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What you need to know before transferring using a bank account

Bank account

Sending money using a bank account is a popular remittance method, as it is generally considered safe, reliable and convenient. To send money using a bank account, the sender will need to have a bank account themselves and the receiver will need to have a bank account as well. Here are the general steps to send money using a bank account:

  1. Set up an account: If the sender doesn’t already have a bank account, they will need to open one. Most banks offer online account opening, so this can be done easily from home.
  2. Add the receiver as a beneficiary: The sender will need to add the receiver as a beneficiary on their bank account. This is usually done by providing the receiver’s name, bank account number, and the name of the bank where the receiver holds their account.
  3. Initiate the transfer: Once the beneficiary has been added, the sender can initiate the transfer. This can usually be done online or through the bank’s mobile app. The sender will need to provide the amount they wish to send and confirm the details of the transfer.

 

Pros of using a bank account to send money:

  1. Safe and secure: Sending money through a bank account is considered to be one of the safest and most secure ways to send money.
  2. Convenience: Bank transfers can usually be initiated online or through the bank’s mobile app, making it a convenient way to send money.
  3. Cost-effective: Bank transfers can be cheaper than other methods, such as using a money transfer service.

Cons of using a bank account to send money:

  1. Transfer time: Bank transfers can take longer to arrive than other methods, such as using a money transfer service.
  2. Bank fees: Banks may charge fees for sending money, which can make this method more expensive than other options.
  3. Bank account requirements: To send money using a bank account, the sender and receiver must both have a bank account, which may not be feasible for some people.

Requirements

Bank account

The sender must have a bank account to initiate the transfer.

Sufficient funds

The sender must have sufficient funds in their account to cover the amount they wish to send, as well as any fees that may apply.

Beneficiary details

The sender must have the correct beneficiary details, including the receiver's name, bank account number, and the name of the bank where the receiver holds their account.