Ways to Transfer Money from one Bank to another When it comes to banking, so many people no longer go to a physical bank branch in order to transfer money these days. Not especially since the global Coronavirus pandemic.
Ways to Transfer Money from one Bank to another
I can barely remember when I last went to the bank. You no longer have to go to the bank because there are now different ways to transfer money from one bank to another. That is what we are going to be taking a look at in this article.
What is a bank-to-bank transfer?
Transferring money these days does not mean that you need to go to a physical bank branch before doing so. However, transferring money from one bank to another can be done from your house or when you go to a bank to transfer money. A bank-to-bank transfer is when you move money from one account to another.
This means when moving money from one person’s account to another person’s account, irrespective of whether it is the same bank, it is called a “bank to bank transfer. They can also be called external transfers that utilize electronic devices or the internet and can expedite getting money by eliminating the need to go to a physical branch of a bank.
How does a bank transfer work?
When money is being transferred from one account to another, it means that there are two accounts that are involved in the transaction or process. The money is transferred from one account, which is the sender, to another account, which is the receiver. It doesn’t matter if the account is owned by the same person or two different people.
Also, it does not matter if it is the same bank establishment or different banks. But if you want to transfer money from your savings account to your own checking account, you can simply link both accounts to do that. Transferring money from one account to another in the same bank will give you the opportunity to manage your money easily and keep a check on your savings.
There are ways to transfer money from one account to another.
Now that you have known what a bank-to-bank transfer means, let us take a look at the different types of ways that money can be transferred from one account to another. Without further waste of time, below are four ways to transfer money from one account to another:
Wire Transfers
A wire transfer is one of the fastest ways to electronically transfer money from one account to another. This process is basically done through a bank or a non-bank provider such as Wise. To successfully do a wire transfer, you are going to need some information, including the routing number, account number, and others.
Making wire transfers is quick and easy, but they do require a transaction fee, which can be quite expensive, so this option may not be for you. The average transaction fee for a wire transfer is about $26. Another disadvantage is that your bank might have a one-good-day deadline for wire transfers.
Mobile Apps
Mobile applications are one of the most popular methods of transferring money from one bank to another. it does not mean that you must use a bank to transfer the money you can simply look to any of the mobile applications that can send and receive money. Applications such as PayPal, MoneyGram, Western Union, and others can simply transfer money from one account to another.
Email Money Transfer
Just as the name suggests, you can simply transfer money using email because your banking application might include Zelle or Popmoney. This function allows you to send money electronically to someone with the use of an email address or a phone number. When money is transferred, it can take anywhere from a few seconds to a few days before the money is delivered.
Paper Checks
Writing checks is the traditional way of transferring money from one account to another, which is no longer in use that much these days. After writing your check, there are different ways to deposit it. You can either use a bank branch, online, mobile app, or even by mail.
How to Transfer money from one Bank to another
If you want to transfer money from one of your accounts to another in the same bank, follow the below procedure:
- What you first need to do is simply link both accounts together. To do this, you need to log into your account using your bank’s website and then link it from there by selecting the option to make a transfer.
- Now have the second banking account ready alongside all the information, including routing numbers, account numbers, and others.
- Enter the above information and then it will be time to verify that you are the one looking at both accounts. Verify that issue by entering your username and password.
- Finally, set up transfer payments.
If you followed the above guidelines correctly, you would have successfully linked your service account to your current account so that money can be transferred easily.
FAQs
How can I transfer money from one bank account to another?
To transfer money from one bank account to another, you are definitely going to need the information of the bank account you want to transfer the money to. These include the routing number, account number, and others. Once you have this, you need to log into your bank’s website or their mobile banking app and then click on transfer to send the money.
Can I transfer money online from one bank account to another?
The answer is yes. You can typically transfer money online from one bank to another using online banking. Online banking is the most convenient way to move money around from one bank to another without going to a physical bank branch. Transferring money online is typically free, but some institutions may charge a transaction fee.
Can I Zelle myself from one bank to another?
It is very much possible to transfer money from one bank to another for yourself. You can send money from my bank account to my other bank account, whether you are the owner of that account or not. All you need to do is to have the information about the account you are sending the money to do that.
