A bank transfer is when money is sent from one bank account to another, and is a safer way to transact than handling cash. While these payments typically happen quickly, bear in mind that the process may take several days depending on which bank you use and which one the intended recipient does. You use bank transfer to pay for almost anything this way, including goods and services, rentals and levies, insurance premiums, traffic fines, and can even make deposits at an online casino.