How to transfer money to another bank account
Need to transfer money to another bank account in Australia? This step-by-step guide shows you how to do it.
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You can easily transfer money to another bank account online in a matter of minutes. Here's an easy 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 or have the mobile banking app downloaded and ready to go. 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
- Log in to your Internet banking account or mobile banking app
- Select the “Payments” or “Payments and Transfers” or "Pay" menu option.
- Select the type of transfer you'd like to make, whether you'd like to transfer money between your own accounts or pay someone else's account.
- Select the account the funds will be transferred from (e.g. your everyday banking account or your savings account).
- 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 list of payees.
- Enter the amount you wish to transfer and write a description.
- Review the details of your transfer and submit your payment.
- Done! You will be given a receipt for the transaction and you'll also see the transaction in your transaction history.
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 or their PayID (learn what a PayID is and how to use it here).
- 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.
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Commonly asked questions about transferring money
How long do transfers take?
Transfers between Australian banks and financial institutions are typically processed within one to three business days. However, thanks to the NPP and real-time payments, a lot of banks are now offering instant payments between different accounts.
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.
How do I transfer money using a phone number?
PayID allows you to use your phone number or email address instead of your BSB and Account Number to receive money. If you want to send money to someone using their phone number, you first need to ask if they've got their phone number set up as their PayID for their bank account. If they do, simply select the 'Pay using PayID' option when making your transfer, and enter in their phone number. Their name will come up so you can confirm you've got the phone number correct before hitting send.
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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