Details Needed for a Bank Transfer
Making money transfers is more convenient with the help of digital platforms. Instead of walking to the bank to transfer money or taking out money to hand it to someone physically, you now only need to use the right online service to send money to Pakistan from wherever you’re located in the UK.
Your bank can assist you with a money transfer, whether it’s to your investment account abroad in the same bank or to a family member’s account in another bank. Learning what details are needed for a bank transfer and how it works will allow you to manage your finances and send money to loved ones in a highly efficient way.
What Details Are Needed for a Bank Transfer?
You can visit your bank or go on their website to facilitate a transfer to Pakistan. To complete money transfers securely and efficiently, your bank will require pertinent details.
Here’s the information you need to provide.
Recipient’s Name
What is the account name? The beneficiary’s name must be accurate.
The name on their account must be the name you provide the bank. If the spelling is incorrect or it’s missing a middle name, your transfer may be delayed because the bank has to verify details before confirming the transfer.
Bank Name and Address
Where is the recipient account held? You need to provide the bank name and address, ensuring the information is complete and accurate.
Account Number or IBAN
You can provide the recipient’s account number or the international bank account number, or IBAN. The IBAN identifies the specific bank and the recipient’s account number in the transfer. Every customer in a bank receives their own IBAN, so ask your recipient about theirs before initiating a transfer.
SWIFT Code
The IBAN specifies the bank account holder whereas the Society for World Interbank Financial Telecommunication or SWIFT code identifies the bank branch information.
Unlike the IBAN, which consists of 32 alphanumeric characters, the SWIFT code has existed far longer and consists of 11 alphanumeric characters.
What bank details are needed to receive money: IBAN or SWIFT?
Both verification methods are sometimes necessary to facilitate certain fund transfers. Your beneficiary will provide you with the IBAN and/or their bank’s SWIFT code.
The SWIFT code, however, is generally used more for financial institutions other than banks. These include:
- Corporate business houses
- Clearing houses
- Foreign exchange and money brokers
- Asset management companies
- Brokers
It’s not necessary to provide your bank with these details if you’re on the receiving side of a money transfer. The funds will be sent to your account, and you can withdraw the money as soon as they’re credited to your account.
What To Consider With International Bank Transfers
You have three ways to send money through your bank account. Before choosing a method, consider the timing, limits and cost.
Some banks transfer money faster than other banks but will have a limit on the amount you can send in a single transaction. Other banks are equally fast but may require a higher fee.
Here are the three methods to transfer money.
1. External and Internal Electronic Fund Transfers
Electronic transfers can be made with the same bank (internal), if your recipient has an account in the same bank as yours, and with another bank (external), if their account is in a different bank.
To do either type of transfer, you can go to your bank’s website or use their app.
You can set up your account to do recurring internal transfers, so you don’t have to keep doing the same transaction. With external transfers, you’ll need to have the other bank’s automated clearing house (ACH) routing number.
The ACH routing number is one of the necessary bank details for payment transactions, like:
- Payroll
- Bills
- Social security
2.Peer-to-Peer Transfer
Peer-to-peer (P2P) transfers use P2P apps, such as Paypal and Revolut. You can use these to transfer funds from your bank account quickly and easily. Although they tend to have low fees, not all P2Ps move the money you send to the recipient’s account.
Processing times and limits on how much you can send will vary.
3. Wire Transfer
When you need to send a substantial amount to a beneficiary, a wire transfer is an option. Different banks will have varying wire transfer fees. Unlike electronic transfers, wire transfers are only meant for external transactions.
A wire transfer typically takes two business days, with international transfers potentially taking longer. Your recipient may see the money in their account a day after the transfer, but it could take them a few more days before they can withdraw the money.
How To Transfer Money from Your Bank Account
When it comes to international money transfers, you’ll need more details than what’s required for domestic transfers. The process will vary with each bank or online payment service. But you will be given clear instructions on what details to give for a bank transfer and how to go about it.
In general, the process will look like the following:
- You log in to your account and choose the transfer service.
- Enter the beneficiary’s details, including their name, bank and account number and IBAN. If a SWIFT code is necessary, you also must fill in that information.
- Provide the amount you want to send and in what currency.
- Pay for the transfer. Using your account to pay may be more affordable than using a credit card.
- Confirm your transaction and track your transfer.
Alternatively, you could go to your bank branch and have someone assist you with the transfer. This may ensure that you don’t miss a crucial detail or enter incorrect information, both of which could delay your transfer.
Enjoy a Convenient, Easy Way To Send Money
A money transfer service, like TangoPay, provides a better way to send money from your bank to your loved ones.
With TangoPay, you can send money from the UK to Pakistan without transaction limits and with varying delivery options, from bank deposits to cash pickups. We offer a user-friendly interface and competitive rates, giving you an easy but safe way to send money.
Learn more about TangoPay and how we bring peace of mind to every money transfer you make today.
