Bank Transfer is the process of transferring or transmitting money from a financial body (banking or non-banking) to a bank account. Bank transfer is also referred to as Wire Transfer. Bank Transfer can also be done by transferring cash from one account to another at a cash administrative center.
Procedure to do a Bank Transfer:
Bank transfers are one of the easiest and convenient ways to transfer money to your dear ones bank account. A bank transfer could be completed in the following few steps:
1. Visit a bank or a non-banking financial institution, where the organisation provides a form or asks for proper details of the account to which the money has to be transferred.
2. To make a bank transfer you need to carry the following details:
• Bank Name: the name of the bank to which the amount has to be transferred
• Payee Name: the name of the account holder, who is receiving the transferred money
• Sort Code: A sort code is the name given by both the British and Irish banking industry to the bank codes, which are used to route money transfers between banks within their respective countries.
• Account Number: the number which is used to identify the bank account
• IBAN: The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across national borders with a minimal risk of propagating transcription errors.
• SWIFT: Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions.
While making a bank transfer, one should always enter a proper reference number to help the Payee locate the account.
3. A Bank Transfer usually takes 3-4 days to reflect amount in the payee’s account. However, some banks and financial institutions have a fast processing system, which transfers the amount in the same day or even at real-time. For example,
UAE Exchange, the leading global remittance and foreign exchange brand, had introduced FLASHremit, a real-time remittance service, which ensures money reaches the beneficiaries bank account, the moment the money is remitted. It also provides SMS notification facility to both the sender and the receiver, the moment the money reaches the destination bank account.
Some institutions provide online facilities too, to perform bank transfers. Money2anywhere.com is an example for the same. Here, once registered with the online portal, the user could perform bank transfers, using their bank accounts, debit or credit cards, in a secure manner, cost effectively. An online service from
UAE Exchange, Money2anywhere.com is now all set to launch its new service, which enables the users to do bank transfers through their mobile phones.