The best way to transfer money from one account to another?

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edufly
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#1
Report Thread starter 17 years ago
#1
I hav recently set-up a student bank account with a rival bank. I'm just wondering how I would transfer a large sum of money from my previous account to my new student one...will I just have to write out a cheque and then pay it into my account at my new banks branch?? So the cheque will be addressed to me and signed by me!?


And I also intend on setting up a mini cash ISA as its a good idea to set away some savings whilst earning a decent bit of tax free interest (my student account interest is a lousy 0.1%). Anyone else set up an ISA aswell, how did ya find it?
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amexblack
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Writing a check to yourself will work. But wire transfer is easier, and less hassle. You will need the account name (presumably both in your name), the sort-code for the target account, and the account number for the target account. If you have online banking on the account from which you want to send the funds, you can usually do it online (Natwest, First Direct and Citigroup all allow you to do this). Otherwise a phone call or visit to your bank (the one from which the funds will be sent) is necessary.

You can do either a standard BACS transfer, or a CHAPS transfer. The former will take 3 days to complete, during which the money will be held by the bank and accruing interest for them (but there is no fee). The latter is a high-speed transfer, usually incurring a £20 fee - you will also have to pay the equivalent of 3 days interest. If the transfer is from two accounts at the same bank, the transfer is internal and should be instant with no charge.

If you tell the cashier or telephone you want to wire some money, they will assume a BACS transfer. Just tell them the account name, account number and sort code of the target account. All of these details should be on your cheque book (the sort code is 6 digits long, and is often in the form xx-xx-xx). The account number should be 8 digits long. The account name will be something like J J Bloggs.
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amexblack
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(Original post by Gnostic)
I think that CHAPS is actually £25 + VAT
It depends. Different banks charge different amounts - usually around £20. Amex pay for the CHAPS fee if I send money _to_ my amex account :P
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Chima
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if you bank online you may be able to do an electronic transfer. talk to ur bank about it
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amexblack
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I forgot to say, CHAPS is effectively same day. And if you have a nasty bank they may charge you even for plain-vanilla BACS transfers.
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_EMMA_
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(Original post by Chima)
if you bank online you may be able to do an electronic transfer. talk to ur bank about it
can you do that even when they are at different banks?
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amexblack
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(Original post by _EMMA_)
can you do that even when they are at different banks?
yes. An electronic transfer is an incredibly broad term -- those things that I mentioned are all forms of electronic transfer.
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_EMMA_
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#8
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(Original post by amexblack)
yes. An electronic transfer is an incredibly broad term -- those things that I mentioned are all forms of electronic transfer.
i use one, i didn't know that you could do all that. but i have all my accounts in the same bank so i haven't bothered to found out either.
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