In today's digital-first world, adding money to a bank account can be easy, flexible, and convenient. There are different ways to do this, such as direct deposit, cheque, cash and using mobile transfers.
This article includes tips, suggestions and general information. We recommend that you always do your own research and consider getting independent tax, financial and legal advice before making any important decision.
Read on to learn about some of the different methods.
One way to put money in a bank account is by depositing a cheque, which can be done in person if the account provider has a physical location. Some banks also make it possible to pay in a cheque online using a smartphone. This process usually involves taking a photo of the cheque with the amount and payee’s details, and uploading it through the app. Some banks also offer the option to pay in a cheque at some cash machines. How long it takes for the money to be added to the account may vary depending on the bank. Fees may apply.
Depositing cash can be a secure and quick way to add funds to a bank account by visiting a physical bank branch and giving cash to a teller. This method is often chosen by people who prefer to handle their banking transactions in person. The process normally involves filling in a paying-in form and giving it to the cashier.
Plus, many banks today have ATMs that accept cash deposits, even outside of normal banking business hours.
Another way to add money to a bank account is by transferring funds from another account.
Here are some common ways to transfer money online:
Besides adding money to your own bank account, money can be put into someone else’s account.
With a cheque, you will typically write the recipient's full name, the date, the amount you’re paying in words, and the amount you’re paying in numbers. You will then sign the cheque. Once the recipient has it, they can deposit it into their account by visiting a teller at a bank branch. Most banks will wait a day or so for the cheque to clear before making the funds available. This may vary depending on the bank.
It is also possible to transfer money from your bank account to someone else’s using a bank transfer. This method normally requires online banking to be set up and the exact steps will vary depending on the bank. Usually, the amount being sent, the recipient’s full name, their 6 digit sort code, 8 digit account code, a payment reference, and the desired date of the transfer are required.
Learn about transferring money online with PayPal here.
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