How do I transfer money between two different banks? (English people please!)?


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Hey, wondering if any finantial boffins can tell me a way to transfer money. I have an account with Natwest bank and an account with Lloyds TSB. What is the easiest way to transfer money from my Natwest account to my Lloyds account?

Thanks!


Banks in English, IN



Answer (10):

 
Sua

You can either do this by setting up a direct debut or a standing order. Both of these methods use BACS system, basically it takes 3 working days for the funds to be taken from one account and credited to the second.

Contact your bank and ask them to set up a direct debit or a standing order so you can transfer funds from this account and credit it to your external bank account.

Another option is to use the CHAPS system, the funds are transferred from one acc to the other within a few seconds, but there is usually a £20 charge. This option is only normally used when you transfer large sums of funds, say if you was buying a house or expensive car.

 
Tamsin D

I concur with Sua. It all depends on why and how often you wish the transaction to be made. A standing order is appropriate if the transaction is regular eg once a month on @ the same date AND for the same amount. With a standing order, however, you have control so that only you can alter details such as dates and amount. Direct debits are in control of the payee (the person who is getting the money) though if its a company then they are requied to give you reasonable notice of any change.
With a telegraphic transfer your bank will automatically send the funds from one bank to another but will charge a fee (min @ £20 depending upon bank) but the funds are cleared for immediate use. If you dont need cleared funds then a cheque drawn on one bank account can be paid into another not forgetting that if it is cash then it will be cleared if paid in at the bank counter or automatically transfered.

 
Jeff J

Telephone Banking
Internet Banking
Debit Card

 
EULALIE M

You may due a wire transfer buy phone from home from one bank to another you must know the sqew nummber" for the bank you are putting the funds in all it takes is getting in contact with both banks. also find out who charges the most for the service.to save your self some money .

If you do not trust the phone then write a check form one account to the other. But the money will not be avalable the sameday as a wire transfer.

 
Lilac Lady

There are a few ways. You can write a cheque from one account to the other, or just take the money out and pay it in the other, or you can set up a standing order, which takes money out of one account and puts it in another, this can be set up for regular payments or a one off. Or you can do it by going into your bank and asking them to transfer it, or over the phone or on the internet. It's easy. Just phone Lloyd's and they will help you.

 
An

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RE:
How do I transfer money between two different banks? (English people please!)?
Hey, wondering if any finantial boffins can tell me a way to transfer money. I have an account with Natwest bank and an account with Lloyds TSB. What is the easiest way to transfer money from my Natwest account to my Lloyds account?

Thanks!

 
peggy*moo

Go in to your branch and they will be able to do it for you - you just need the Sort Code and Account Number (and possibly address of your branch) of the account in to which you want them to transfer.

The other option is to set up internet banking with them (if you account allows it) and then there will be a section online where you can do it yourself. They are pretty straightforward to use and generally have clear instructions.

 
Crystal

Hi it's called Bank Transfer. It can be done over the phone, over the counter or on the internet.

I bank on line, but you need to register. It's perhaps easier for you to go into the bank and do it. You'll need the person's name, bank name, sort code and account number.

 
barton_richard

You can make out a cheque and pay it from one bank to the other or provide your bank details to one bank and ask them to transfer the money to the other bank.

 
MissBehave

Get internet banking with Natwest and make yourself (Lloyds account) a beneficiary. Transfer online.