Sending money from one bank to another internally typically involves an electronic transfer of funds within the banking system. The exact process may vary depending on the specific banks involved, but here is a general step-by-step explanation:

Step 1: Initiate the Transfer: The sender, also known as the remitter, initiates the transfer by providing the necessary information to their bank. This includes the recipient’s bank account details, such as the account number, name, and the bank’s routing number.

Step 2: Verification and Authorization: The sender’s bank verifies the provided information and ensures that the sender has sufficient funds in their account to cover the transfer. If the verification is successful, the bank authorizes the transfer.

Step 3: Internal Processing: The sender’s bank processes the transfer request internally. They create an electronic message containing the necessary details, including the amount to be transferred, the recipient’s account information, and any additional instructions.

Step 4: Interbank Communication: The sender’s bank sends the electronic message to the recipient’s bank through a secure interbank communication network, such as the Automated Clearing House (ACH) system or a wire transfer system.

Step 5: Recipient Bank Processing: The recipient’s bank receives the transfer request and verifies the details provided. They credit the funds to the recipient’s account based on the information in the transfer message.

Step 6: Account Crediting: Once the recipient bank has verified and processed the transfer, they credit the funds to the recipient’s account. The recipient can now access and use the transferred funds.

Step 7: Notification: In some cases, both the sender and recipient may receive notifications from their respective banks confirming the successful transfer. These notifications may be in the form of email alerts, SMS messages, or through online banking platforms.

It’s important to note that the processing time for internal bank transfers can vary depending on factors such as the banks involved, the payment system used, and any intermediary banks or clearing processes. Typically, internal transfers are completed within one to three business days, although some transfers can be completed on the same day or even instantly.

Additionally, it’s essential for both the sender and recipient to provide accurate and complete information to ensure a smooth transfer process. Any errors or discrepancies in the account details could lead to delays or even failed transfers. It’s always recommended to double-check the recipient’s account information before initiating the transfer.

Overall, the process of sending money from one bank to another internally involves a series of verification, authorization, and electronic messaging between the banks to facilitate the secure and efficient transfer of funds.