What info is required for bank transfers? A guide
Last update:
Bank account details help banks route payments into the correct account. However, the exact details you’ll need depend on what sort of transfer you’re making.
For example, for domestic transfers, you’ll only need your payee’s name, sort code and account number. On the other hand, sending international transfers via the SWIFT network means you’ll need to collect bank identification numbers (BIC) for both the sending and receiving banks.
In this article, we outline the details you need to make bank transfers (both domestically and internationally), as well as the problems that come with relying on the traditional SWIFT network.
We also introduce you to WorldFirst’s World Account, a faster and cheaper alternative to traditional bank transfers.
The World Account helps businesses and individuals make same-day payments across the globe with low fees and transparent exchange rates – and we’re already trusted by 1.5 million businesses worldwide.
We cover:
- What information do you need to transfer money within the UK?
- Which details do you need to make an international bank transfer from the UK?
- The problem with relying on SWIFT transfers
- How WorldFirst’s World Account helps you send and receive same-day payments
Want to start sending payments abroad with WorldFirst? Sign up for a World Account today.
What information do you need to transfer money within the UK?
If you want to send a wire transfer through an online banking service (or at a UK bank branch), you’ll need to provide your payee’s:
- Full name
- 6-digit sort code
- 8-digit account number
You might also need to provide your payee’s address, a reference number (common for bill payments) and the address of the bank that you’re sending money to. Similarly, if you want to receive money, you’ll need to supply these same details to your payer.
Add a short payment reference so your recipient knows what the transaction is for, then confirm the transfer date. Most financial institutions allow you to set up standing orders or schedule outgoing payments, which means online bank transfers can be sent automatically without you having to remember each one.
The time it takes bank wires to arrive in the payee’s account can vary between 20 seconds and 10 days, so it’s best to confirm with your bank how long it’s expected to take.
What security details do you need to provide for a bank transfer?
To help prevent fraud, UK banks have introduced authentication methods such as two-factor authentication (2FA) to ensure that scammers aren’t using your bank account details fraudulently.
Once 2FA is set up, you’ll need to clear your own security questions to set up a standing order or make an online bank transfer. If you’re asked for a verification code, you’ll receive this either on your mobile or to your email address.
You’ll then need to confirm that you understand the fraud risk and that you can’t retract your payment once it’s been sent.
What details do you need to make an international bank transfer from the UK?
In order to make a cross-border bank transfer, you’ll need the following details:
- Your name or your company’s name
- The International Bank Account Number (IBAN) of the account you want to credit
- The Bank Identifier Code (BIC) of your payee’s bank, also known as a SWIFT code
You’ll also usually need to confirm the currency you want the payment to be sent in, as well as the country you’re sending it to. Additionally, you might also need to confirm the receiving bank name is correct to ensure funds don’t get sent into the wrong account.
If you want to receive international payments, then you’ll need to supply these same details to your payer.
The problem with relying on SWIFT transfers
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) network is a convenient, internationally accepted way of transferring money across the globe. However, it’s important to be aware that using SWIFT does come with a number of drawbacks.
- SWIFT transfers tend to involve high costs – including bank charges, intermediary fees and exchange-rate markups.
Each bank sets its own fees, which means you often won’t know the true cost until after the transfer settles. Intermediary banks can charge up to £25 per transaction, so with three correspondent banks involved, your final transfer amount could be reduced by as much as £75.
- Traditional SWIFT payments often take as long as six business days to settle, especially when multiple banks are involved in the chain. As settlement times are slow and unpredictable, money can be in transit longer than expected, tying up your cash flow and delaying receipt of payment.
It’s for these reasons that many companies are turning to alternatives like WorldFirst instead.
Read more: What’s the best way to send money overseas? 7 top options for businesses
How WorldFirst’s World Account helps you send and receive same-day payments
WorldFirst is a digital payments platform that helps you send and receive same-day payments from almost anywhere in the world – both domestically and overseas. Since 2004, we’ve helped 1.5 million businesses send more than US$500 billion across the world.
