What is payment by bank transfer?

11 Apr 2023 By PAYCEC

Payment by bank transfer is a method of payment in which the payer transfers money directly from their bank account to the payee's bank account. To make a payment by bank transfer, the payer typically needs to obtain the payee's bank account details, including the account number and routing number, and initiate the transfer through their bank's online banking platform or mobile banking app.

This payment method is commonly used for goods and services, particularly for larger transactions. It is generally considered a secure and reliable payment method, although it may not be as fast or convenient as other payment methods such as credit cards or digital wallets.

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