When you need to receive a payment, you’re going to need to share specific banking information with the sender. You’ll also need to know what bank details to ask for when you want to send money to a bank account. With the right bank details, you can ensure the money is accurately directed without delays.
This guide explains what bank details to give for a bank transfer. We’ll cover both domestic and international transfers, plus the safest ways to send your bank details.
In this article
• What details are needed for bank transfers in the UK?
• What details are needed for international transfers?
• Ways to send bank details
• How long does it take for a bank transfer to clear?
• How are transfer charges divided by the sender and the receiver?
What details are needed for bank transfers in the UK?
Bank details are critical pieces of information needed to send or receive money. They help ensure that the money reaches your account or the right person or business without any issues. It’s important to get these details right to avoid delays and errors in your transactions.
Here are the specific details you need to both send and receive funds domestically:
What details are needed to send money?
To send money online or in person at a bank, you’ll need to gather this specific information:
• Recipient’s full name or company name
• Recipient’s 8-digit account number
• Recipient’s 6-digit sort code
Your bank may also require you to include the receiver’s address and the name and address of their bank. You will also need to include the payment reference, which helps in identifying the transaction purpose.
You can ask the person or business you’re paying to share their bank details for the transfer. Individuals can text or email their information, while businesses will usually list it on their invoices. Always double-check these details before sending any money to ensure everything is correct.
What details are needed to receive money?
If you’re wondering what details do I need to give to receive money, here’s what you’ll need to share with the sender:
• Your full name or company name
• Your 8-digit account number
• Your 6-digit sort code
You might also need to share your address, the name of your bank, and the bank’s address. You can also choose to share a specific payment reference to make it easier for you to allocate the received funds. Make sure all the information you provide is accurate to avoid any issues with the transaction.
What details are needed for international transfers?
Transferring money across borders requires additional details due to the complexity of international banking systems.
Below are what details to give for bank transfer internationally:
Bank details for receiving international payments
To receive an international payment in your UK bank account, you will need to provide:
• IBAN
• BIC or SWIFT code
• Your 8-digit account number
• Your full name or company name
• Bank name and address
The IBAN is a unique identifier that helps international banks confirm your account details and the BIC or SWIFT code specifies your bank’s identity. These details are essential for navigating international banking networks and ensuring that funds are accurately sent to your account.
To find your IBAN and BIC or SWIFT code, you can usually check your online banking account or your bank statement. They are often listed at the top or bottom of the statement or in the account information section of your banking app. If you can’t find them, simply call or visit your bank and they can provide these details for you.
Bank details for sending international payments
If you’re sending money from a UK bank account to a destination abroad, such as a US bank account, you will require:
• Recipient’s IBAN
• Recipient’s SWIFT code
• Recipient’s 8-digit account number
• Recipient’s full name or company name
• Recipient’s bank name and address
• Recipient’s country and currency
Ways to send bank details
You can share your bank details through secure messaging in your banking app, by email, over the phone, or face-to-face. Using the encrypted messaging feature in your banking app is the safest choice for sending this information. If you need to share your details over the phone or in person, always make sure you’re dealing with a trusted individual and confirm their identity before disclosing any information.
Is it safe to send bank details by email?
Sending bank details by email is generally safe, but there are risks. Email systems can be vulnerable to hacking, phishing scams, and malware, which might expose your information to cybercriminals. If you must share financial information over email, it’s advisable to use encrypted email services which enhance security.
How long does a bank transfer take to clear?
Knowing how long bank transfers take can help you plan your cash flow and manage your finances effectively. The transfer time will depend on the payment method you use and whether you are sending money domestically or internationally.
For domestic transfers, you can choose between Faster Payments, CHAPS, and Bacs payment methods. Faster Payments are usually instant but can take up to two hours, CHAPS payments are usually same-day, and Bacs payments can take up to three working days.
International transfers usually take between one to five working days.
How are transfer charges divided between the sender and the receiver?
The division of the transfer charges can differ based on the type of transfer and the policies of the involved banks.
If you are sending money domestically, Faster Payments and Bacs payments are typically free. CHAPS payments will have a fee between £25 to £30 per transaction, depending on your bank. When comparing CHAPS vs Bacs, choose CHAPS for fast payments and Bacs to avoid charges.
For international transfers, fees can be divided in three ways:
• Sender Pays All (OUR): The sender covers all the transfer fees when the transfer is initiated. This ensures that the recipient receives the full amount.
• Receiver Pays All (BEN): The receiver covers all the transfer costs, which are deducted from the amount they receive. This means the recipient gets the transferred amount minus all applicable fees.
• Shared Costs (SHA): The sender pays the fees charged by their bank and the receiver pays any fees charged by their bank or any intermediary banks. This splits the transfer charges more evenly.
FAQs for bank details to receive money
What bank details should not be shared?
You should never share your confidential banking information. This includes your PIN, passwords, security questions and answers, or authorisation codes.
Is it safe to give someone your bank account number and sort code?
It is generally safe to give out your bank account number and sort code as long as it’s for legitimate purposes such as receiving a bank transfer. Ensure you trust the person or company and understand why they need this information.
Is it safe to give bank details to receive money?
Yes, it is safe to give out your bank details such as account number and sort code for receiving money. These details alone cannot be used for withdrawing funds. Be wary of sharing additional information that could impact your account security.
