You can make a bank transfer to someone at the same bank as you, or at a different bank. They can also be used to send money internationally. It’s a safe and secure way to move money without having to handle cash.
Making a bank transfer is a normal part of managing your money and is very simple to do. You instruct your bank to make the transfer. The money then leaves your account and is sent by your bank. It will arrive directly in the account of the person receiving it.
There are 3 main types of bank transfer:
To transfer money to someone, you’ll need their bank transfer details, so your bank can send the money to the right place.
For BACS, CHAPS and Faster Payments within the UK, you’ll need the account number and sort code of the person you’re sending the money to. You’ll also need the person’s name as it appears on their account.
For international payments, you’ll need the IBAN or account number of the person you’re sending the money to. You’ll also need their address, as well as the bank code of the receiving bank, which will be a BIC or SWIFT code.
This depends on the type of bank account transfer you make, and where the money is going. Internal checks can also affect the time it takes for a bank transfer to be completed.
You can only transfer money if you have the balance available in your current accounts. You can send money up to your personal payment limit to friends and family. Payments to companies can be made up to £50,000, with higher limits available from Premier or Private Banking accounts. If you're under 18, the limit is £25,000.
If you need to transfer a larger amount, for example making a deposit on a house, you’ll need to make a CHAPS payment. This can be done over the phone, in a branch, or by post.
If you’re transferring money online to another one of your HSBC accounts, there is no limit to how much you can move.
Wire transfers and bank transfers are both ways of sending money from one bank account to another. While the end result is the same, the way it works is slightly different for each.
Bank transfers use a system called an Automated Clearing House for the transaction. Wire transfers use the SWIFT system.
A wire transfer can be used to transfer money internationally. Bank transfers are often used for everyday transactions.
