How to safely transfer money from one bank to another.

Are you looking to transfer money between banks but are unsure of the fastest , safest , and most convenient way? In fact, bank transfers (also known as wire transfers ) are a popular solution for sending money between domestic and international accounts in a short time. No need to wait for letters, no need to exchange checks; money can arrive in the recipient's account almost immediately . This article will help you understand how to transfer money between banks , the advantages and disadvantages of each method, so you can choose the most suitable way to save time and money.

How to transfer money from one bank to another

Make sure you have all the recipient's information ready before transferring money.

• Recipient's address (if the bank requires verification)

• Recipient's bank account number

• Bank name, branch, and bank code/routing number in the case of interbank or international transfers.
  Having this information ready helps to transfer money between banks faster , minimizes errors, and avoids refunds.

Transfer money directly at the bank counter.

• Bring a valid photo ID (ID card/citizen identification card or passport).

• Ask the staff to provide the bank transfer slip.

• Fill in the recipient's information and the amount to be transferred accurately, and double-check before signing the confirmation.
  This method is suitable if you are transferring a large amount of money , need detailed advice, or are unfamiliar with the transfer process.

Transfer money via Internet Banking or Mobile Banking

• Log in to your online banking account.

• Select the option to transfer money from one bank to another.

• Enter the recipient's information, the amount, and the transfer details.

• Confirm transactions using OTP or biometrics.
  This is currently the fastest and most convenient way to transfer money via bank , allowing you to do it anytime, anywhere, and often saving you money compared to transactions at the counter.

Part 1: How to transfer money directly at the bank

Step 1: Prepare the recipient's information before transferring money via bank.

Gather complete information from the recipient.

• Before transferring money from one bank to another , you need to contact the recipient to obtain the necessary information accurately.

• Every detail you provide will determine whether the money is transferred correctly or incorrectly , as banks rely entirely on this data to process transactions.

• Take your time to double-check everything to avoid mistakes, especially when making interbank or international transfers.

Basic information to prepare

• Full name and address of the recipient (individual, business, or organization)

• Name of the recipient's bank and branch address

• Recipient's bank account number

Bank information specific to each country.

• Bank routing number (ABA routing number) if transferring money to a bank in the US.

• The sort code is a 6-digit code if transferring money within the United Kingdom.

• Some banks may require additional delivery instructions , such as:

  • Intermediary account number

  • Branch name or secondary beneficiary name

Step 2: Determine the bank transfer deadline for the day.

Check the bank's transaction cut-off time.

• Each bank has a daily deadline for processing money transfers from one bank to another .

• Typically, this time falls between early and mid-afternoon . If sent after the closing time, the money transfer will be processed on the next business day.

• The exact timeframes may vary between banks, so you should contact the branch or call center directly to confirm the precise dates.

Please note if you need to transfer money and receive it on the same day.

• To ensure the money reaches the recipient's account on the same day , you must complete the transaction before the closing time.

• Some banks may charge extra fees for same-day money transfers or secure express transfers.

• Please clarify the fees, processing time, and applicable terms and conditions before confirming the transaction.

Manage your time proactively to avoid missing deadlines.

• If you're transferring money at the counter, you should arrive earlier than the closing time to allow enough time for the procedure.

• When transferring money online, it's advisable to complete the transaction promptly to avoid system congestion or authentication errors.

Step 3: Check your balance before transferring money via bank transfer.

Make sure your account has sufficient funds to complete the transaction.

• Before transferring money from one bank to another , you should carefully check the available balance in your account.

• If the balance is insufficient, the transaction may result in an overdraft in your account, and you may be charged unexpected fees by the bank.

• Checking beforehand helps you avoid the risk of transaction rejection or incurring additional costs.

Verify balance when transferring money at the counter.

• If you're transferring money directly at the bank and aren't sure if your account has enough funds , ask the teller to check before processing the transfer.

• This is a simple but essential step, especially when transferring large sums of money or close to payday.

Actively choose a suitable date for transferring money.

• If you 're about to receive your salary but the money hasn't arrived in your account yet , you can:

  • Ask the bank to schedule the money transfer for a specific date.

  • Choose a transaction processing date after the funds have been credited to the account.

• When processing the transaction, the teller will usually ask for the date you wish to send the money ; please confirm clearly to avoid transferring it earlier than planned.

Step 4: Bring the necessary documents when transferring money at the bank.

