Electronic Bank Transfer

People who wish to transfer money may be able to complete an online bank transfer. Such a transfer is facilitated through the use of an Internet banking platform. In order to send an online bank transfer only the person sending the money requires an online banking function.

The majority of major banks within the UK offer free online banking and therefore online bank transfers are quick and simple. In order to send money to a recipient the details which are required are the recipients name, their bank account number and their bank sort code. This information will allow sums of money to be transferred.

An online transfer should be successful as long as the sender has enough funds within their account in order to cover the amount of the transfer. If the sender does not have enough liquid cash within their bank account but has an overdraft facility then this will be used in order to send the money.

How long an online transfer will take depends on where the money is being sent and to which financial institutions. When an online bank transfer is completed where the sender and recipient are with the same bank the transfer will occur instantly. An online transfer is also likely to happen instantly between any UK banking institutions.

Online bank transfers are regarded as one of the safest ways of transferring money and it is also one of the quickest methods. Such a method can be used to pay bills and to set up regular money transfers to other accounts or people