How do bank transfers work?


Quick Answer

Bank transfers allow for the movement of money from one account holder to another. Initially, such transfers were only carried out in banks but the rise of Internet banking has seen people being able to make the transfers themselves through Internet banking.

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Full Answer

Generally, bank transfers are regarded as one of the safest ways of transferring money. The amount of time taken during bank transfers is dependent on the amount of money being transferred and the method used to make the transfer. An individual transferring money between two different accounts held in the same bank typically take less time compared to an individual transferring a huge amount of money to an account held by a different bank. During the transfer, the sender must have important details relating to the transfer in addition to the identification details. If the transfer is made to a different account holder, the sender must have the name of the recipient, the account number and a code that identifies the recipient. However, Internet bank transfers are relatively easier. Under Internet bank transfers, the sender is not required to have any identification documents and the transfer occurs instantly. This implies that the recipient is able to receive the money sent into their account in real time.

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