When individuals or companies want to transfer money within bank accounts either in the same bank or different banks, they need to write a formal letter to the bank authorities requesting for the transfer of funds in the provided accounts. This formal application for funds transfer is known as the request letter for funds transfer between accounts. Usually when small funds are transferred, the letter is enough where on the other hand, when huge amounts are transferred, it is mandatory for the account holder to come in bank personally and authorize the transfer in front of the bank manager.
Brief description of request letter for funds transfer between accounts:
As an individual and holder of a salary account, you may think that it is not very often that a person needs to transfer the funds from one account to another account but for professional account holders and companies and organizations, it is more often than you think. When clients pay the companies or when the businesses pay money to their suppliers, they issue the checks very rarely and usually the funds are transferred from one account to another account without taking out money and bringing it out in open. This is a much safer and secure process for companies that transfer millions of dollars. Also when there are global clients available, it is not possible to send the real paper money to foreign locations so companies transfer the funds within bank accounts.
To initiate the process, the account holder needs to send this formal request letter to the bank for transferring the funds. If it’s a small amount, the bank verifies the account holder via telephone to transfer the funds. On the other hand, when a huge amount is to be transferred to a foreign account, the account holder needs to be in the bank personally in order to authenticate the transfer. It depends on particular situations and amount of funds being transferred that if the bank manager requires seeing the proof of business conducted between the companies for legal reasons and tax requirements.
Sample request letter for funds transfer between accounts:
To: senior manager
West Canal bank, main branch
New York NY 35094
Subject: funds transfer within accounts
Date: 14 March 2015
I am writing this request letter to you in order to transfer the amount of $150,000 from my account to another account in another branch of your bank. As you asked before, I have attached the details of both the accounts (detail of account that the funds will be transferred from and the details of the accounts to transfer the funds into). I have promised the client that the funds will be transferred within 24 hours and I hope you will cooperate with me to fulfill my promise. As you can see, it is a huge amount of money so if you need authentication, you can talk to me on my official contact number or let me know if I need to be presented in the bank by myself.
Account number: 8901-146976-19571-1981-007