Bank-to-Bank Transfer
A bank-to-bank transfer is probably the most convenient way to transfer money from one bank account to another, as long as you own both bank accounts. Bank-to-bank transfers between connecting accounts are typically free and fast. You can set up the transfer with the sending bank, and the receiving bank will receive the transfer after about 2 or 3 business days (the timing will depend on the bank and whether you are transferring money locally or internationally).
To transfer your funds bank-to-bank, take the following steps*:
- Log in to your bank’s website or app.
- Select the option for making transfers and choose “transfer to another bank.”
- Provide account information for the account at the other bank, such as the routing number and account number.
- Confirm the new account by entering verification information, such as your username and password.
- Make the transfer by selecting the sending and receiving accounts and entering the amount to be transferred and the date for the transaction to occur.
Check with your bank to find out if bank-to-bank transfers are free, as this may not be the case for all banks.
*Note: This process may differ depending on your bank.
Peer-to-Peer Transfer
If you are sending money to someone else’s bank account, a third-party transfer is likely your best bet. Peer-to-peer payment services (or P2P payments) offer safe and fast ways to send money to friends, family, or a business. These services are usually free, but some may charge a small fee for certain situations, such as transferring money on the same day or sending money via credit card, etc.
Make sure you understand the fees, timing, and policies of each P2P app before using it to transfer money. For example, some payment apps don’t allow international transactions, or they may have transaction limits. In these situations, you may need to choose a different payment method or be prepared to pay a larger fee.
Wire Transfer
A wire transfer will come in handy when you need to transfer a large amount of money in a short period of time. Wire transfers are a quick and secure way to transfer funds, but this method will usually come with a fee. Fees will vary depending on the bank and whether you’re wiring money domestically or internationally. In general, wire transfer fees usually fall between $25 and $30 for domestic transfers and between $45 and $50 for international transfers.
Wire transfers can be done directly through your bank or with a non-bank provider, such as Wise and Western Union. You’ll need the recipient’s name, account, and routing numbers. Wire transfers will usually be available within 1 business day or even within a couple of hours. Wire transfers are very difficult or even impossible to reverse, so take extra care to make sure you’re sending the right amount of money to the right person.
Paper Checks
Writing a paper check might seem like an old, outdated way to send money, but paper checks still have their relevance in today’s technology-driven world. A paper check is a straightforward way to transfer money between banks. To do it, you can simply write a check to yourself for the amount of money you want to transfer and then deposit it into your new account. Keep in mind that it may take a few business days for the check to be deposited and clear in your account. Some banks and financial institutions even offer mobile check deposits via their mobile banking app, so you can transfer funds without ever needing to leave home.
Online Bill Pay
Some banks and financial institutions offer their customers online bill pay services. This method entails a bank or credit union sending a check or electronic payment to a merchant or bank account on your behalf. To set up online bill pay, you’ll need to sign in to your account and select the bill pay feature. Then you enter the account information for the account you’re sending it to, so if you’re sending the money to yourself, you’d simply provide your new account info. You’ll also need to determine how much you want to send, when to send it, and whether you want it to be a one-time payment or a recurring payment.
Email Money Transfer
Another option for sending and receiving money from one bank to another is an email money transfer (EMT). An email money transfer is a service offered by some banks and financial institutions that allow users to transfer funds between personal accounts using email or cell phone numbers. When you use an EMT, the participating banks will notify the recipient by email of the transfer, and the money is delivered through a transfer network, such as Zelle or Google Pay. Transferring funds through an EMT is typically free for the recipient, but the sender will usually need to pay a small fee to use the service. You won’t need the recipient’s bank account information, but the recipient will need to answer some security questions before they have access to the funds. This method will generally take a few days for the money to show up in the recipient’s account.