Bank Transfer

Bank transfers are one of the most common ways to make payments. People use them to pay rent, send money to friends and family, pay suppliers and receive salaries.

To make a transfer, the sender usually needs the recipient's name and account details, such as an account number and bank code, or in some countries an international bank account number (IBAN). Many countries also have systems that let people send money using just a phone number or email address.

The speed and cost vary. Domestic transfers in many countries now arrive within seconds through instant payment systems, while others take one to three working days. International transfers often take longer and can involve fees from several banks and less favourable exchange rates.

For example, sending 1,000 to another account in the same country might be free and instant, while sending the same amount abroad might cost a fee plus an exchange rate margin.

Because transfers are often hard to reverse once sent, fraudsters target them. Checking the recipient's details carefully and being wary of unexpected payment requests helps avoid scams.