What details are needed for a bank transfer?

This article includes tips, suggestions and general information. We recommend that you always do your own research and consider getting independent tax, financial and legal advice before making any important decision.

Details needed for a bank transfer

Individuals may need to include the following details to make a bank transfer:

• Transfer amount: The amount to be sent in British pounds and pence, or in foreign currency if transferring overseas.
• Account name: The name of a person or business to send funds to.
• Sort code: This is a six-digit number that details the individual bank branch where an account was first opened. Digital-only banks normally have one standard sort code for all accounts.
• Account number: This is a seven- to eight-digit number that can relate to different kinds of transactions or saving accounts.
• IBAN: This international bank account number provides overseas banks with the payee’s bank account number, sort code, and information to identify their bank and its country of origin. IBANs can typically be found on a person’s bank statement.
• SWIFT/BIC: Individuals may only need these details when sending or receiving funds from an international account.
• Payee address: Some banks require the address of the person or business funds are being sent to.
• Payment reference: The person making the transfer can also add further information in the reference field, such as their name, invoice number, or reason for the transfer.

How domestic and international bank transfers work

Here's how a typical bank transfer happens:

1. A person logs on to their bank using its website or mobile app or visits their bank branch.
2. At a branch, the person would typically need to bring their ID and proof of address for verification.
3. They choose the bank transfer or pay bill option (or tell the bank branch employee).
4. They specify the amount, account name, sort code, account number, and reference.
5. If sending overseas, the payer will also need to add the SWIFT/BIC details, an IBAN, and often the payee's business or residential address.
6. At this stage, there may also be an option to convert British pounds into foreign currency to pay the recipient overseas.
7. Once the payment is submitted for a domestic bank transfer, funds will clear into the recipient's account within a few hours. Domestic banks using the UK’s Faster Payment System may be able to enable real-time payments of up to £1 million.¹

Common mistakes to avoid during bank transfers

Checking details at every step of the process can help to ensure funds land in the right bank account. Common mistakes with bank transfers include:

• Entering an incorrect payment amount
• Omitting or misspelling the account name
• Getting the bank account number wrong
• Mismatching the sort code and account number
• Getting the SWIFT/BIC or IBAN wrong

Potential tips to increase the security of bank transfers

Consider the following steps to help ensure bank transfers remain secure:

• Double-check emails, calls, texts, and letters that claim to be from a bank.
• Install and regularly update anti-virus software on desktop, laptop, or tablet computers.
• Carefully enter payee details and check every field before approving bank transfers.
• Avoid using online, mobile, or app banking while on public Wi-Fi.
• Create a strong online and mobile banking password.
• Turn on two-factor or multi-factor authentication.

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