bank transfer

How to transfer money to another bank account

Information verified correct on October 29th, 2016

Need to transfer money to another bank account in Australia? This step-by-step guide shows you how.

It wasn’t all that long ago that if you wanted to transfer money from your bank account into the account of a friend or relative, you’d need to join the queue at your local branch. However, thanks to the rise of online banking, sending a domestic money transfer from your bank account is now simple. You can do it all from the comfort of your own home and in a matter of a couple of minutes. Read on for a step-by-step guide on how to transfer money to another bank account.

Step-by-step guide to domestic transfers

Before you can transfer money online, you’ll need to make sure you’re registered for your bank’s Internet banking service. This is a simple process regardless of whether you’re a new or existing customer, so contact your bank for details on what you need to do to sign up.

Once that’s taken care of the process of sending a transfer to another Australian bank account is quick and easy.

How to transfer money to another account
  1. Log in to your Internet banking account.
  2. Select the “Payments” or “Payments and Transfers” menu.
  3. If required, select the “Transfer funds” or “Make a payment” option. You may also have the option to select “Transfer funds within Australia”.image00
  4. Select the account the funds will be transferred from.
  5. Select the account the funds will be transferred to. You will need to provide your recipient’s bank account details (name, BSB and account number) or, if you’ve transferred funds to the same account before, it may be saved in your Internet banking portal.
  6. Enter the amount you wish to transfer.
  7. Provide a description for your transfer.image01
  8. Review the details of your transfer and submit your payment.
  9. You will be given a receipt for the transaction and you’ll also have the option to automatically email a copy of the receipt to your beneficiary.

What bank account details do I need to send a domestic transfer?

You only need minimal details in order to send a transfer to someone else’s bank account. The only information your bank will require is:

  • Your recipient’s BSB (Bank State Branch) and account number
  • Your recipient’s name for the account.

Although the exact process for sending a domestic transfer will vary slightly from one bank to the next, you will typically have the option to either send a one-off transfer or save your recipient’s details for future transactions.

Why might I want to send a domestic transfer?

There are plenty of reasons why you might need to transfer money to another Australian bank account. These include:

Whatever the reason you need to send a transfer, it’s quick and easy to do so via your bank’s online banking portal.

Compare and open a bank account below

Rates last updated October 29th, 2016
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
HSBC Day to Day Transaction Account
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
Visa $0 $0 $0 monthly fees. No ATM fees at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Open More
ANZ Access Advantage
Apple Pay now available.
Unlimited transactions at ANZ ATMs, EFTPOS, Internet, Mobile and Phone Banking.
Visa $0 $2,000 No monthly account fee when you deposit at least $2,000 per month. Other fee waivers available based on your personal situation. Open More
AMP Access Account
An everyday transaction account with fee-free banking.
Visa $0 $0 Unlimited fee-free transactions at rediATMs, $0 transaction fees using BankNet, mobile banking and BankPhone. Open More
AMP Cash Manager
Ongoing, variable 1.50% p.a. when you link to an AMP Visa debit card and deposit $2,000+ each month. Available on the entire balance.
Visa $0 $2,000 No transaction fees and waived monthly fee when at least $2,000 is deposited. Open More
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply. Open More
Bankwest Easy Transaction Account
Pay no ATM fees at over 10,000 ATMs in Australia (conditions apply).
Mastercard $0 $2,000 Minimum deposit of $2,000 per month needed to waive the monthly account fee otherwise $6 monthly fee applies. No ATM fee applicable at Bankwest, CBA, NAB, ANZ, Westpac, St.George, BoM and BankSA ATMs in Australia. Open More
Westpac Choice
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
Mastercard $0 $2,000 No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Deposit at least $2,000 per month and enjoy no monthly service fee. Open More
St.George Complete Freedom Account
10% Cash back for online gaming purchases.
Waived account keeping fees when minimum deposit is met with no minimum balance.
Visa $0 $2,000 No account keeping fees, if you deposit $2,000 per month plus no minimum balance required. No ATM fees when using St.George, Westpac and BankSA ATMs. Open More
BankSA Complete Freedom Account
Open one in less than 5 minutes with Cardless Cash available.
Visa $0 $2,000 No monthly account keeping fees when you deposit at least $2,000 in the account each month. Free access to BankSA, St.George, Westpac and Bank of Melbourne ATMs. Open More
BankSA Express Freedom Account
Get Cardless Cash, free SMS and email alerts.
Visa $0 $1,000 Avoid ATM fees when using BankSA, St.George, Bank of Melbourne and Westpac ATMs. Avoid the monthly fee if you deposit $1000 into this account each month. Open More
Bank of Melbourne Complete Freedom
Get Cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts.
Visa $0 $2,000 No ATM fees when you use Bank of Melbourne, BankSA, St.George or Westpac ATMs. No monthly fees when you deposit at least $2000 into this account each month. Open More
Bank of Melbourne Express Freedom
Get Cardless Cash and PAYG branch and cheque services.
Visa $0 $1,000 No ATM fees when you use Bank of Melbourne, St.George, Westpac and BankSA ATMs. No monthly fees if you deposit $1000 into your account each month. Open More
BankSA Sense Everyday Account
Save and budget – get two accounts working together and save faster.
Visa $0 $2,000 Use over 3000 BankSA, St.George, Bank Of Melbourne and Westpac ATMs in Australia for free. Open More

Commonly asked questions about transferring money

How long do transfers take?

Transfers between Australian banks and financial institutions are typically processed within one business day.

Can I set up a recurring transfer?

Yes. Your bank will most likely provide the option of setting up a recurring transfer amount, for example, to take place every week, fortnight or month.

What information will appear on my recipient’s statement?

The information you enter into the “description” field when you lodge your transfer will appear on your recipient’s statement, so use this to enter details that will identify the transaction.

Can I send a transfer from my smartphone?

Yes. You should be able to access your bank’s website with your mobile, but many major banks also offer a dedicated smartphone app, which you can use to send transfers with a few taps.

Can I transfer money between my own accounts as well as to accounts with other banks?

Yes. You can use the “Payments and transfers” feature of your online banking account to, for example, transfer funds between your transaction and savings accounts or pay off your credit card.

Can I use the “transfer money” feature to pay off my credit card?

Yes. You can use this feature to transfer money from a transaction or savings account to pay off your credit card.

Is there a maximum limit on the amount I can transfer?

Yes. Your bank will impose a limit on the maximum amount you can transfer to each recipient per day. However, you can apply to have this limit raised if you wish. There will likely also be a cumulative limit on the total amount you can transfer each day.

Can I cancel or change a transfer request once I have lodged it?

A payment request typically cannot be stopped or cancelled once it has been confirmed via your Internet banking account. However, you may wish to contact your bank about the possibility of initiating a recall or a trace.

What fees and charges apply to domestic transfers?

None. You will typically not have to pay any fees when you send a domestic transfer, but check with your bank for confirmation before submitting a transfer request.

Can I send money overseas?

Yes, you can send money overseas from your bank account. However, transfer fees and exchange rates apply to the transaction, so it’s worth comparing specialist online money transfer companies to see if you might be able to find a better deal.

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Tim Falk

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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