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.
Different options to add money to a bank account
- Direct deposit: This method is often used by people who receive regular payments from an employer, such as a paycheque or government benefits. With direct deposit, funds are automatically transferred into the bank account on a set schedule.
- Online transfer: This entails transferring money from one account to another using online banking or a mobile app. One-time or recurring transfers are possible. Fees may apply and may vary depending on the bank and amount being sent.
- ATM deposit: Some banks have ATMs that accept cash and cheque deposits. Fees may apply.
- In-person deposit: It’s possible to visit a physical bank branch and make a deposit with a teller.
- Wire transfer: This option is often used for transferring large amounts of money between different banks or financial institutions. Fees and other associated costs may apply.
Deposit a cheque
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.
Deposit cash
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.
Online
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:
- BACS. This is an electronic transfer system used to make a transfer from one bank account to another. BACS stands for Bankers’ Automated Clearing Sysytem. The cost of a BACS payment may vary depending on the bank and amount being sent.
- Wire transfer. This type of electronic payment moves money from one account to another. Wire transfers can be initiated online or through a bank branch and are typically used for large or international transfers. If transferring money from abroad, this type of payment method usually requires the payee’s SWIFT Bank Identification Code and International Bank Accoutn Number (IBAN). Make note that they may be subject to fees and other associated costs.
- Peer-to-peer payment apps: Payment apps like PayPal can help you send and receive money from friends and family from your smartphone or tablet. These apps often link to your bank account for easy transfers. Fees may apply.1
Paying money into someone else’s bank account
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.