Prepare your identification documents and bank cards.

• When going to the bank to transfer money from one bank to another , you need to bring:

  • Photo identification such as a valid Citizen Identification Card/National Identity Card, passport, or driver's license.

  • The bank card being used to transfer money

• This is a basic requirement for banks to verify identity and ensure transaction security.

Check the bank's requirements beforehand.

• Each bank may have different regulations regarding the required documents.

• If you are unsure, you should:

  • Call the branch directly.

  • Alternatively, check the information on the bank's official website.
    This helps you avoid wasting time traveling and not being able to complete the transaction.

Conduct transactions at the counter.

• When it's your turn, clearly tell the teller that you want to make a bank transfer or an interbank transfer .

• Some banks only allow in-person money transfers at the counter when the sender is present , especially for quick transfers or large sums of money.

Step 5: Complete the bank transfer form correctly.

Fill in all the information on the money transfer form.

• The teller will give you a bank transfer form to fill out with your information.

• You need to fill in clearly:

  • Recipient's account and bank

  • Amount to be transferred

  • Date of money transfer (on the same day or as scheduled)

• After you confirm, the teller will enter all the data into the system and proceed to process the money transfer order.

Time it takes for the money to arrive in the recipient's account.

• Typically, transferring money from one bank to another takes approximately:

  • It takes 1-3 business days for the money to be credited to the recipient's account.

• Transferring money within the same country is usually faster than transferring it internationally.

• If you transfer money between two accounts at the same bank , the funds can be deposited almost immediately .

Check for any incurred transfer fees.

• After the transaction is complete, you should check your account balance:

  • The sending bank may charge a transfer fee.

  • The receiving bank may also deduct an additional fee.

• These fees vary depending on the bank and the method of money transfer (in-person or online).

Part 2: Instructions for online money transfers via Internet Banking

Step 1: Make sure you have registered for Internet Banking before transferring money.

Check online banking access permissions.

• To transfer money from one bank to another online , you need an Internet Banking or Mobile Banking account.

• This is a mandatory requirement because all transfer transactions are performed directly through the online banking system.

Register for Internet Banking if you don't already have it.

• If you haven't used Internet Banking yet, you can:

  • Go directly to the bank branch to register.

  • Alternatively, you can register directly on the bank's official website/app (depending on the bank).

• The registration process is usually quick, requiring only verification of personal information and account details.

Benefits of transferring money via Internet Banking

• Transfer money quickly, without needing to go to a bank branch.

• Conduct transactions anytime, anywhere , even outside of business hours.

• Easy:

  • Check balance and transfer history.

  • Manage cash inflows and outflows.

  • Set up recurring money transfers or save familiar recipients.

Step 2: Prepare the recipient's account information when transferring money online.

Gather the necessary information to make a transfer via Internet Banking.

• When transferring money online from one bank to another , you only need to prepare some essential information because the system has already verified the sender's identity.

• The information typically includes:

  • Recipient's account number

  • Bank code/routing code

    • ABA routing number if transferring money to a bank in the US.

    • Sort code if transferring money in the UK

• This is crucial data for banks to properly direct the flow of funds to their intended destination.

Add content or reference code to the transaction.

• Many banks allow (or require) the inclusion of a transfer description so that the recipient can easily identify the money.

• You should write concisely and to the point, for example:

  • "Utilities bills"

  • "Split the rent"

  • "Pay the bill"

• Clear content helps avoid confusion, especially when the recipient receives multiple payments at the same time.

Note regarding security verification when transferring money

• Some banks, particularly in the UK, require the use of a card reader when:

  • Transfer money to a new recipient.

  • Execute high-value transactions

• In this case, you need to have the following prepared:

  • Bank card

  • The authentication device corresponds to the account.

Step 3: Make a secure money transfer via Internet Banking.

Make a money transfer via your bank's website/app.

• After you have all the recipient's information and are logged into Internet Banking, follow these steps:

  • Access the money transfer section or transfer money from one bank to another.

  • Enter the recipient's account number and bank code (if applicable).

  • Enter the amount to transfer and the transaction processing date.

  • Confirmation via OTP, biometrics, or the bank's security method.

• The system will process the transaction according to the time you have selected.

Please double-check the information before confirming.

• Before clicking confirm, please double-check all the information :

  • Recipient's account number

  • Beneficiary name

  • Amount transferred

• Just one incorrect character entered in the account number can cause money to be transferred to the wrong account and will not be refunded .

