how to transfer money from one bank to another

To transfer money from one bank to another, follow these general steps:

1. Obtain the recipient's bank details, including their account number, sort code, and account holder's name. For international transfers, you may need additional info like IBAN and SWIFT/BIC codes.
2. Use your bank’s online banking platform, mobile app, phone banking, or visit a branch.
3. Choose the option to make a payment or transfer.
4. Enter the recipient's bank details and the amount to transfer.
5. Confirm the transfer details and authorize the payment.
6. The transfer time depends on the transfer type and banks involved, but many domestic transfers are instant or completed within a few hours.

Different payment schemes like Faster Payments, BACS, CHAPS (for larger amounts), or wire transfers (for international) may be used depending on your requirements and location. Transfers within the same bank are usually instant and unlimited. Banks may require verification steps for new payees such as biometric verification or card readers. Always ensure you have sufficient funds in your account before initiating a transfer. This is a safe and standard procedure to move funds electronically without handling cash.