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How to schedule and manage one-time or recurring transfers (transfers between accounts)?

Updated

Scheduled and recurring transfers function similarly to scheduled and recurring payments. However, instead of sending payments to recipients or payees, you can set up automatic transfers of funds within your own accounts. This feature is designed to help simplify your financial management by automating regular transfers, making it easier to maintain account balances and manage finances efficiently.

The types of possible recurring scheduled transfers:

  • Baselane Banking account to Baselane Banking account: Internal transfer between your own Baselane Banking accounts
  • External Bank account to Baselane Banking account: Transfer funds from an external bank account to your Baselane Banking account
  • Baselane Banking account to External Bank account: Transfer funds from your Baselane account to an external account

Note: This feature does not support external to external transfers.

How to schedule a recurring transfer

  1. Navigate to the Baselane Banking or Transfers & Payments tab

    • In the Baselane Banking tab, select 'Move Money', then 'Transfer funds'
    • In the Transfers & Payments tab, select 'Move Money', then 'Transfer funds'
  2. Add Transfer details
    • Select the account that you would like the transfer pulled from
    • Select the deposit account that would receive the transfer
    • Enter the transfer amount

  3. Transfer schedule
    • For a one-time transfer:
      •  Select the date to send the transfer
    • For recurring transfers:
      • Select the start date to begin the transfer
      • Select the frequency of the transfer: i.e. Repeat once every month, on the 25th of the month
      • Select an end date if applicable
      • Review upcoming transfers ledger

  4. Add Bookkeeping details (optional)
    • For the Category type of the transfer, the Category will auto-fill as 'Transfer Between Accounts'

  5. Review and transfer
    • When transferring between a Baselane Banking account and an external bank account, it typically takes 3 business days for the transfer to settle.
      Note: Transfer requests received after 3:00 PM EST, on weekends, or on federal holidays will be processed on the next business day.
    • When transferring between Baselane Banking accounts, the transfers are instant.

Managing scheduled recurring transfers

  1. Navigate to the Transfers & Payments tab

    • In Transfers and Payments, select 'Scheduled' for a ledger of your payments and transfers
  2. Transaction type:
    • Under the 'Type' tab. Look for transactions categorized as Transfer Out, Transfer In, and Internal Transfer to identify transfers
  3. Schedule tab:
    • For recurring transfers, you will see the recurring schedule and the next transfer date
    • One-time transfers will be labelled accordingly and will include the scheduled transfer date
  4. Status tab:
    • This tab shows the details of scheduled transfers
    • For recurring transfers, it will display the series of scheduled transfers

Clicking on a transfer will open the 'Schedule details', which shows the transfer status (Processing, Completed, or Failed), the sending account, the receiving account, and the option to cancel the transfer.

How to cancel a one-time scheduled transfer:

Note: If the transfer is processing, you will not be able to cancel the transfer. It is only possible to cancel before it has begun processing

  1. Go to the Transfers & Payments tab
  2. Navigate to the 'Scheduled Payments' section
  3. Click on the transfer you want to cancel
  4. In the 'Schedule details', select the 'Cancel transfer' button
  5. Confirm the cancellation by selecting the red 'Cancel transfer' button
  6. A green 'Canceled transfer' notification will pop up on the bottom left-hand side of your screen, confirming the cancellation

How to cancel an upcoming recurring scheduled transfer:

  1. Go to the Transfers & Payments tab
  2. Navigate to the 'Scheduled Payments' section
  3. Click on the recurring transfers you want to cancel
  4. In the 'Schedule details', select the transfer under 'Next transfer' and select the 'Cancel transfer' button
  5. Confirm the cancellation by selecting the red 'Cancel transfer' button
  6. A green 'Canceled transfer' notification will pop up on the bottom left-hand side of your screen, confirming the cancellation

Frequently Asked Questions (FAQs)

How will I be notified if and why a scheduled transfer failed?
If a scheduled transfer fails, you will receive an email notification. The email may include the reason for the failure, such as insufficient funds (NSF).

If the email doesn't explain why the transfer failed, please contact our support team at support@baselane.com.

Where will the completed transfer be found? 
Once the transfer is completed, it will move from the Scheduled tab to the Activity tab and show as completed. If the transfer is still processing, it will remain in the Scheduled tab until completed

What time will the transfers be processed?
Transfers are processed at 4 AM EST.

Can I change the banking account that pulls funds for the transfer for the next scheduled transfer?
No, you will have to cancel your payment transfer series and restart a new scheduled series.

How do I know if a scheduled transfer was completed?

  1. Go to the Transfers & Payments tab
  2. Navigate to the 'Scheduled Payments' section
  3. Click on the transfer you want to review
  4. In the 'Schedule details', the top right corner will show a Completed, Processing, or Failed status

 

 

 

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