Is online banking safe?
Online banking allows you to keep control of your finances from home or whilst you're out and about on your bank's...
You can send money from your bank account to someone else's using a bank transfer. Transferring money in this way is quicker and easier than taking out cash or using a cheque, but there are some precautions you should take to keep your money safe.
To make transfers online, you need to set up online banking. The exact steps you need to take vary depending on your bank, but you'll usually need to know:
Money sent using the 'Faster Payments' through online banking on your smartphone app will reach the recipient’s account within 2 hours, and sometimes it's received immediately.
Once you've sent money to someone once, their details will be stored and you won’t need to enter them next time.
Some banks don't let you set up a new payee on their mobile app, so you’ll need to log in to online banking on a computer. Some may also require you to use a card reader to verify it's you setting up the transfer.
I used online banking to transfer money to my daughter when she picks bits up for me from the shops. It's much easier than I thought.
Before making any payments, stop and consider your answers to the following questions:
If something doesn't feel right, stop and check the situation with someone you know and trust.
Some banks now have a warning when you transfer money to someone. This prompts you to think twice that the person you're sending money to is genuine, and double-check that the details are correct.
If you're happy that the payment is to someone you know and trust, double-check the details (such as the amount of money and the name and account details of the recipient) before sending any money. Ask the recipient to repeat their bank details. Unfortunately, if you enter their details incorrectly, it can be very difficult to get your money back.
Setting up a standing order or a direct debt is a good way to make sure that certain payments from your bank account are made automatically.
Standing orders automatically send money from your account. They're helpful if you regularly need to pay someone a set amount, for example, if someone does your shopping or pays your bills for you.
Direct debits give a company permission to take money from your account on a certain date, for example, for paying your energy bills. The amount may differ each time, but companies should tell you in advance how much they'll take and when.
You can set up standing orders through online banking. You'll need the following information:
On the other hand, direct debits are set up by the company you'll be paying, but you'll need to provide them with your name and bank details for them to arrange the payment.
Get in touch with your bank right away if:
If you have a problem with a payment that your bank doesn't resolve, or if you're unhappy with how your issue has been managed, you can take the following steps:
We offer support through our free advice line on 0800 678 1602. Lines are open 8am-7pm, 365 days a year. We also have specialist advisers at over 120 local Age UKs.
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