Take immediate action if any incorrect input is detected.

• If you suspect you have entered incorrect information:

  • Contact the bank immediately via their hotline or the nearest branch.

  • Request that the transaction be stopped or canceled as soon as possible.

• The faster the response time, the higher the processing capacity.

Beware of fake invoices and payment requests.

• Currently, there are many cases of fake invoices and money transfer scams .

• Before transferring money, please check carefully:

  • Recipient's identity

  • Business information, account number, payment details

• Once the money has been transferred, getting it back isn't always possible .

Step 4: Consider transferring money via email or phone number.

Learn about methods for transferring money without needing an account number.

• Currently, many banks have implemented money transfer services via email or phone number , making it easier to transfer money from one bank to another .

• Instead of entering the full account number and bank code, you only need the recipient's contact information.

How money transfers via email/phone number work.

• You enter:

  • Amount to be transferred

  • Recipient's email or phone number

• The banking system will:

  • Send an email or text message notification to the recipient.

  • Instruct the recipient to confirm receipt and receive the money according to the bank's procedure.

• Recipients can link their bank accounts to receive money quickly.

Benefits and considerations when using

• Convenient, easy to use, suitable for people who don't remember long account numbers.

• Reduce the risk of entering the wrong account number.

• However, you need:

  • Make sure the recipient's email address or phone number is correct.

  • Check if both banks support this service.

Part 3: International money transfers via bank: fees and notes

Step 1: Understand the costs involved in bank transfers, especially international transfers.

Identify all possible fees that may arise.

• When transferring money from one bank to another , especially when transferring money internationally, you may be subject to the following:

  • Direct money transfer fees are charged by the sending bank.

  • Intermediate bank fees (if any)

  • Bank fees received

• In addition to "visible" fees, there are also hidden costs from exchange rates , which are often difficult to notice without careful comparison.

Be wary of exchange rates and fee offers.

• Some banks or services advertise low or free money transfer fees , but in return:

  • Applying uncompetitive exchange rates.

  • The actual exchange rate difference may be much higher than the fees you save.

• Therefore, don't just look at the transfer fees, look at the total amount the recipient actually receives .

Be proactive in seeking information, but be realistic.

• If you don't want to open new bank accounts or use other services, you often find it difficult to completely avoid these fees .

• However, knowing the costs beforehand helps you:

  • Proactively calculate the amount of money to be transferred.

  • Avoid surprises when additional fees are deducted after a transaction.

Transaction processing costs and speed

• Similar to domestic money transfers, if you need the money to arrive faster , banks usually:

  • Providing express delivery services.

  • It comes with higher fees.

• Consider the time it takes to receive the money and the associated costs to choose the most suitable option.

Step 2: Prepare additional information when transferring money internationally.

Gather all necessary data for international money transfers.

• When transferring money from one bank to another abroad , in addition to basic information like domestic transfers, you need to prepare specific data for international transactions.

• Missing or incorrect information can cause transactions to be delayed, returned, or incur additional fees.

Required information for international money transfers

• Complete recipient information and bank account details (such as for domestic transfers).

• The BIC code (Bank Identifier Code) , also known as the SWIFT code.

  • This is the bank identifier in the international payment system.

  • Ensure the money is transferred to the correct bank and country.

Information from both sides of the account.

• You may need:

  • Recipient 's SWIFT/BIC code

  • In some cases, this includes your own bank code.

• This information is usually available on:

  • Official website of the bank

  • Account statement

  • Or provided directly by the bank/teller.

Step 3: Make an international money transfer directly at a bank branch.

You should go to a branch if it's your first time transferring money abroad.

• If you 've never transferred money from one bank to another overseas , the safest and easiest way is to go directly to a bank branch.

• Bank employees will:

  • Step-by-step guide to the international money transfer process.

  • This will tell you exactly what information you need to prepare.

  • This helps you understand how to perform the transfer in the future.

SWIFT/BIC code lookup is supported.

• In case you don't know your SWIFT/BIC code :

  • The bank can help you check the information right at the counter.

  • This guide will also help you:

    • How to find your SWIFT code on your statement

    • Or check your Internet Banking for future transactions.

• This will help you avoid mistakes when transferring money online yourself later.

The benefits of live trading.

• Even with clear explanations, financial and banking terms often become confusing.

• It's easy to ask questions and confirm information immediately.

