What is a bank transfer? How money moves between accounts
By SendPay Business · · 2 min read
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
- In the UK: the payee's name, sort code and account number.
- Abroad: usually the IBAN and the bank's SWIFT or BIC code.
- A payment reference, so the payee knows what the money is for.
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.
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 pay.
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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. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.