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

[rmc28]

I've been routinely using bill payments in online banking since HSBC launched a decent internet banking service soon after I graduated. I've used them in HSBC, Smile and Intelligent Finance, they have always been called bill payments and always been free, and what you need to give the bank is: sort code, account number, name and a reference (what will appear on their statement). The money transfer acts like a cheque only without the paperwork; i.e. a 3-5 day clearing time.

I know that it was possible to set them up with HSBC's phone banking, and I think everywhere that does bill payments allows you to set them up on the phone as well as the web.

[j4.livejournal.com]

Ah! I'm with HSBC, and I have internet banking (not that I use it very much so far), so it's good to have definite confirmation that It Can Be Done. Thank you. :)