How to use bacs money transfer

Written by c. giles Google
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How to use bacs money transfer
A BACS money transfer is a straightforward process. (money money money image by swall5432 from Fotolia.com)

BACS stands for Bankers Automated Clearing Services and is a simple process of making payments via electronic transactions. It is internationally recognised as a safe way of transferring money between bank accounts. It can take three to five working days for a BACS payment to clear. Many people use Direct Debit to pay their monthly household bills; this is done using the BACS system.

Skill level:
Easy

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Things you need

  • Bank account with account number and sort code
  • Pen
  • Paper

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Instructions

  1. 1

    Supply your bank the account number, sort code and account name of the person or company you are transferring funds to, together with the amount of money you wish to transfer.

    How to use bacs money transfer
    Your account details are required to make a BACS transfer. (Numbers image by paul hampton from Fotolia.com)
  2. 2

    Supply the person or company who is transferring money to you with your account number, sort code and the exact name on your account to enable them to put funds into your account.

    How to use bacs money transfer
    Other people can transfer money by BACS into your account. (A heap of british pounds image by kaleff from Fotolia.com)
  3. 3

    Make a note of any reference numbers provided so that you have a record of the transaction.

    How to use bacs money transfer
    Keep a record of all your transactions. (pencil and paper image by Anita P Peppers from Fotolia.com)

Tips and warnings

  • Always take care when giving out your personal information and bank account details.

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