Dumb questions, but...

[j4]

... I know it's possible to do a transfer of money from one bank account to another if you have the other person's sortcode & a/c number. Is the bank likely to charge for this? Does the amount that you're transferring have to be over a certain amount? Can you do it from any bank to any other bank, or is it only if you both bank with the same people?

TIA for advice. I know I probably should just phone the bank to ask stuff like this but I don't really want to sit on hold for half an hour... :-/

Comments

[olithered.livejournal.com]

You also need to know their name. It will work from any bank to any other, and is usually free if you do it online. Not sure about over the phone or in person though.

It will take a few days to transfer (less if the bank is the same). I believe you can pay £20ish for a faster transaction.

[j4.livejournal.com]

Hadn't thought of doing it online! Still not really hip to the whole online banking thing. 8-) Done it once before over the phone but that was a couple of years ago & I couldn't remember if they'd charged me for it.