -- where available -- are subject to the same daily limits as other payment methods and may not be available for transfers to accounts at a different bank.
How long does a bank transfer to another account take?
Transfer type | Typical speed | Fee | Use case |
|---|---|---|---|
Faster Payments (domestic) | Seconds to 2 hours | Free | Most everyday transfers up to GBP 1M |
CHAPS (domestic, same day) | Same business day | GBP 20-30 | Large urgent payments (property, cars) |
BACS (domestic) | 3 working days | Free | Payroll and bulk payments |
SWIFT (international bank) | 1-5 business days | GBP 15-25 + 2-4% FX | International transfers via your bank |
Wise (international) | Seconds to 2 business days | 0.4%-2% transparent fee | International transfers via specialist |
Remitly (international) | Minutes (Express) or 1-3 days | Low fixed fee | Remittance to 170+ countries |
What does it cost to transfer money to another bank account?
For domestic UK transfers, Faster Payments is free on virtually all personal current accounts. There is no charge to transfer money to another bank account within the UK, whether it is the same bank or a different bank. CHAPS transfers cost GBP 20-30 but are only needed for very large same-day payments.
International transfers are where costs escalate. Most UK banks charge a flat SWIFT fee of GBP 15-25 per transfer, plus a currency conversion margin of 2-4% above the mid-market rate. On a GBP 500 transfer to a European bank account, that could mean GBP 15 in flat fees plus GBP 10-20 in exchange rate costs -- GBP 25-35 total. The recipient may also face an incoming international transfer fee charged by their own bank.
By contrast, Wise charges a transparent fee of 0.4%-2% with no exchange rate markup on the same corridor. The total cost on GBP 500 to Europe is typically GBP 3-8. Remitly and Xe are similarly competitive. For international transfers, using a specialist service instead of your bank's SWIFT transfer saves a meaningful amount on every transaction.
On a GBP 1,000 international transfer, most UK banks charge GBP 15-25 flat plus a 2-4% exchange rate margin -- over GBP 55 in total costs. Wise does the same transfer for around GBP 10-20, using the mid-market rate with no hidden markup. The recipient gets significantly more.
Best alternatives to bank transfers for sending money internationally
If you need to transfer money to another bank account in a different country, specialist services consistently outperform traditional banks on cost, speed, and transparency. Here are the three strongest options.
Wise
Wise is consistently one of the cheapest ways to transfer money to another bank account internationally. It uses the real mid-market exchange rate -- the same rate you see on Google -- with a transparent fee of 0.4%-2% depending on the currency and payment method. There is no exchange rate markup, no hidden SWIFT fees, and no receiving bank fee on the Wise side. The recipient sees exactly how much they will receive before you confirm.
Transfers to bank accounts in the UK, EU, US, Australia, and most major destinations typically arrive within seconds to a few hours. Wise supports 40+ currencies and 80+ countries. You can also hold multiple currencies in a Wise account and convert between them at the mid-market rate -- useful if you regularly transfer money to another bank account in the same currency without wanting to convert every time.
- Mid-market rate -- no exchange rate markup on top of the transfer fee
- Transparent fee -- 0.4%-2%, shown upfront before you confirm
- Arrival time shown upfront -- you see expected delivery before sending
- Bank-to-bank delivery -- funds arrive directly in the recipient's bank account
- FCA regulated -- UK regulated, client funds held in safeguarded accounts
Remitly
Remitly is designed for fast, low-cost international transfers with a focus on remittance corridors. Its Express service gets money to a recipient's bank account in minutes in over 170 countries, making it one of the fastest options for urgent international bank transfers. Economy transfers take 1-5 business days but come with even lower fees.
Remitly is particularly competitive for popular corridors like UK to India, UK to Philippines, and US to Mexico. Fees are displayed clearly before you send, and the recipient's exact payout amount is shown upfront. For transfers to bank accounts specifically, Remitly deposits directly to the recipient's bank account in local currency with no receiving fee charged by Remitly.
Remitly's Express service deposits money directly to the recipient's bank account in over 170 countries, often in minutes. Clear upfront fees and guaranteed exchange rates before you send.
Xe
Xe covers 130+ currencies -- more than most competitors -- and is a strong choice when you need to transfer money to another bank account in a less common currency or destination. There are no flat fees; Xe earns on a competitive exchange rate spread, which for major currencies is typically 0.3%-1.5%. Same-day delivery is available on major corridors.
