Fund transfer in the banking sector has evolved through several dispensations. The ease and comfort enjoyed today has not always been the obtainable. People sometimes in the past sent money via postal service enclosed in their letters. Some will have to send via drivers of buses etc.

Today people are able to send funds to people anywhere at the comfort of their homes, phones and even on the streets without stress. If you ask me, technology has helped alot as well as the cashless policy advocated for a while now.

At the moment, there are several options available for funds transfer across platforms. Some platforms requires internet services while some others do not. Irrespective of whether it requires data or not, the most important thing is to have the fund transferred.


Funds transfer can be done in the bank either by making direct deposit or by transfer from account to another account after authorizing the bank via a filled form. You could transfer to another account even if the recipient is uses the same bank as you. You can also forward funds to a different bank user too.


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How To Carryout Transfer And The Transaction Charges

Also, you can transfer funds via the ATM to either same or different bank recipient. That’s achievable via quickteller option on the ATM. This will normally cost you N100 per transaction.

Once you input your debit card followed by your PIN, select quickteller and select transfer option. It will ask you if the account you want to transfer to is savings or current after which you will be asked to enter the amount. It will then provide bank options from which you will select recipient bank after which it will ask for recipient bank account number. After entering the account number, it will display your recipients name with the account number to confirm if its the person you want to transfer to.

Once you confirm, it will be forwarded instantly.  Please note that you can transfer fund via quickteller online as well. You only need to log on to their official website, register your debit card and then do your transfer. Registration is only required once.


Furthermore, you transfer funds through ussd codes provided by banks. This is usually a partnership between mobile networks and the banks. For instance, First bank uses *894#, Gtb uses *737#, Ecobank uses *326# etc. Once you dial these ussd codes on the registered mobile number linked to your account at the bank on which you receive your transaction alerts.

You simply follow the prompt to transfer the funds. Charges may apply depending on the bank. For instance, for Diamond bank, its free to other Diamond account but will charge N100 to other banks, same with First bank while Gtbank will charge N30 to other Gtbank holder.

Funds transfer has become alot easier as you can do it in seconds and the recipient will be get it. Its therefore pertinent to advice that you should be careful with your transferring device and PINs to avoid third party from encroaching into your account to cart away your money. Happy Banking!


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