Our multi-currency World Account lets you receive payments in 20+ currencies and pay in 100+. It’s free to open an account, and we don’t charge any ongoing account fees, hidden markups, fees for receiving payments or fall-below fees.
Here’s what you get when you sign up for a World Account:
Pay like a local in 20+ currencies and avoid expensive SWIFT fees
With WorldFirst, you can pay like a local in 20+ currencies, resulting in more affordable, faster payments.
Within your World Account, you can create multiple sets of domestic bank details entirely for free, including your own unique BICs, account numbers and sort codes.
By using these local details, your international payments can bypass the SWIFT network entirely, instead being processed through domestic networks like CHAPS, the Faster Payments service or SEPA in Europe. Your funds are treated as domestic transactions rather than international ones
This way, you can avoid expensive SWIFT fees and any additional currency exchange charges from intermediary banks. We’ll always send your payment through the fastest route possible, which is why 80% of WorldFirst payments land on the same day and 90% settle by the next business day.
It’s also completely free to send payments to other World Accounts, which is especially useful if you’re primarily making domestic transactions in GBP, or sending to overseas suppliers who already have an account with WorldFirst.
Read more: What’s the best way to transfer large sums of money internationally?
Convert currencies at affordable rates when sending payments overseas
Traditional banks typically charge between 3% and 5% per overseas transfer, which can quickly snowball into a large expense if you make frequent international payments.
In contrast, WorldFirst helps you save on currency conversion costs by offering competitive and transparent pricing. For instance, we add a maximum conversion fee of 0.5% onto the mid-market exchange rate for major currencies like GBP, USD and EUR. For all non-major currencies, our FX fee is capped at 0.75%.
To protect against market volatility and fluctuations in the underlying exchange rate, you can also take advantage of advanced FX tools like forward contracts. This lets you convert currency at a set exchange rate in the future – and with WorldFirst’s currency forwards you can lock in rates for up to 24 months.
Another option is to set up rate alerts to get notified once an exchange rate hits your desired level. Alternatively, you could place a firm order, which automatically executes the currency conversion on your behalf once that rate becomes available.
Read more: Foreign exchange risk management: How to make international business more affordable
Use advanced security features to keep your funds safe
WorldFirst is fully licensed and regulated by the Financial Conduct Authority (FCA) in the UK.
We offer advanced anti-fraud protections like two-factor authentication (2FA) and 256-bit encryption to make your World Account more secure. Having 2FA means you’ll be asked to enter an extra code whenever you log into your account, create a new payee or make a payment.
We also support real-time fraud monitoring and 3D Secure (3DS) card payments so that we can safeguard you against unauthorised access and scams.
You can also create up to 50 virtual World Cards in your World Account, all of which come with unique payment details. Simply create a new debit card, use those details and then immediately delete your card once you’ve made your payment so the card can’t be reused and funds compromised..
Read more: International money transfer security tips and best practices
Open a World Account to make fast, cost-effective transfers worldwide
In this article, we’ve shared the differences between making a bank transfer in the UK vs. overseas, as well as the details you’ll need for each.
We’ve also shared why WorldFirst’s World Account is one of the best alternatives to bank transfers, regardless of whether you’re making international or domestic payments.
With a World Account, you can:
- Receive local account details for 20+ currencies and access local payment networks
- Avoid expensive SWIFT fees and benefit from low currency conversion costs
- Keep funds secure with advanced security features like 2FA and 3DS card payments
- Create up to 50 virtual World Cards, each with unique payment details
Ready to get started with WorldFirst? Sign up for a World Account for free.
Abdul Muhit has 17 years' experience in banking and payments, spanning across regulation, payment networks, acquiring, issuing and treasury.
Abdul Muhit
Author
Continue reading
Subscribe
The Weekly Dispatch
Get the latest news and event invites. Signup for our weekly update from the worlds of fashion, design, and tech.
You might also like
Choose a product or service to find out more
E-commerce guides
Doing business with China
Exploring new markets
Business Tips
International transactions
E-commerce expansion guides
Doing business with China
