What is an easy bank transfer and how does it work?

With over 7 million customers around the world, TransferGo knows a thing or two about money transfers. We offer low fees, high speeds and great exchange rates on money transfers to over 160 countries around the world (and counting). And we’re only just beginning.

We’re constantly working on expanding and improving our product to make money transfers easier, faster and more accessible than ever.

One of the many ways we’ve improved our payments systems is with Easy Bank Transfer. 

Curious about Easy Bank Transfer? From how it works to the many benefits (and what to do if you encounter an issue), find out everything you need to know about Easy Bank Transfer from our comprehensive Frequently Asked Questions list below.

1. What is an Easy Bank Transfer?

An Easy Bank Transfer is a secure and efficient payment method that allows you to make direct transfers from one bank account to another via Open Banking. It eliminates the need for cards or third-party apps by connecting you directly with your bank during your transaction.

2. How does Easy Bank Transfer work?

When you choose Easy Bank Transfer as a payment method, simply select your bank from the list and you’ll be redirected to your bank’s online banking portal or mobile banking app. 

After logging in, you can review the transaction details, choose which bank account to fund the transaction (if you have multiple accounts with the selected bank) and authorise the payment with either Face ID or your fingerprint. Once approved, the funds are transferred directly from your bank account to TransferGo, and then onto the recipient.

3. Is Easy Bank Transfer secure?

Yes, Easy Bank Transfer is highly secure. It uses the highest level of security standards, strong customer authentication (e.g. Face ID or fingerprint) and encryption. Your banking credentials (including account number and sort code) are never shared with TransferGo or any third parties.

4. Do I need to register for Easy Bank Transfer?

No registration is required. As long as you have an online banking account with a supported bank, you can start using Easy Bank Transfer immediately.

5. Which banks support Easy Bank Transfer?

Easy Bank Transfer supports a wide range of banks across different countries (TransferGo currently only supports transfers from UK banks). Once you’ve selected Easy Bank Transfer, you’ll see a list of supported banks. If your bank is listed, you can proceed with the payment.

6. Are there any fees for using Easy Bank Transfer?

Typically, there are no additional fees for using Easy Bank Transfer, and in some cases Easy Bank Transfer may offer a lower fee than other payment methods. However, it’s always best to check your payment summary before confirming the transaction.

7. What if my bank isn’t listed?

If your bank isn’t listed as one of the support banks in the list, you won’t be able to use Easy Bank Transfer for that particular transaction. You can, however, choose another payment method provided at checkout to complete the transaction.

8. How long does it take for the payment to process?

Payments made using Easy Bank Transfer are typically processed instantly. This is one of the many reasons why Easy Bank Transfer is a convenient option for transferring money online quickly—there’s no waiting around for business days to pass before your transfer goes through!

9. What if there’s an issue with my Easy Bank Transfer payment?

If your payment fails or if you see an error message during payment, you won’t be charged. In most cases you can successfully complete your payment by trying again.

If you’re still unable to pay, you can try another payment method, or get in touch with our top-notch Customer Support team, who will get back to you faster than you can click your fingers.

10. Can I get a refund if I use Easy Bank Transfer?

Yes, refunds are possible with Easy Bank Transfer. The process is similar to refunds with other payment methods. Contact our Customer Support team for help with your refund. Once it’s been approved, the funds will be transferred back to your bank account.

11. Is there a limit to how much I can pay using Easy Bank Transfer?

Payment limits are dependent on your bank’s policies and your account settings. Typically, these limits are the same as those for other online banking transactions. Check with your bank if you’re unsure about your transaction limits.

12. What personal information is shared when I use Easy Bank Transfer?

Only necessary information to complete the transaction is shared, such as your name and payment confirmation. Your banking credentials and other sensitive information remain completely secure with your bank. Any biometrics information like a Face ID or fingerprint will always remain encrypted and will never leave your device.

13. Can I use Easy Bank Transfer on mobile devices?

Yes, Easy Bank Transfer is compatible with both desktop and mobile devices. As long as you have access to your online banking via your mobile device, you can use Easy Bank Transfer for payments. On Desktop, you may be asked to scan a QR code with your phone to be directed to your bank to verify your purchase.

14. What if I accidentally close my browser or lose internet connection during payment?

If the transaction is interrupted, you can usually restart the payment process. Check your bank account to ensure no payment has been deducted before trying again.

15. How do I know if my payment was successful?

After completing the payment through your bank’s portal, you’ll be redirected back to the TransferGo page with a confirmation message of your payment. Additionally, you should receive a payment confirmation from your bank, either via email, SMS or within your online banking portal.

16. Can I use Easy Bank Transfer for international transactions?

Cross-border transactions or SEPA transfers are not currently supported by Easy Bank Transfer as Easy Bank Transfer typically focuses on domestic transactions only. If, however, you need to send money abroad, you can do so with TransferGo using alternative payment methods such as debit cards, credit cards and bank transfers. We offer low fees and great exchange rates.

17. What are the benefits of using Easy Bank Transfer?

There are many benefits of using Easy Bank Transfer including:

• Security: Transactions are secured using the highest possible security standards.
• Convenience: Pay with just a few taps and easy access—no need to enter your card details or create additional accounts.
• Speed: With quick (often instant) processing times, Easy Bank Transfer means faster payments.
• Transparency: A direct connection to your bank ensures clear and transparent transactions.

18. Can I cancel a payment made with Easy Bank Transfer?

Once a payment has been authorised and processed, it cannot be cancelled. If you need to reverse a transaction, please contact our Customer Support team. They’re here to help Monday- Friday, from 7:00 AM to 18:00 PM BST.

19. Where can I find more information or get help with Easy Bank Transfer?

For more information or assistance, you can visit our website’s help section. You can also contact our Customer Support team with any questions you may have. Don’t forget to also check out our blog—it’s a treasure trove of tips on everything from sending money to saving money.

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