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Money transfers

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

On this page:

What you'll need before you create a money transfer

How to create a money transfer in online banking

How to create a money transfer in the mobile app

How to check if your transfer has been successful

Payment limits

Payment timescales

What you'll need before you create a money transfer

You'll need a few things handy.

For all transfers you'll need:

  • the amount you want to transfer

  • your phone, so you can receive a verification code

You may also need:

  • the date, if you don't want to make an immediate payment

  • a payment reference, if you're paying a business

If you're transferring to someone new you'll need:

  • their sort code and account number

  • their full name, as referenced on their account

How to create a money transfer in online banking

There are different ways to create a money transfer in online banking. They depend on the account type, whether you've transferred money to someone before, or if you're transferring between your own accounts.

We've created video and text guides to help you:

How to create a money transfer in the mobile app

  1. Log in to the mobile app.
  2. Select Pay & transfer.
  3. Select the account you want to transfer from.
  4. Select the type of transfer you want to make.
  5. Select the account you want to transfer to.
  6. Complete the information required in each box.
  7. Select Continue for payments to an existing payee or Verify payee if you're paying someone new.
  8. Select Confirm & pay to complete the money transfer.

Find out more about creating money transfers in our mobile app

If you're paying a bill, always check the information on the bill. You may need to contact the company you're paying. You can do this on a trusted phone number, website or verified communication.

How to check if your transfer has been successful

To confirm that your money transfer has debited your account, you may need to log out of your account and then log back in.

  • If your transfer is successful

    If successful, you'll see a confirmation message saying that your payment request has been sent. We'll also save the details of the person or business you paid as a 'saved payee'. Now you'll be able to transfer money to the same payee without having to enter their details again.

    When you've finished, you can click 'Return to my accounts' to go back to the main app screen.

  • If your transfer is unsuccessful

    This could be because:

    • you entered an invalid account number or sort code for your recipient
    • you did not have the necessary funds in your account
    • you did not have internet connectivity

    If your payment was unsuccessful for any of these reasons, you can try to create a new money transfer. If you still cannot make your transfer please contact us.

How to send money at a future date

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 chose is a weekend or a bank holiday, the payment will not be processed until the next business day.

Payment limits

To help protect you against fraud, we limit the amount you can pay in our mobile app and online banking. These limits mean that you can send:

  • up to £19,999.99 per payment
  • up to £19,999.99 in any 24-hour period. Each payment you make contributes towards this payment limit for 24 hours

Note: Payments between your smile or Co-operative Bank accounts or to your smile or Co-operative Bank credit card are not included in the £19,999.99 24-hour limit.

How to make a payment up to £19,999.99 which will not exceed the 24-hour limit

You can do this in our mobile app and online banking.

How to make payments between £19,999.99 and £100,000 or exceeding the 24-hour limit

You can do this by:

Lines are open Monday to Friday, 8am to 6pm, and Saturday and Sunday, 9am to 5pm. Call charges apply.

How to pay over £100,000

Payments over £100,000 are sent by CHAPS transfer.

CHAPS transfers cost £25 per payment.

Payment timescales

When transferring money to a different bank, or to another Co-operative Bank or smile account, the money is processed via the Faster Payment Service.

This should reach the payee's account immediately. But in some cases, it can take up to two hours.

Payments may be delayed if:

  • they are subject to further checks
  • you transfer from your Co-operative Bank or smile account to any Co-operative Bank or smile credit card or charge card
  • you transfer to another Co-operative Bank or smile account when you include a reference

Note: If you need to make an immediate payment, please leave the reference field blank.

Allow 2 working days for credit cards payments to be processed

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.

What is the Faster Payment Service?

You can use the Faster Payment Service (FPS) to send money quickly from your smile account to other UK bank accounts.

What can be sent as a Faster Payment?

Faster Payments can be used to send up to £100,000 to a UK bank account in:

  • a single payment
  • a future-dated payment
  • a standing order payment

Future-dated payments and standing order payments are only processed on business days.

Future one-off payments

Future one-off payments can be set up to leave your account on a later date. If you want to cancel a future one-off payment that you’ve set up, contact us.

Faster Payments with references are shown in online banking. Faster Payments without a reference are not shown.