How to make a bank transfer

Making a bank transfer is one of the most common ways to move money. Whether you need to pay a bill, send money to family, or fund a savings account, understanding how to make a bank transfer securely gives you full control over your finances.

If you are wondering how to transfer money to another bank account, the process is straightforward using digital banking.

Here is how to make a bank transfer using an app or online banking portal:

1. Log in to your digital banking platform safely using your details and password, or a biometric login using your fingerprint.
2. Navigate to the payments section and select the option to set up a new bank transfer.
3. Enter the payee's exact details (name, sort code, and account number).
4. Enter the amount you wish to send.
5. Double-check all information, then authorise the payment to send the money.

You may be asked some additional questions, such as the purpose of the funds, which is to ensure your security and reduce the risk of falling victim to a scam. If you’re confident about the transfer and the details of the recipient, you can authorise the transfer. 

Moving your money into a dedicated savings account may help your deposits grow. The process is very similar to a standard bank transfer between everyday transactional accounts.

To fund your savings account, follow these steps:

• Locate your savings account details: Log in to your savings platform, or check your account documentation to find your unique savings account number and sort code. For a Raisin Transaction Account, these details are provided as soon as your registration is complete.
• Log in to your current account: Access your everyday banking app or online portal where your primary funds are held.
• Set up a new payment: Select the option to make a bank transfer and enter your savings account details as the recipient.
• Choose your transfer type: For a one-off deposit, a single money transfer via Faster Payments is usually quickest. If you want to build a regular savings habit, you can set up a standing order to automatically transfer a set amount each month.
• Confirm and review: Verify the details carefully before approving the transaction. Once authorised, your funds will move to your savings provider to begin earning interest.

Transferring money to your Raisin Transaction Account, and onto savings accounts with our partner banks, is secure and simple, so you can set up a new home for your savings and manage them conveniently. 

In the UK, the speed of a bank transfer depends on the payment network used by your provider. These are the main options:

• Faster Payments: Most online and mobile transfers use this system, meaning the funds typically arrive in seconds, though they can take up to two hours.
• CHAPS: Used for high-value transactions like buying a house, this option ensures same-day delivery if completed before the bank's cut-off time.
• BACS: Often used for a direct debit or a standing order, BACS payments typically take three working days to clear.

The simplest method of transferring money is by learning how to make a bank transfer online or via your smartphone app. Mobile banking allows you to safely input details and authorise payments in minutes, from anywhere.

Most high-street banks still allow you to instruct a bank transfer over the counter, though digital methods are generally faster and more accessible.

If you accidentally send a bank transfer to the wrong account, you should contact your bank immediately. If the funds have already left your account, your bank will attempt to start a recovery process. They will contact the receiving bank to request the funds back. However, the return of your money is not guaranteed and often depends on the recipient's cooperation.

In the UK, most major banks now use a security system called Confirmation of Payee which means that incorrect transfers are less common. When you set up a new payee, this system checks that the name you entered matches the account details. If the details do not match exactly, your banking app will give you a warning before you authorise the payment.

Keeping your funds safe is a top priority when you learn how to make a bank transfer online. Criminals often try to intercept payments, so it’s vital to remain vigilant.

Follow these steps to ensure your money transfer arrives where it should:

• Double-check the details: Always verify the sort code and account number directly with the recipient, even if your bank uses Confirmation of Payee. A small typo can easily misdirect your funds.
• Use official channels: Only initiate a bank transfer through your provider’s official digital banking app or secure website portal.
• Heed security warnings: If your bank warns you that the payee details do not match, stop the transaction immediately. Contact the person or business on a trusted phone number to confirm their details.
• Beware pressure: Never authorise a payment if you feel rushed or panicked. A legitimate organisation, including your bank or Raisin UK, will never pressure you to move money urgently.

Once you know how to make a bank transfer, managing your savings with Raisin UK is simple. When you complete your registration for a Raisin Account, you can fund it easily via a standard bank transfer with no fees from Raisin UK.

Our platform streamlines the transfer process. You can seamlessly move funds from your nominated linked UK bank account to your Raisin Transaction Account, which can then be used to open savings accounts, notice accounts, or fixed rate bonds from our partner banks. You can also set up automatic transfers and savings plans.

At Raisin UK, your funds are protected up to £120,000 per bank and per depositor under the statutory Financial Services Compensation Scheme (FSCS). This ensures your money remains secure while you easily manage your deposits.