There are several personal reasons for writing a bank transfer request letter. The customer may want to shift funds from one account to another in the same bank, from one branch of the same bank to another, or he or she may want to transfer funds to an account in another bank. Businesses also need to transfer funds to different bank accounts, sometimes around the world.
Bank transfers are a very secure way of sending money because both the sender and the recipient’s identities are required. However, there are scams that request bank transfers.
Consumers should not send money to anyone who sends an unsolicited email. Even if a check is sent to be deposited, it may be fake, and when the bank ascertains it is fake, the consumer will be responsible for the whole amount.
Before writing the letter, the customer needs to gather some information. If they are transferring money within the United States to a different bank even if the account is in the customer’s name they need to know the recipient bank’s name and address, the bank’s routing number, the number of the account that will receive the money and the name on that account.
Once money is transferred, it cannot be retrieved. Also, if the money is sent to the wrong bank account, it cannot be reversed.
For an international bank account transfer, the customer wants to transfer money to another country. This is more complicated.
The customer needs the name and address of the bank where they money is going, the name of the account holder and the International Bank Account Number (IBAN) or Society for Worldwide Interbank Financial Telecommunications (SWIFT) code of the bank.
For bank transfers in Europe the IBAN number is most often used and the rest of the world uses the SWIFT system.
An international bank account transfer requires an instruction letter. The letter must contain the customer’s name, address, account number, the amount to be transferred and the recipient’s information mentioned above.
However, before writing a letter, the customer should find out if the bank requires bank account transfer forms. The forms may take the place of a letter. ‘
The customer fills in the information required on the form and signs it. There will be a fee for an international transfer, and it may take from one business day to a week for the transfer to be completed.
If the customer is transferring money between banks, there needs to be a reciprocal account in the recipient bank. If there is no reciprocal account, then a third party or correspondent bank where both bank have an account is required.
A transfer within the same bank from a savings account to a checking account or from a parent’s account to their child’s account can be done easily and quickly. In some cases, it can be done online.
If the names on the accounts are different, a bank transfer request letter may be required. There is usually no fee for an intra-bank transfer, and it can be done in one day.
With the conveniences of online banking, bank transfers have become simplified and checks or cash are not required. In many cases, purchases can be bought, and bills can be paid automatically.
Bank transfers are cleared by the bank as soon as they are received. If the transfer is between two different banks, the fees can be expensive because both banks will charge fees.
Here is a sample bank transfer request letter. It should be written in business-letter format and sent by certified mail, so the sender has proof of the time and date the letter was received. The letter can be short with only a few sentences stating the facts.
There is no need to add unnecessary information or state the facts twice. It is recommended that the letter be addressed to the bank manager or the bank officer in charge of transfers.
Sample Bank Transfer Request Letter
City, State, Zip Code
Bank Manager’s Name
City, State, Zip Code
Dear Name of Manager,
This letter is a formal request for you to transfer $1,000 from my savings account to my checking account. I understand there is no fee for this transfer.
This letter is a formal request for you to transfer $1,000 from my savings account to the account of NAME in your branch in CITY. The number of the account to receive the money is NUMBER and the name of the account holder is NAME. Any fee for this transfer can be deducted from my savings account.
Enclosed with this letter is the forms I downloaded and printed from the Name of Bank website for the transfer of funds. I appreciate your timely attention to this transfer. If you have any questions, I can be reached at 555-123-4567 or at Name@email.com.
Signature of Customer
Name of Customer printed
Enclosed: Signed bank forms