There are various methods for depositing cash and cheques into your bank account. People may also send you money directly. It’s important to understand the many choices and how to utilise them. Cash and cheques may deposit into your bank account at your local location. Fill out a paying-in form and hand it to the cashier along with the cheque or cash. Some branches also use the machines for this purpose. Although modern branch payment machines provide a receipt, some older devices do not. It might be an issue if there is a disagreement regarding how much you paid. Continue reading our guide on how to put cash into bank account in UK. We have listed 6 best ways to put money into bank account in the United Kingdom.
How to Put Cash Into Bank Account In UK?
1. Make a cash deposit at a bank
You may deposit cash into someone else’s account by visiting a bank where the individual has an account and provide the teller with the person’s name and account number.
Some banks, however, will not allow you to deposit funds into another person’s chequeing account. The three largest banks are JPMorgan Chase, Bank of America, and Wells Fargo.
According to the banks, the decision to restrict cash aids in preventing money laundering and fraud since cash is difficult to track. It is extremely costly to process.
Though you may be inconvenienced, there are options, some of which are faster than transferring cash into someone else’s account at a bank.
2. Perform an electronic transfer
You may transfer money into the account of a friend or family using a service like Venmo, PayPal, or Cash App. You may also send money to others via Zelle, and since most banks already include It service in their offers, you won’t need to join up for it individually.
When employing any of these digital solutions, use care. The payments are often irreversible when you transfer money to someone else via these platforms. To prevent being a scam victim, always transfer money to someone you know and trust.
If your bank does not provide Zelle, you may still send an electronic transfer by inputting the recipient’s bank account number and routing number into your online banking account. Although Zelle transfers money in seconds, It is a kind of bank-to-bank transfer might take many days.
3. Perform a wire transfer
A wire transfer is another method of sending money to another person’s bank account. Wire transfers may be completed at banks, credit unions, or service providers like Western Union or Wise.
You’ll normally need the recipient’s account number, routing number, and name to make a wire transfer.
Wire transfers may be your best option for transferring huge sums of money since they frequently have no restrictions as long as you have adequate cash. Furthermore, domestic wire transactions are often handled on the same day, if not within hours. On the other hand, Wire transfers might be costly compared to fee-free alternatives like Zelle.
4. Make a cheque
Although paper cheques are becoming less popular, you may still deposit a personal cheque into someone else’s bank account. Cheques represent less of a danger to banks than cash deposits since cheques can be traced.
When you give a cheque to the teller and the recipient’s name and account number, a cheque, like cash, may be deposited into another person’s account at a branch.
In contrast to cash, the disadvantage is that your bank may not always make money accessible instantly. Depending on the conditions, the cheque may clear and settle in hours. However, most banks wait a business day for cash to be available for most clients just to see whether the cheque clears.
5. Make use of a cashier’s cheque
Instead of writing a personal cheque, you may deposit a cashier’s cheque into someone else’s bank account. A cashier’s cheque, also known as an official bank cheque, may be obtained by paying the bank the entire cash a cheque upfront. The bank then writes the required amount on a cheque and names the intended recipient as the specified payee. A cashier’s cheque has the advantage of not bouncing since the money of the issuing bank guarantees it, and it normally clears faster than a personal cheque.
6. Make use of a money order
If you don’t want to deposit money into someone else’s account using a personal or cashier’s cheque, a money order is an old-fashioned alternative.
A money order, like a cheque, is a paper instrument that gives monies, but it is not linked to a business bank account. A money order may purchase through banks and credit unions, post offices, chain pharmacies and food shops, and certain large-box businesses. There is a charge. However, money order service prices are reasonable.
A money order comes with a receipt, and it may usually be replaced if it is lost or stolen. Money orders, like cashier’s cheques, are prepaid. Therefore, there is no chance of their bouncing.
You may be seeking the easiest method to deposit money into another person’s bank account, whether you want to repay a buddy or gift a relative some birthday money. Fortunately, you have various alternatives, whether you choose to deposit the cash online or in person at a bank office. With electronic methods such as Zelle, Venmo, and wire transfers, depositing money into another person’s bank account may be rapid and affordable. Traditional methods, such as depositing cash, cheques, or money orders in person, are still viable, albeit they may need extra processing time and a trip to the bank. In short, cash and checks may deposit into your bank account at your local location. Fill out a paying-in form and hand it to the cashier along with the check or cash. Some branches also use the machines for this purpose. Above’s the complete guide to put cash into bank account in UK.