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What is a bank transfer?

Home Messageboards Banking and Financial Services Forum What is a bank transfer?

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  • #156359
    AvatarJOHN
    Participant

    Is it a secure way to send money?

    #156364
    Annie ThorpeAnnie Thorpe
    Keymaster

    Hi John,

    A bank transfer is when you send money directly from your bank to another bank account. You need to make sure you know and trust the person you’re transferring the money to – unlike things like cheque fraud, it’s much harder to reclaim losses from fraudulent transfers.

    If someone you don’t know is asking for a bank transfer, do serious research! If you think it’s legitimate, but don’t want to transfer, find out if there’s another way to pay them – for example, on a credit card, which offers you more protection.

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