What is a money transfer

Money transfers are the quickest way to transfer money between your accounts, or to make a one-off transfer to another UK bank account.

You can transfer money:

  • between your Co-operative Bank and Smile account
  • to a known recipient - someone you have paid before
  • to a new recipient - someone you haven't paid before.

What you'll need

To transfer money between your own Co-operative Bank accounts or to a person you've paid before, you'll need:

  • the amount you want to transfer
  • the date you wish to transfer it - if it's not an immediate payment.

To transfer money to a recipient you haven't paid before you'll need:

  • the account number and sort code of your recipient
  • the name of the recipient 
  • the amount you wish to transfer
  • the date you wish to transfer it - if it's not an immediate payment.

If you want to send the money at a future date, enter the date you want the payment to go in the 'payment date field'.

If the date you choose is a weekend or bank holiday, the payment won't be processed until the next working day.

To confirm the money transfer, log out of your account and then log back in. This refreshes your account and you'll see the transfer in your account balance and transaction list.

Create a money transfer in online banking

Log into online banking, select the account you want to create the money transfer from and:

  • select 'move money'
  • complete the information required in each box
  • complete the information required in each box
  • select 'review payment' and check all details are correct
  • select 'confirm transfer' to complete your money transfer.

Creating a money transfer in the mobile app

Log into the mobile app, select the account you want to create the money transfer from and:

  • select 'payments and transfers
  • select the type of transfer you want to make
  • complete the information required in each box
  • select 'review payment' and check all details are correct
  • select 'confirm transfer' to complete your money transfer.

Payment limits

As long as you've got enough money in your account, the payment limits for sending money to someone else are:

Online and mobile banking payments up to £19,999.99

To make a single payment over £19,999.99 to £100,000 

Call us on 03457 212 212 . Lines are open 8am - 6pm Monday to Friday, 9am - 5pm Saturday and Sunday. Call charges

Payments over £100,000 will be sent as a CHAPS transfer

To request a CHAPS log in to online banking and send a secure message for the account you wish to make the CHAPS payment from.

Timescales

When transferring money between your own accounts, the payment is immediate, except for between the following types of accounts:

  • transferring payments from your Co-operative Bank or Smile account to your Co-operative Bank or Smile credit card or charge card
  • transferring payments from your Co-operative Bank or Smile account to another persons Co-operative Bank or Smile credit card or charge card
  • making payments to another Co-operative Bank or Smile account when you include a reference - for immediate payment leave the reference field blank.

Please allow 2 working days for the credit card payment to be processed.

Please note - charges and interest will be payable if you miss your card payment due date in accordance with your terms and conditions. Interest will be charged on all transactions shown on your statement, calculated from the date each transaction was added to your account until full payment is made and credited to your account. This will happen even if you had paid your previous statement balance in full and on time.

If you transfer funds to a different bank, or to a different recipient, these are processed via the Faster Payments service and should normally reach the payees account immediately.

Unsuccessful money transfer

There are a number of reasons why a money transfer may be unsuccessful. This might be because:

  • you've entered an invalid account number for your recipient
  • you've entered an invalid sort code for your recipient
  • you do not have the necessary funds to make the transfer
  • you may have lost connectivity to online banking or the mobile app.

If you've checked the above information and still can't make your transfer, please contact us.

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Contact our support team