• Suitable when:

  • First time sending money internationally

  • Transfer large sums of money

  • Not yet confident with online operations or technical jargon.

Step 4: Transfer money internationally via Internet Banking

Check if your bank supports online international money transfers.

• Log in to your Internet Banking or Mobile Banking.

• Go to the money transfer section and find the option for international money transfer or sending money abroad.

• The system will clearly display:

  • Information required for the recipient's bank account.

  • Conditions and scope of countries eligible for support
    You should double-check this section beforehand to make sure your bank allows online international money transfers .

Make sure you have all the recipient's information ready before proceeding.

• Typically, you will need:

  • Recipient's account number

  • Name and address of the receiving bank

  • SWIFT/BIC code

• Being well-prepared helps to speed up the process of transferring money from one bank to another overseas and minimizes data entry errors.

Choose the appropriate amount and transfer speed.

• When making a transaction, you will have the option to choose:

  • Amount to be transferred

  • Time it takes for money to arrive in the recipient's account.

• Note:

  • The faster the transfer, the higher the transfer fee.

  • Standard shipping is cheaper but takes longer to process.

• The system will display options for you to consider before confirming.

Proactively control costs and time.

• Each money transfer option will come with:

  • Different fees

  • Processing times vary.

• Prioritize the option that best suits your needs , rather than simply choosing the quickest solution.

Step 5: Consider using a money transfer service.

Learn about interbank money transfer services.

• Besides traditional banks, there are now many companies specializing in international money transfers , such as Western Union .

• Advantage:

  • Fast money transfer

  • No need to open a bank account.

  • Suitable when the sender or recipient finds it inconvenient to use a bank.

• However, the costs are often high and the level of protection offered is not always comparable to that of banks.

Understand the risks and the level of protection.

• Money transfer companies typically:

  • Managed under a different mechanism than banks.

  • There is a lower level of user protection in some cases.

• If the supplier is experiencing financial difficulties, your money may be less secure than if it were deposited in a bank.

Research carefully before use.

• Before deciding to use a money transfer service:

  • Check reputation and business history.

  • Verify that the entity is registered and regulated by the financial authority in the country of origin.

  • Compare fees, exchange rates, and money transfer times.

Choose a familiar intermediary service.

• You can also use intermediary platforms like PayPal :

  • Convenient for personal transactions and e-commerce.

  • Suitable for small, frequent money transfers.

• However, transaction fees and exchange rates should still be considered.

Contact the bank if you are unsure about the money transfer request.

Take the initiative and ask the bank directly.

• If you are unsure about the information or procedures needed to transfer money , please contact us directly:

  • Bank branch

  • Customer service hotline

  • Or the bank's official support channel.
    Asking questions beforehand helps you avoid mistakes , prevents multiple trips, and reduces the likelihood of rejected transactions.

Be wary of money transfer scams.

• Some common types of scammers include:

  • Sending counterfeit checks or counterfeit certified checks.

  • Then they will ask you to refund a portion of the money via bank transfer.

• Wire transfers are a common method exploited in scams because:

  • Fast speed

  • Difficult to retrieve after it has been sent.

Do not transfer money to strangers when buying or selling.

• Be especially careful when:

  • Transferring money to buy goods for a friend you don't know.

  • Transactions outside of platforms with buyer protection mechanisms.

• Always verify:

  • Seller's identity

  • Authenticity of invoices and payment documents

Understand the risks of not being able to get a refund.

• In most cases, once a bank transfer is successful, the transaction is irreversible .

• Therefore, before confirming:

  • Double-check the recipient's information.

  • Ensure the purpose of the money transfer is clear and legitimate.

References

1. https://www.moneyhelper.org.uk/en/everyday-money/
   banking/making-phone-or-online-transfers?source=mas
2. https://www.barclays.co.uk/help/payments/
   payment-information/online-timings/
3. https://www.barclays.co.uk/help/
4. https://www.bankofamerica.com/onlinebanking/
   education/ways-to-send-money.go
5. https://www.nationwide.co.uk/support/security-centre/
   internet-banking-security/card-reader-and-security-questions
6. https://www.financial-ombudsman.org.uk/publications/
   technical_notes/wrong-account-payments.htm
7. https://www.moneysavingexpert.com/news/2014/04/
   sent-money-to-the-wrong-bank-account-youll-soon-get-more-help-getting-it-back/
8. https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

Translated by: Sidney Bailey Hoang .