How to Send Money Using Internet Banking

Many banks now provide extensive services to their customers via online banking. Transferring money online can be used to complete common transactions such as paying bills and rent. Online banking can also be a convenient and secure alternative to cashier’s checks and money orders for immediate payments. Once you have an online account with your bank, it is simply a matter of understanding the options your bank provides for online money transfers and determining which one is appropriate for your transaction.

Method 1 Preparing to Transfer Funds Online

1. Sign up for Internet banking. If you have a current account with a bank that offers online or mobile banking, sign up for one if you are not already registered. Go to your bank’s website and type in “online banking” or “internet banking.” Set up an account by following the instructions. These will differ slightly from bank to bank, but in general, you will be asked to:

Please include your email address and/or phone number.

For your account, create a username and password.

Some banks may provide you with a username and password.

2. Access your online banking account. Once you’ve signed up for online banking and created an account, you’ll need to log in every time you want to send money via Internet banking.

3. Find the transfer function. After logging into your Internet banking account, navigate to the section for sending money. There should be a tab or section in your account interface labelled “transfers,” “send money,” or something similar. If you can’t find it, try searching for these terms or contacting your bank’s customer service department.

4. Choose the type of transfer you want to make. General transfers (to an account you own or to another recipient’s account), wire transfers (typically for larger sums of money), and transfers sent abroad are all common types of transfers available through Internet banking (which need additional information). The Internet banking interface of your bank will allow you to choose from the options available to you.

5. Make certain that you are aware of any transfer fees. Fees for sending money via Internet banking vary by bank and may depend on the type of transaction. Many banks, for example, will not charge a fee to transfer money between accounts or to send money to another customer of the same bank, but may charge a fee to send money abroad via wire transfer.

6. When using Internet banking, use caution. Banks take numerous precautions to ensure the security of their customers, particularly when it comes to Internet banking. Many banks also offer a no-fraud guarantee, which will reimburse you if you are the victim of fraud. You can help keep your accounts and transactions safe by doing the following:

1. Creating a secure password

Keeping your username and password private. Don’t scribble them down or save them to your phone.

When you have completed your transaction or need to leave your computer unattended, log out of your Internet banking account.

Don’t send money to people, companies, or organisations you don’t know or can’t verify.

Regularly checking your balance and transaction history, and notifying your bank of any suspicious activity.

Method 2 Sending General Transfers

1. Choose a recipient for your funds. Once you’ve logged in to your Internet banking account and chosen the transfer option, you’ll need to enter the account information of the person or entity to whom you want to send money. This usually includes the recipient’s bank account number and routing number.

Many banks will allow you to transfer funds to another of your own accounts by simply selecting that account (from a dropdown menu, for example).

If you are unsure of the correct account number or routing number to use, contact the recipient.

Some banks will let you send money using only the recipient’s email address or mobile phone number.

Many online banking services will allow you to save the information of a recipient in your account. If you frequently send money to that recipient, this can save you time.

2. Enter the amount you want to send. Make sure you have enough money in your account to cover the amount you want to send. Keep in mind that recently deposited funds may take some time to appear in your account.

3. Choose when you want the transfer to take place. You will be prompted to choose when you want to send your money by using a dropdown menu or entering a date and time. Typically, you can request that a transfer be completed immediately or at a later date and time. In many cases, you can also make a specific transfer recurring (such as to pay a monthly bill).

Many banks will set a transfer time of immediately or the next day as the default, so check and change this if necessary.

4. Examine your transfer information and confirm the transaction. After you’ve decided on the type of transfer you want to make and entered all of the necessary information, you should go over the specifics of your transaction. Check that everything looks correct (recipient information, amount of money, etc.) before clicking to complete the transfer transaction. Normally, your bank will notify you of the transfer via the Internet banking interface, email, or text message.

Method 3 Sending Money as a Wire Transfer

1. Understand the wire transfer guidelines. If you need to send a large sum of money, a wire transfer, which is a method of sending funds electronically, may be an option. You might be able to request a wire transfer from your Internet banking account.

Wire transfers are typically subject to fees. For more information, contact your bank/transfer service or visit its website.

2. Choose a recipient for your funds. Once you’ve logged in to your Internet banking account and chosen the wire transfer option, you’ll need to enter the account information of the person or entity to whom you want to send money. This usually includes the recipient’s bank account number and routing number.

You may be asked to enter additional information, such as a SWIFT (Society for Worldwide Interbank Financial Telecommunication) Code, depending on the bank or wire service you use. If you can’t find the information you’re looking for, contact your institution’s customer service department.

3. Enter the amount you want to send. Make sure you have enough money in your account to cover the amount you want to send. Keep in mind that recently deposited funds may take some time to appear in your account.

4. Choose when you want the transfer to take place. You will be prompted to choose when you want to send your money by using a dropdown menu or entering a date and time. Typically, you can request that a transfer be completed immediately or at a later date and time. In many cases, you can also make a specific transfer recurring (such as to pay a monthly bill).

Many banks will set a transfer time of immediately or the next day as the default, so check and change this if necessary.

5. Examine your transfer information and confirm the transaction. After you’ve decided on the type of transfer you want to make and entered all of the necessary information, you should go over the specifics of your transaction. Check that everything looks correct (recipient information, amount of money, etc.) before clicking to complete the transfer transaction. Normally, your bank will notify you of the transfer via the Internet banking interface, email, or text message.

Method 4 Sending Money Abroad

1. Obtain an IBAN (International Bank Account Number). An IBAN assigns a unique identifier to your bank account so that it can be used internationally. If you don’t have an IBAN or don’t know how to create one, contact your bank’s customer service department.

2. Choose a recipient for your funds. You must enter the account information of the person or entity to whom you wish to send money. This usually includes the recipient’s bank account number and routing number.

You may be asked to enter additional information, such as a SWIFT (Society for Worldwide Interbank Financial Telecommunication) Code, depending on the bank or wire service you use. If you can’t find the information you’re looking for, contact your institution’s customer service department.

3. Select the currency that you want to use. Many banks allow you to send money overseas in either your home currency or the currency of the recipient’s country.

If you choose to send money in the currency of your recipient’s country, your bank will usually use a current rate based on currency exchange markets and notify you of this rate before you complete your transaction. This is a good option if you need to send a specific amount in the recipient’s currency.

If you choose to send money in your home currency, the recipient’s bank may set the exchange rate. This is a good option if you want to know exactly how much money will be deducted from your account in your local currency.

4. Enter the amount you want to send. Make sure you have enough money in your account to cover the amount you want to send. Keep in mind that recently deposited funds may take some time to appear in your account.

5. Choose when you want the transfer to take place. You will be prompted to choose when you want to send your money by using a dropdown menu or entering a date and time. Typically, you can request that a transfer be completed immediately or at a later date and time. In many cases, you can also make a specific transfer recurring (such as to pay a monthly bill).

Many banks will set a transfer time of immediately or the next day as the default, so check and change this if necessary.

6. Examine your transfer information and confirm the transaction. After you’ve decided on the type of transfer you want to make and entered all of the necessary information, you should go over the specifics of your transaction. Check that everything looks correct (recipient information, amount of money, etc.) before clicking to complete the transfer transaction. Normally, your bank will notify you of the transfer via the Internet banking interface, email, or text message.

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