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How to make an online, bank or postal transfer

The bank transfer is the most common operation when you need to transfer a financial sum from one account to another.
An effective and safe solution, which allows you to use reliable and traceable systems.
Many, however, may encounter problems making a bank transfer if they are approaching this procedure for the first time.
Others, however, especially for certain operations, may have some difficulty in filling in the right fields, therefore compromising the success of the transfer.
In our guide, we will explain step by step what to include in a bank transfer and how to do it, exploring the most common and important types.
How to make a bank transfer: the complete guide What is a bank transfer and how it works Possible types of bank transfer, in Italy and abroad What is needed to make a bank transfer How to make a bank transfer: the step by step guide How to make a bank transfer online How to do it a bank or post office transfer How to make a bank transfer from an ATM How much does a bank transfer cost? How long does it take for a bank transfer to arrive? Limits of the wire transfer What is a wire transfer and how does it work? The wire transfer is a fundamental operation for transferring money from one bank account to another.
In essence, a bank transfer consists of an electronic transfer of liquidity, a disbursement method widely used to make payments or transfers of more or less large sums.
With limits, as we will see.
This type of financial transaction is essentially divided into two main categories: postal transfer, in the case in which the transfer starts from a postal current account, regardless of whether the beneficiary's account is postal or bank; bank transfer, in the event that the transfer starts from a bank account, regardless of whether the beneficiary's account is postal or bank.
The procedure for making a postal transfer and a bank transfer is the same.
read also How to open a current account? The complete guide Possible types of bank transfer, in Italy and abroad In Italy and abroad, there are different types of bank transfers, each designed to meet specific fund transfer needs.
National bank transfers are used to transfer money within the same country, to and from Italy, in our case.
Considering the nature of the transfer, these are usually the fastest operations (max 3 working days) and least expensive compared to international ones.
SEPA (Single Euro Payments Area) transfers allow financial movements in euros between countries belonging to the SEPA area.
Therefore, the reference country between the accounts involved is different, but the use of the same currency facilitates the operation.
In terms of time and cost, they are now practically comparable to national bank transfers.
International wire transfers or SWIFT transfers are used to transfer funds outside the SEPA area, often requiring more detailed information about the beneficiary and may imply higher costs and longer processing times.
Both the transfers made between a country that is a member of the SEPA area and one that is not part of it and, obviously, those processed between countries that are both outside the SEPA agreement are international.
In general, international non-SEPA transfers require a currency exchange and, to proceed, the sender must be aware of the recipient's BIC/SWIFT code.
It is essential to be aware of the differences between these options to make informed choices, while also considering any associated costs and processing times.
Additionally, there are electronic payment methods, such as PayPal, which, while not technically wire transfers, provide an alternative method for transferring funds, especially for online transactions.
What is needed to make a wire transfer Making a wire transfer may be necessary for various reasons, such as paying for a service, sending money to a relative or receiving your salary or pension.
In any case, whatever the operation, there are some basic requirements and information necessary to make a transfer.
Starting with the availability of money, obviously.
In addition to being the holder of a current account at a bank or the post office and, therefore, being in possession of all the data needed to access the account, to make a transfer you need to be aware of the following data: name and surname of who makes the transfer; tax code of the person making the transfer; name and surname of the recipient of the transfer; IBAN code of the recipient of the transfer; the amount of the transfer; the reason for the transfer.
In some cases, the beneficiary's BIC/SWIFT code may also be requested, especially, as we have seen, if the transfer is made to a bank account abroad.
Make sure you have all this data available before making a transfer, in order to complete the form correctly and guarantee the actual receipt of the money by the beneficiary.
read also Deposit into someone else's bank account: methods and possible risks How to make a bank transfer: the step by step guide A bank transfer is a money transfer that takes place between two accounts.
Usually, the accounts belong to two different people, but it is possible to make a transfer between two accounts with the same owner, an operation nicknamed "transfer", if the supplier (in this case the bank) is the same.
The bank or postal transfer can be made either online, via home banking on the computer or via app, or by going to the bank or post office counter.
It is a traceable payment method, which allows you to demonstrate the passage of money from one person to another.
How to make an online bank transfer To make an online bank transfer, you need to have a current account with online operations.