Xe is backed by EuroNetWorldwide and regulated in all markets it operates in. It is particularly well suited for larger transfers -- the absence of a flat fee means the cost advantage grows proportionally with the transfer amount. A GBP 10,000 transfer via Xe can save several hundred pounds compared to a bank SWIFT transfer on the same route.
Xe supports 130+ currencies with no flat fees. For large transfers or exotic currency pairs, Xe's rate-only pricing model delivers strong savings over bank SWIFT transfers.
Compare transfer options for your route
Use the tool below to see exactly what Wise, Remitly, and Xe would charge on your specific transfer -- and compare it against what your bank would cost on the same amount.
Frequently asked questions
How to transfer money to another bank account in the UK?
To transfer money to another bank account in the UK, log into your online banking or mobile app, go to Payments or Transfers, and select 'Pay someone new'. Enter the recipient's sort code (6 digits) and account number (8 digits), their name, the amount, and an optional reference. Confirm the payment using your PIN or biometric. Faster Payments transfers arrive within seconds to 2 hours and are free on all major UK personal current accounts. You can also transfer to another bank account by phone or in branch if you do not have online banking access.
How to transfer money from 1 bank to another bank?
To transfer money from 1 bank to another, use your source bank's online banking or mobile app. Add the destination bank account as a new payee using its sort code and account number, then initiate the transfer as you would with any other payment. The sort code identifies which bank to send the money to, and the account number identifies the specific account. Transfers between different UK banks via Faster Payments arrive within seconds and are free. For international transfers from 1 bank to another, consider using Wise or Remitly instead of SWIFT -- fees are significantly lower.
How to transfer money from one bank to other when moving abroad?
When moving abroad and needing to transfer money from one bank to other -- particularly internationally -- specialist services are much more cost-effective than your existing bank's SWIFT transfer. Wise lets you hold and convert between 40+ currencies and delivers to 80+ countries. Remitly is fast for remittance corridors. Xe is strong for larger amounts and exotic currencies. All three charge a fraction of what UK banks charge for SWIFT transfers (typically GBP 15-25 flat plus 2-4% FX margin). Set up your specialist account before you leave so it is ready when you arrive.
How to transfer money from 1 bank account to another that belongs to me?
To transfer money from 1 bank account to another of your own, use either bank's app or online banking. Log into the source account, add your other account as a payee (using its sort code and account number), and send the funds. Enter your own name as the recipient -- some banks run Confirmation of Payee checks, and a name mismatch can trigger a warning. Alternatively, log into your destination bank and look for a 'Linked accounts' or 'Pull from external account' feature -- some banks support pulling funds from a different bank account without requiring you to log into the source.
Knowing how to transfer money from 1 bank account to another of your own is also important when switching banks -- use the Current Account Switch Service to migrate everything automatically, or manually transfer a balance and update your standing orders.
How to transfer money from ATM to another bank account?
How to transfer money from ATM to another bank account depends on your bank's ATM features. Most UK ATMs do not offer inter-account transfers as a standard option -- they are primarily for cash withdrawals and balance checks. A small number of bank-branded ATMs do include a Transfer option in their menu: insert your card, enter your PIN, select Transfer or Move Money, and enter the destination account details. If your bank's ATMs do not support this, use the mobile app, telephone banking, or visit a branch. The ATM transfer option, where available, uses Faster Payments and arrives within the same timeframe as online transfers.
How long does it take to transfer money to another bank account?
Domestic UK transfers via Faster Payments typically arrive within seconds to 2 hours -- sometimes instantly. Most major banks process Faster Payments 24/7. CHAPS transfers (for large amounts) are same-day if initiated before the bank's cut-off time (usually around 3pm). International transfers via bank SWIFT take 1-5 business days depending on the destination. Specialist services are faster: Wise delivers in seconds to hours for most destinations, Remitly Express arrives in minutes, and Xe offers same-day delivery on major corridors.
Is it free to transfer money to another bank account?
Yes -- domestic UK bank transfers via Faster Payments are free on all major personal current accounts. You can transfer money to another bank account at any UK bank without paying a fee, regardless of which bank you use. CHAPS transfers cost GBP 20-30 but are only needed for large urgent payments. International transfers are not free: banks charge GBP 15-25 in SWIFT fees plus a 2-4% exchange rate margin. Specialist services like Wise charge 0.4%-2% with no hidden markup, making them significantly cheaper for international transfers.
