Transferring money between your payment accounts or to external beneficiaries is a simple process in Banqup. This guide will walk you through the steps to move funds from one payment account to another.
Reminder:
Banqup Business Account: Your Banqup Business Account serves as a central hub for managing your business funds, allowing you to securely store, transfer, and access your money whenever and wherever you need it.
Linked account: A bank account from another financial institution that you've connected to your Banqup space. Once linked, you can view its balance and transactions directly in Banqup, and use it as a payment account.
Payment account: Your Banqup Business Account or a linked bank account.
External account: A bank account not linked to your Banqup space.
Initiating a transfer
Go to Payment Accounts.
Click on a payment account.
Click on the Transfer button, then choose one of the following options:
Between my accounts: Use this option to transfer money between your linked accounts and/or your Banqup business account.
To external beneficiary: Use this option to transfer money from your linked accounts or Banqup business account to an external bank account (not linked to your Banqup profile).
Selecting the source and destination accounts
From the dropdown menu, select the payment account from which you want to transfer money.
Choose the destination account for the transfer:
For a transfer between your payment accounts:
Select the destination Payment account from the dropdown menu.
For a transfer to an external bank account:
Search your Banqup network to select the beneficiary, or
Manually enter the beneficiary's information, including:
Bank account number (or IBAN)
Beneficiary name
Country
Address
Tip: External accounts to which you've transferred funds in the past are kept in memory and will appear when searching for a beneficiary.
Completing the transfer
After selecting the source and destination accounts, click on the Transfer money button.
Review the transfer details, including the amount, source and destination accounts.
If the information is correct, authorize the transfer.
Once the transfer is authorized, you will see a confirmation message with a unique transaction reference number.
Viewing transfer history
You can view your past transfers and their status by going to Payment Accounts and clicking on a payment account. Here, you'll find a list of all your transfers, along with details such as the transfer date, amount, source and destination accounts, and current status.
Frequently asked questions
Is there a limit to the amount I can transfer?
No, there’s currently no limit.
How long does it take for a transfer to be completed?
Transfer processing times vary based on the accounts involved:
Transfers between your Banqup Business Accounts are executed instantly.
Transfers between your Banqup Business Account and a linked account typically take one business day, as they are processed through the regular banking system.
Transfers to external beneficiary accounts also typically take one business day.