If you’re asked to choose between an internal or external transfer, choose to make an external transfer to another bank.Here’s how to send money online between two accounts at two separate banks: This is similar to an intra-bank transfer, but involves a few different steps. With that in mind, transferring money from one bank to another in the same country is what is known as an inter-bank transfer. Instead, use a credit card or a digital payment system like PayPal to make secure online payments-if your money falls into the wrong hands, it’ll be much easier to dispute your claim, and receive a refund. This is because once you’ve transferred money directly from your account, it’s much harder to claim it back if the recipient turns out to be untrustworthy.Īs a result, it’s best to avoid paying for goods or services with a bank transfer.

A good rule of thumb is to never give out your account details to someone you don’t know, and to never make a bank transfer to somebody that you’ve only interacted with online.

How to transfer funds from one bank to another domesticallyīefore you transfer money to another account, ensure that you can trust the person that you’re sending your money to.