How to transfer money from one bank to another

Posted by Felix Okoli on Thursday September 12, 2013 at 10:0:33:

How does a person who wants to transfer money from one bank to another do it in Nigeria? If you are a company or individual who wants to transfer money to another person, bank or a different account for one reason or another, you can do this is a couple of ways such as the following:

1. Withdrawing cash at one bank and depositing into another
2. Writing and Paying in a cheque to the account directly as a deposit
3. Doing a direct bank to bank transfer

The third option seems to be the easiest as it saves you time, money and energy.

You can do an inter-bank fund transfer by visiting the bank and filling a fund transfer form or doing it at your home or office by making use of internet banking. You will only be charged a small fixed fee for the service.

One of the benefits of internet banking in Nigeria is that it allows you to transfer money from bank to bank without having to visit the bank.

- Log into your internet banking account using your username and password
- Go to your account
- Select the Fund transfer link
- Choose to transfer to another bank
- Enter the bank account number and bank
- Enter the amount you want to transfer
- Enter remarks about the transaction e.g. Payment for raw materials
Confirm the account details(Ensure it matches the account of the beneficiary)
- Confirm the inter-bank transfer charges. You can be charged around N145.00 for transferring N150,000.
- Click the submit button to transfer the money

How much does it cost?
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The cost associated with doing an inter-bank fund transfer is basically a small fixed fee and your bank will tell you how much you are being charged before doing the transaction. So instead of withdrawing cash from one bank in order to make deposits at another bank, you can save yourself the effort by simply doing an inter-bank fund transfer much safely using the internet or by visiting your bank and filling an application form.

How long does it take to do inter-bank transfer?
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Well I think there are options to choose from. You can choose an immediate transfer or a 24 hr transfer. Personally, I've done such transfers before and it only took about 10 mins until I got an alert that my account has been debited by the transfer value together with the small transfer fee.

Comments:

Re: How to transfer money from one bank to another

Option N0:3 is the easiest means of interbank deposits. Very convenient to use. It saves you time, energy, risk of carrying money around (ofcourse you know whay that means) and lots more.

Re: How to transfer money from one bank to another

Thanks for this easy steps of transfering money...

Re: How to transfer money from one bank to another

You are welcome. I've been using the method so I just thought it wise to share.

Re: How to transfer money from one bank to another

3rd option iS the easiest way

Re: How to transfer money from one bank to another

What is the minimum and maximum amount require for the transfer of fund?

Re: How to transfer money from one bank to another

I think it differs from bank to bank.

Re: How to transfer money from one bank to another

Please i don't have a bank account yet. I want to transfer money to Guarantee Trust Bank. The problem is that this bank is to far for me and i want to use the closest bank(First Bank) to transfer it. Is this possible? Please i need an immediate answer.I am due to transfer the money tomorrow.

Re: How to transfer money from one bank to another

I don't think you can do that when you don"t have a bank account with first bank

Re: How to transfer money from one bank to another

Ok thank you very much felix.I have to go to GTB irrespective of the distances.

Re: How to transfer money from one bank to another

I dont have eco account no but i want to transfer money to somebody who have eco account no.How do i do it

Re: How to transfer money from one bank to another

You can do a money transfer from another bank to ECOBank if you want. Just go to your bank adn fill the transfer request form. It would include the bank of the receiver, the amount, your account number and signature. You can also do this with internet banking. As long as you have an account in Nigeria from any bank, you can transfer money to another person's account.

Re: How to transfer money from one bank to another

Can i transfer 10millon in savings acct

Re: How to transfer money from one bank to another

Yes you can but it may raise some flags. To avoid that, you can transfer in bits of N1m for individual account.

Re: How to transfer money from one bank to another

Pls How Can I Send Money 2 Someone In France?

Re: How to transfer money from one bank to another

You can do that from your bank by applying for a bank wire. There would be some charges to your account and you also need to provide the bank with the bank details for France and this will include things like the bank name, swift code, recipient and so on.

