What bank details are needed to receive money?
Tips / 17.06.2020
We may receive money in our bank accounts for various reasons – services rendered, goods sold, a gift or any other reason you may think of.
In fact, bank transfers are so common that thousands if not more of them take place on a daily basis.
But if you’re new to receiving bank transfers into your account, you might be wondering what details to provide to the sender so that the transfer is ultimately successful and the intended funds reach you.
Keep reading to get the right answers.
Receiving money within a country
When it comes to wire transfers through online banking in the UK, the bank details you need to share with a payee to receive money are:
- Full name of the person or business
- 6-digit sort code
- 8-digit account number
A confirmation of the date on which you want the payment sent may also be required. If you don’t want the money to leave your bank account immediately, most financial institutions that offer online bank transfers allow you to schedule the transfer for a later date. Depending on your bank, wire transfers can take up to a few business days to reach the payee’s account.
Receiving money abroad
The information required to receive money from abroad is usually a bit more detailed than the information required to receive money from within a country.
Details that you might be asked to provide the sender for international transfers may include the following, depending on the sender’s country of origin:
- Name and address of the recipient (you)
- Bank name and sometimes the bank’s address
- Bank BIC/SWIFT code
- Your account number
- Your account type
- The amount
- The day on which the payment should be made
These are the more common details required to receive a bank transfer, but some banks and countries could require further information.
For example, in India, the required details could include the Indian Financial System Code (IFSC), while in the US, the recipient’s routing number may be needed. Meanwhile, you may need to provide the sort code for payments within the UK.
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How long will the payment take to process?
Because bank transfers typically take place between different banking institutions or organisations, there is a typical 2-3 day time lapse from the date of payment to the payment’s receipt into your account.
The funds usually go through rigorous checks on both sides, and there is also the exchange rate to calculate when different currencies are used.
Also keep in mind that these exchange rates may bear further costs, although they are often minimal.
Other tips to look out for
When you instruct someone to send you money or if the sender is sending you funds as a result of an obligation or for some other reason, you should also look out for these tips in order for the receipt of your funds to be as safe as possible:
- Stay within your limits: Whether you’re sending or receiving funds internally or abroad, always make sure your account is not overdrawn and that you have sufficient funds in your account to cover the transfer.
- Always double check the details: This is a crucial factor when sending your bank information to the recipient as one wrong digit could mean that the intended funds don’t reach you. This is where the next step comes in.
- Request the sender to repeat the details to you: By double and triple checking with the sender that the account details are correct, you’ll be on your way to receiving the desired payment in your account safely!
The perks of the myPOS merchant account
Above, we mentioned that the time period for your expected bank transfer could take a couple of days. However, there are ways for you to get instant access to your funds.
This is where the myPOS merchant account comes in.
Once you have received a payment into your myPOS online merchant account, you can make SEPA or SWIFT transfers to any other bank account easily, quickly and efficiently.
Receive payments with confidence
Bank transfers can take some time to reach your account, depending on the sender’s institution.
You also need to be aware of the correct details to provide the sender to ensure that the intended funds reach you.
In this blog post, we covered some of the necessary information that you need to provide in order to receive a bank transfer, the time limits for transfers in the normal course of business, things to look out for when receiving such transfers and the main benefits of having a myPOS merchant account.
With this information, we hope you’ll feel more confident when receiving payments in the future!
Disclaimer: Please be aware that the contents of this article and the myPOS Blog, in general, should not be interpreted as legal, monetary, tax, or any other kind of professional advice. You should always seek to consult with a professional before taking action, since the particulars of your situation may materially differ from other cases.