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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.
You can easily transfer money to another bank account from the comfort of your own home and in a matter 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
- Log in to your Internet banking account.
- Select the “Payments” or “Payments and Transfers” menu.
- If required, select the “Transfer funds” or “Make a payment” option. You may also have the option to select “Transfer funds within Australia”.
- Select the account the funds will be transferred from.
- 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.
- Enter the amount you wish to transfer.
- Provide a description for your transfer.
- Review the details of your transfer and submit your payment.
- 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:
- Transferring money to a friend or loved one
- Buying goods or services
- Paying a bill
- Paying the rent
- Paying off your credit card
- Transferring funds from your everyday transaction account into your savings account
Whatever the reason you need to send a transfer, it’s quick and easy to do so via your bank’s online banking portal.
Commonly asked questions about transferring money
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