Whether you’re depositing cash into your own bank account or moving money from one account to another to cover bills or utilities, it goes without saying that there are plenty of times in your life when you’re going to need to transfer money into your bank account. And while the process of transferring money is usually pretty straightforward, there are still a number of things to know before you sign on the dotted line or click send.
Below we answer all your questions about transferring money including the basics of money transfers, how long they usually take and the benefits of transferring money online with Money Jar.
How can I transfer money directly into my bank account?
In recent years there has been a huge improvement in the methods that you can use to move money into your bank account. That’s right, you are no longer limited to just transferring money in person in a branch. Some of the most popular ways to transfer money now include:
- Online transfers are arguably the most popular method of transferring money. It involves logging into your online account and following the instructions on the screen. Most providers now offer this online service but if you are interested in banking entirely digital, find out more about what Money Jar can offer here.
- Phone transfers simply involve calling your provider to request a transfer. The representative will usually walk you through the process – just make sure to have all the required information (more on that below!).
Of course, if you have cash that you would like to transfer into your account, in most cases this will need to be done in your chosen provider’s branch or with an ATM machine that allows cash deposits. And although most digital accounts don’t allow cash deposits, with Money Jar, you can deposit cash into your account at more than 2,500 locations across Ireland with Payzone.
What information do I need to transfer money into my bank account?
Once you have decided on the best money transfer method for you, it’s important to gather all the relevant details to avoid any hiccups. While it may depend on your specific circumstances, expect to need the following information:
- Name of the person or business you are sending money to
- Account number
- Sort code
- Name and address of the banking provider
Remember to always double-check the account details before sending money and if you are sending to someone else’s bank account – be sure that it is someone you know and trust.
How long do bank transfers take?
How long it will take for your bank transfer to successfully go through is dependent on a few factors, including whether you are transferring to an account with the same bank or if you are transferring between different banks. Transferring from an account with the same provider? This can sometimes be completed within 24 hours. Transferring between two different providers? This can take anywhere from 3-4 days dependent on the provider’s regulations.
Other factors that might impact how long your bank transfer takes include bank holidays and the time of day the transfer was put through.
Is there a limit on how much money you can transfer?
There is usually a limit on how much money you can transfer between accounts within 24 hours or one working day. The limit typically differs between providers and can range from €10,000 to €30,000 with some of the most popular Irish banks.
It’s important to know that these limits don’t typically apply if you are making transfers between your own accounts or are paying direct debits. You can find out more about managing direct debits here.
Transferring money with your Money Jar account
If you prefer to handle everything online, why not consider a digital account with Money Jar? Our straightforward approach makes things like transferring money a simple process – exactly how it should be!
- To transfer money from your bank account to your Money Jar account, you can make a EUR bank transfer sent via SEPA. Simply confirm with your bank if they support SEPA payment methods.
- To transfer money from your Money Jar account to another bank account, you will again need to make a SEPA transfer. On the app, go to ‘payments’ on the bottom menu, select bank transfer out and add in all required details.
- To transfer money from one Money Jar account to another, use the app to make and receive real-time, instant money transfers for free.
Standard SEPA transfers usually take one business day while transfers done with SEPA Instant are done within seconds. It will depend on what the other provider supports – Money Jar supports both SEPA and SEPA Instant. Transfers from Money Jar can reach the receiving bank the same business day if they are done before 1 pm local time.
As mentioned above, if you have cash that you would like to deposit into your account, this can be done at more than 2,500 locations across Ireland with Payzone.
