Bank Transfer

Bank transfer is a popular method of moving money between bank accounts. There is nothing complicated about a bank transfer and when expressed in the most basic form it is just a withdrawal from one account and a deposit to another bank account. If you were to do this at your local bank branch you might complete an account withdrawal form and an account deposit form. It would not be necessary for you to actually receive the money from the withdrawal because you would just hand it back to the bank teller for the deposit anyway.

The above example assumes a bank transfer between accounts at the same bank. You can also initiate a bank transfer between accounts at different banks just as easily. You need authority to make a withdrawal and the details of the bank account for the money to be deposited. If the accounts are with banks in the same country then it may also be known as a domestic bank wire transfer. The name wire transfer dates back to the early days of banking and seems to have lasted the test of time and changes in technology.

Bank transfers are easy to complete

Although the wire transfer fees may be higher and the time taken for the transfer to be a bit longer, you can also do international bank wire transfers. Much the same as a domestic bank wire transfer, just the money is going across borders. For this reason, some banks may need some more information. This can depend on the amount, the countries involved and government legislation with particular regard to know your customer or anti-money laundering laws.

All in all, bank transfers are easy to complete and can be done in person at a bank branch or, for most banks these days, online via the bank’s website. When doing it online, be sure to double check all the information before clicking the confirm button because it can be a bit difficult and time consuming to reverse transactions of you typed the account number or other details incorrectly.