In the United Kingdom (UK), bank transfer is the most commonly used method to transfer money locally. The recipient will received the fund transferred instantly if funds are transferred within the same bank. In the case of money being transferred between a different bank, the recipient will receive the money before the end of next working day.
Bank transfer can be made either by visiting the bank’s branch, through ATM or via internet banking. To make bank transfer locally within UK, you will need the recipient name, bank name, account number and Sort Code corresponding to the recipient bank. Sort Code is a six digits code identifies both the bank, and the branch where the account is held. It is very important to have a correct Sort Code to ensure the recipient received the money as soon as possible.
For international fund transfer to the UK, swift code is also needed on top of recipient name, bank name, account number and sort code corresponding to the recipient bank. International fund transfer to UK may take approximately between 1 to 3 days.
Wire Transfer is also commonly known as Foreign Telegraphic Transfer in some countries. Wire transfer is a type of electronic fund transfer (EFT). It is considered one of the safest ways to transfer funds to other countries, especially for a large amount of money.
In order to successfully make a wire transfer to another country, you will need to get some information from the recipient. The required information is the recipient details such as name, address, and contact number. Recipient banks information such as bank name, bank location & address, account number and swift code are also needed. Please remember that bank swift code is very important for wire transfer.
To perform wire transfer, you have to visit your bank and there will be a fee to the transaction. Some banks, especially the large banking corporation, offer wire transfer through their internet banking. The advantage of wire transfer through internet banking are you will be able to do it at the comfort of your home or office without visiting the bank. Sometimes, the fees are cheaper too.
All you have to do is completing the wire transfer form & pay the fee. The recipient should be able to receive the money within 1 to 3 days time.