Most banks offer the home banking service, which allows you to make transfers comfortably from home, as does Poste Italiane.
Below are the general steps for making an online bank transfer.
Log in to the home banking platform or app.
Enter the requested data, such as the transfer amount, the name and surname of the beneficiary and their IBAN code].
If the transfer is abroad, it may also be necessary to enter the BIC/SWIFT code.
Specify the reason for the transfer, i.e.
the reason why it is being made.
Check the data entered and confirm the operation.
Once the transfer has been confirmed, the bank or post office will execute it.
Usually, the money arrives in the beneficiary's account within 2-3 working days, but times may vary depending on the banks involved and the country of destination.
If the banks are part of the same circuit, the sum can also be paid on the same day.
read also CRO bank and postal transfer: what it is, where to find it and how to recover it from the TRN How to make a transfer at the bank or at the post office If you prefer to make a transfer at the counter, you can go directly to the bank branch or post office and request the operation to an employee.
You will be given a form to fill in with the following information: the payer's data (name, surname, tax code); the beneficiary's data (name, surname); the IBAN of the beneficiary's current account; the amount to be transferred; the reason for the transfer; your signature.
Fill out the form carefully and hand it to the employee.
The employee will forward the bank transfer order and issue you a receipt certifying the execution of the operation.
The beneficiary will receive the transfer to his account within a few working days.
Making a bank transfer at the counter may incur additional costs.
Each bank has the right to apply commissions for transfers made through the branch; therefore, be sure to find out about the rates charged by your bank.
How to make a bank transfer from an ATM If you don't want to proceed with home banking or even at an ATM, know that you can also make a bank transfer via an ATM ATM.
Also in this case, the information you need, relating to the beneficiary, is the same as for any other method, starting with the IBAN.
In addition, obviously, you will need to have a debit, credit or prepaid card authorized for transactions, access the ATM via PIN and follow the instructions in the reserved "bank transfer" or "money transfer" section.
Be careful, however: not all banks – and their ATMs – are enabled for this service.
read also Wire transfer and wrong IBAN: what to do How much does a wire transfer cost? The costs of a bank transfer may vary depending on the bank and the type of transfer made.
In general, they depend on several factors, such as the method of sending the transfer (online or at the counter), the amount of the transfer and the destination of the transfer (national or international).
Below are some indicative examples of the costs of a bank transfer: Online bank transfer from 1 to 2.25 euros Bank transfer from 4.50 to 9 euros Recurring bank transfer from 3 to 4 euros Bank transfer to foreign countries the costs can vary considerably depending on the country of destination, with rates reaching up to 40 or 50 euros.
We are talking about indicative costs, which may vary depending on the bank and the contractual conditions.
Be sure to check the fees charged by your bank before making a transfer.
How long does it take for a bank transfer to arrive? The time it takes to receive the transfer depends on several factors, such as the originating bank, the destination bank and the type of transfer made.
As a general rule, the transfer is sent within 24 hours of your request, unless it is requested on a non-working day or after the bank's closing time.
If the transfer is made to a bank account within the same bank, the money may be received by the beneficiary the same day or the next day.
However, if the transfer is made to a bank account of another bank or abroad, it may take 2 to 3 working days for the money to be received by the beneficiary.
In case of instant bank transfer, the money transfer takes place in a few minutes or even seconds.
This possibility, however, is the prerogative of few banks in Italy and usually requires a surcharge in terms of commission and service costs.
There is, however, the convenience of being able to make a bank transfer 7 days a week, 24 hours a day.
Bank transfer limits The limits and ceilings for bank transfers may vary based on the bank, the type of account and the regulations in force.
In Italy, the SEPA (Single Euro Payments Area) regulation has standardized some aspects of wire transfers, but banks can still establish internal limits.
In any case, if you have a current account, you should know that: the daily limit is a maximum limit per day, established by many banks, for transfers made through online services or ATMs.
This limit can vary considerably, but is usually around several thousand euros.
The monthly limit is, like the daily limit, an economic threshold that some banks impose for transfers made from your current account per month.
By law, there are limits or ceilings on transfers only for non-SEPA operations.
For example, if I make a transfer exceeding 12,500 euros from Italy to a non-SEPA country, I will have to complete the CVS, the Statistical Currency Communication, at the same time as the payment.
On the other hand, if I receive a transfer from a foreign account, also in a non-SEPA area, exceeding 15,000 euros, I will have to report it to the Revenue Agency.

Author: Hermes A.I.

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