bank transfer

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.

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 June 24th, 2017
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
ANZ Access Advantage
Apple Pay, Android Pay & ANZ Mobile Pay.
Take advantage of Apple Pay by linking your ANZ Visa Debit card to an eligible iPhone and seamlessly pay for purchases with your phone.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Go to site More
NAB Classic Banking
$0 monthly account fees.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
Bankwest Easy Transaction Account
Get up to $50 cash back per month for new customers (conditions apply).
Click on "More" to see full conditions.
Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $6 monthly fee applies. Unlimited free withdrawals at CommBank, NAB, ANZ, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site More
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 $0 account keeping fees when you deposit at least $2,000 into your account each month. Otherwise, a $6 monthly fee applies. Unlimited Free withdrawals at Bankwest and CommBank ATMs in Australia. Go to site More
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 account keeping fees. Unlimited free withdrawals at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site More
BankSA Complete Freedom Account
Cardless Cash available. Open one in less than 3 minutes.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at BankSA, St.George, Westpac and Bank of Melbourne ATMs. Go to site 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 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Go to site More
BankSA Express Freedom Account
Get Cardless Cash, free SMS and email alerts.
Visa $0 $1,000 $0 account keeping fees when you deposit at least $1,000 into your account each month. Otherwise, a $3 monthly fee applies. Unlimited Free withdrawals at BankSA, St.George, Bank of Melbourne and Westpac ATMs. Go to site 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 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at St.George, Westpac, Bank of Melbourne and BankSA ATMs. Go to site 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 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at Bank of Melbourne, St.George, Westpac and BankSA ATMs. Go to site More
Bank of Melbourne Express Freedom
Get Cardless Cash and PAYG branch and cheque services.
Visa $0 $1,000 $0 account keeping fees if you deposit at least $1,000 per month. Otherwise, a $3 monthly fee applies. Unlimited free withdrawals at BankSA, St.George, Westpac and Bank of Melbourne ATMs. Go to site 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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