Re: How to transfer money from one bank to another

Please I wanna pay tuition fee to one university in USA from Nigeria.how do I send the money and do I have to open domicillary acct for that or will it be debited from my naira current acct.which one is the best option available.thanks

Re: How to transfer money from one bank to another

You can pay with either a naira or dollar account. Just go to your bank with the school fees requirment and ask them to do a fund transfer to the bank account for the USA school on your behalf. They would charge you some fees and also use their exchange rate if it is a naira account

Re: How to transfer money from one bank to another

i am mr Deen, i want to transfer 13,000000 naira once from my owne current first bank account to gtbank current account how it's possible between 24 hrs? i need answer now?

Re: How to transfer money from one bank to another

You can transfer it. Just go to your bank and fill a funds transfer form.

Comments:

Re: How to transfer money from one bank to another Reply by tressy on Sunday September 28, 2014 at 16:13:2:

good step

Re: How to transfer money from one bank to another Reply by workz on Monday November 3, 2014 at 8:35:15:

my friend paid money from zenith bank to Gtb bank on friday but up till now the acount has not been credited what is the matter could you be of help?

Re: How to transfer money from one bank to another Reply by Felix Okoli on Monday November 3, 2014 at 8:35:15:

It depends on how your friend did the transfer. If he chose to do an instant transfer, it would have worked within a few minutes but if he did a 24 hr transfer', it will be completed before the end of today.

Re: How to transfer money from one bank to another Reply by ONOM on Saturday May 16, 2015 at 15:52:25:

WHAT'S THE REQUIREMENT FOR AN AVERAGE ACCOUNT OWNER WHO WANTS TO USE THE INTERNET BANKING OPTION?

Re: How to transfer money from one bank to another Reply by Felix Okoli on Saturday May 16, 2015 at 15:52:25:

The basic requirement is that you have to have applied and received an internet banking username and password from your bank and that you log in to do the transfer.

Re: How to transfer money from one bank to another Reply by VICTOR on Saturday August 1, 2015 at 22:46:27:

WHAT IS THE MAXIMUM AMOUNT I CAN TRANSFER A DAY?

Re: How to transfer money from one bank to another Reply by Obinna soronnadi on Sunday June 19, 2016 at 11:46:59:

Someone want to transfer money in my account and the bank am using is ecobank so need a code that he can use to transfer the money to me

Re: How to transfer money from one bank to another Reply by Greygamer on Thursday October 6, 2016 at 16:44:9:

how long does it take for a money transferred from a different bank through online banking to get to you?

Re: How to transfer money from one bank to another Reply by Felix Okoli on Thursday October 6, 2016 at 16:44:9:

It takes about 24 hrs.

Re: How to transfer money from one bank to another Reply by david on Thursday December 1, 2016 at 23:6:5:

plz help..someone transferred money to me using instant transfer...but d money have not reflected for more than 24hrs....plz what is the cause

Re: How to transfer money from one bank to another Reply by Felix Okoli on Thursday December 1, 2016 at 23:6:5:

It's possible that the transfer was not successful. Did he transfer during bank working hours. Perhaps, you should wait till the next day to confirm.

Re: How to transfer money from one bank to another Reply by Nsongura Essien on Wednesday December 7, 2016 at 21:16:58:

my dad received a cheque from someone that uses first bank and he using Diamond bank ...since on Monday
...and up till now first bank haven't credited the money to diamond bank...pls what is happening quick response....

Re: How to transfer money from one bank to another Reply by Felix Okoli on Wednesday December 7, 2016 at 21:16:58:

Wait for at most 7 days to see if it has cleared.

Re: How to transfer money from one bank to another Reply by ogunmola Paul.A on Tuesday January 3, 2017 at 9:13:38:

I want to transfer money from my Eco bank account to First bank account....pls I need a code....can someone help me out

Re: How to transfer money from one bank to another Reply by Felix Okoli on Tuesday January 3, 2017 at 9:13:38:

You should visit an Ecobank branch and ask them for the USSD code for doing that.

Re: How to transfer money from one bank to another Reply by GLORY PETER on Tuesday August 1, 2017 at 23:47:41:

I DONT HAVE ACCOUT AND I WANT TO SENT MONEY TO MY SIS AT COLLEGE WE ONLY HAVE FRIST BANK AND SHE SEND U B A ACCOUT .

How to transfer money from one bank to another

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