Home Banking How To Transfer Money To A Person’s Bank Account Number

How To Transfer Money To A Person’s Bank Account Number

by Shivani Singh
Money Transfer

We need to transfer money from one bank account to another for so many times. Transferring funds or money from your bank account is much safer than withdrawing it and pays directly in cash. Besides, it is a free and fast transaction.  You can make the money transfer in different ways. Nowadays, online banking has made transferring money from one bank to another in easy and convenient way. Take a look at the ways to transfer money from your account to the bank account number of another person.

Know The Bank Account Number And Other Information

Some basic pieces of information are required to transfer money from your account to another person’s bank account number. Before making the transfer, it is important for you to ensure that your account has sufficient funds to make the transfer. The transaction may not be completed if your account does not have enough money. Some banks allow the overdraft facility, and you need to pay a fee if you complete the transfer even if there is not a sufficient amount in your account. In order to transfer the money, you need to know the account number of your bank and the name and account number of the person or business who is going to receive the money. You can get both your account and routing number of your bank from your cheque book.  The individual who transfers the money also must know the name and address of the bank where he sends it.

Know different types of money transfer

You can find different methods to make your bank transfer. Here are some of the common methods to transfer the money from your account to the bank account number of another person or business.

Online Bank Transfer

Transferring money from an account to another account is pretty easy in this digital world.  You can easily make payment to a person or transfer fund after login into your online account. What you need to do is to select the payment option and follow the instructions on your screen. You have to furnish all the details correctly to transfer the money.

Transfer Money Through Cheques

Issuing cheques is also a simple way to transfer money to another person’s account. You can write the name of the person or business and the amount to transfer money. However, it is not an advisable choice if you want to transfer the amount as quickly as possible. In this case, the money gets transferred after a few days to the receiver’s account.

In-Branch Bank Transfer

If you want to pay money to someone, you can visit any branch of the bank where the receiver holding the Bank Account Number and deposit it in cash.

You can find multiple ways to transfer money to a person’s account. It is safe, fast, and convenient to transfer money from one account to another be it yours or other people’s accounts through online transfer. You need to link your bank accounts if you want to transfer money from one of your bank accounts to another.

 

Read More:Why Is It Important To Keep The Minimum Balance In Your Bank Account?

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