What is a bank transfer? How money moves between accounts
By SendPay Business · · 2 min read
- 1Pick who to pay and type the amount
- 2Tap send and it is on its way
- 3It lands in their account
A bank transfer moves money directly from one bank account to another, without cash or a card. In the UK most transfers arrive within seconds, while payments abroad usually take longer and can cost more.
What you need
Tap to explore
Tap each one to see what it means.
In the UK
the payee's name, sort code and account number.
Abroad
usually the IBAN and the bank's SWIFT or BIC code.
The main UK systems
Faster Payments handles most everyday transfers and is usually near-instant. Bacs runs Direct Debits and payroll over about three working days. CHAPS is used for high-value, same-day payments such as house purchases.
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International transfers
Payments abroad can go via SWIFT and intermediary banks, or through a provider that pays out locally. Check both the fee and the exchange rate, as a poor rate can cost more than the fee.
Staying safe
UK banks check the payee's name with Confirmation of Payee before most transfers. If the name doesn't match, stop and check. Be wary of anyone who pressures you to move money quickly.
Where SendPay fits
SendPay platforms let your customers hold GBP, EUR and USD and send money under your own brand, powered by licensed partners. You can preview your platform before you launch.
How it works
Your own money app- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
Why sign up
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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
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Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.