Transferring funds

The following are several convenient and safe ways to transfer funds:

Through your Bank or Building Society

You can transfer money from your account to another account whether in the same bank or in a different bank through the BACS (Banks Automated Clearing Systems) transfer system. You just need to provide the account number and sort code of the account in which you want the funds transferred to.

Through Internet Banking

You can also transfer funds online through internet banking. This bank service allows you to transfer money to pay your bills or make donations to your charities or organizations without having to go to your bank branch. You can even move some of your money from your current account to your savings account via this service.

Through Money Orders or Bankers Drafts

A money order can be bought at the post office and then sent to pay for certain services or purchases. Money orders can be used for mail order purchases though this is not their only purpose.

A banker’s draft or a cashier’s check, on the other hand, can be bought at your bank (or any bank as long as you have the cash on hand). A banker’s draft is commonly used for transferring larger amounts of money to another account for rent or mortgage deposits.

Though a banker’s draft is similar to a cheque, it does not take time to clear. However, some banks may charge a fee for issuing a banker’s draft..