What details do I need to transfer money to another bank account?
To transfer money to another bank account in the UK, you need: the recipient's 6-digit sort code (format: XX-XX-XX), their 8-digit account number, and their full name as it appears on the account. An optional payment reference helps the recipient identify the payment. For international transfers, you also need the IBAN (International Bank Account Number) or local account number, and the bank's BIC/SWIFT code. Services like Wise and Remitly guide you through exactly what information is needed for each destination country, which simplifies the process considerably.
Can I transfer money to another bank account instantly?
Yes -- domestic UK transfers via Faster Payments are effectively instant for most banks, arriving within seconds to a few minutes. Some banks process in batches, which can extend this to a few hours, but same-day arrival is standard. For international transfers, Wise can deliver in seconds for major currency pairs (GBP to EUR, USD, AUD). Remitly's Express option delivers in minutes to 170+ countries. True instant international transfers are not always possible due to local banking infrastructure in the destination country, but specialist services are significantly faster than bank SWIFT transfers (1-5 business days).
Is it safe to transfer money to another bank account?
Yes -- bank transfers are a secure and regulated payment method in the UK. Faster Payments are processed through the UK's national banking infrastructure under FCA oversight. Banks are required to run Confirmation of Payee checks to help verify the recipient's name before sending. The main risk is sending to the wrong account by mistake -- always double-check the sort code and account number before confirming. If you send to the wrong account, contact your bank immediately; the Payment Systems Regulator has rules requiring banks to assist in recovering misdirected funds, though recovery is not guaranteed.
Can I transfer money to another bank account without online banking?
Yes. If you do not have online banking, you can transfer money to another bank account in several ways: by calling your bank's telephone banking line (available 24/7 for most major banks); by visiting a branch and asking a member of staff to process the payment; or by setting up a standing order or direct debit form by post for recurring payments. Most banks also offer basic payment functionality through their mobile app even without full online banking registration. All these methods use the same Faster Payments infrastructure and arrive within the same timeframe.
What is the maximum amount I can transfer to another bank account?
Faster Payments has a maximum limit of GBP 1,000,000 per transaction at the scheme level, but individual banks set their own lower daily limits -- typically GBP 10,000-100,000 for personal accounts. If you need to transfer more than your bank's daily limit, you can: use multiple transfers on consecutive days, use CHAPS (for same-day transfers up to any amount, at a fee of GBP 20-30), or contact your bank to request a temporary limit increase. For international transfers, specialist services like Wise and Xe have their own limits -- typically higher than standard bank transfer limits for personal customers.
What happens if I send money to the wrong bank account?
Contact your bank immediately if you realise you have sent money to the wrong bank account. Under UK Payment Systems Regulator rules, banks are required to help retrieve misdirected funds under the Misdirected Payments Code. Your bank will contact the recipient's bank and request the money be returned. If the recipient agrees, funds are returned within 20 working days. If they refuse, the matter may need to go to court. Recovery is not guaranteed -- which is why double-checking the sort code and account number before confirming every transfer is critical. Confirmation of Payee checks also help catch errors before the money leaves your account.
Are international bank transfers safe?
International bank transfers via SWIFT are generally safe -- banks use secure encrypted messaging and are regulated in their home jurisdictions. The primary risks are: entering incorrect account details (funds can be very difficult to recover from international accounts); fraud (never send money internationally to someone you have not independently verified); and delays caused by correspondent banks or compliance checks. Specialist services like Wise, Remitly, and Xe are also safe -- all are FCA-regulated in the UK with client funds held in safeguarded accounts, and all provide a confirmation number and delivery tracking for every transfer.
Learning how to transfer money to another bank account is straightforward once you have the right details. For domestic UK transfers, your bank's app or online banking is free, instant, and the best tool for the job. For international transfers -- whether to a different bank in another country or moving your own money overseas -- compare Wise, Remitly, and Xe against your bank's SWIFT fee before you send. The savings on every transfer add up quickly.
Mohammad Humaid
Verified AuthorMo is the founder of MoneyTransferStore. As an expat who has experienced the challenges of sending money across borders himself, he set out to help others like him avoid hidden fees and unfair exchange rates on international transfers. With a background spanning fintech, payments, and Web3, Mo brings years of practical experience to building a platform focused on transparency and trust.
