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.
- 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.
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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 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.
