DocumentationBank Transfers
Bank transfers allow you to move funds between your Nova account and supported bank accounts. Depending on your account and regional availability,...
Bank transfers allow you to move funds between your Nova account and supported bank accounts. Depending on your account and regional availability, you may be able to send money to external bank accounts, receive funds from them, or both.
Bank transfers are commonly used for larger payments, salary deposits, business transactions, and moving funds between financial institutions.
Understanding Bank Transfers
A bank transfer is the movement of funds between your Nova account and a bank account using a supported banking network.
Unlike peer-to-peer transfers, bank transfers are processed through external financial institutions and may require additional processing time.
Sending a Bank Transfer
To send money to a bank account:
- Select Bank Transfer.
- Choose an existing recipient or add a new bank account.
- Enter the transfer amount.
- Review the transfer details.
- Confirm the transaction.
Once submitted, the transfer begins processing.
Receiving a Bank Transfer
Depending on the services available to your account, you may be able to receive funds directly into your Nova account from a supported bank account.
To receive a transfer, provide the sender with the required receiving account details available within your account.
The information required depends on the banking network and destination country.
Bank Account Information
When sending or receiving a bank transfer, the required information may include:
- Account holder name
- Bank name
- Account number or IBAN
- Routing or branch code
- SWIFT/BIC code
- Payment reference, where applicable
The exact information required depends on the banking network being used.
Processing Times
Bank transfers are processed by external banking networks.
Processing times vary depending on factors such as:
- Banking network
- Sending and receiving institutions
- Currency
- Country or region
- Business days and public holidays
- Regulatory or compliance reviews
Some transfers may be completed on the same day, while others may take longer.
Transfer Status
The progress of every bank transfer can be monitored from your transaction history.
Common statuses include:
| Status | Description |
|---|---|
| Pending | The transfer has been submitted and is being processed. |
| Completed | The funds have been successfully transferred. |
| Failed | The transfer could not be completed. |
| Returned | The funds were returned by the receiving institution. |
| Cancelled | The transfer was cancelled before processing completed. |
Before Sending a Transfer
Before confirming a bank transfer, verify that:
- The recipient’s banking information is correct.
- The transfer amount is accurate.
- Sufficient funds are available.
- Any applicable fees have been reviewed.
Incorrect banking information may delay or prevent successful delivery.
Frequently Asked Questions
How long does a bank transfer take?
Processing times vary depending on the banking network, destination, currency, and any required compliance checks.
Can I cancel a bank transfer?
Some transfers may only be cancelled before processing begins. Once processing has started, cancellation may no longer be possible.
Why was my bank transfer returned?
Transfers may be returned because of incorrect banking details, account restrictions, regulatory requirements, or rejection by the receiving financial institution.
Can I transfer money internationally?
International transfer availability depends on the services enabled for your account and the supported banking networks.
Summary
Bank transfers provide a secure way to move money between your Nova account and supported financial institutions. By reviewing recipient information carefully and monitoring the transfer status through your transaction history, you can manage both domestic and international transfers with confidence.