You may need to transfer money from one bank account to another on occasion. Perhaps you’re paying a portion of your rent each month, or you’d like to transfer funds from an old account to a high-interest savings account.
Regardless, there are a few options for moving the money. It’s possible that you won’t even have to leave your house to do it. There are more digital possibilities than ever before, as there are with most things nowadays. Here’s how to transfer money from one bank account to another, along with which option is ideal for you.
You’ll Need This Information to Transfer Money
There are some fundamental pieces of information you should have on hand depending on how you transfer money. To begin, you must first determine how much money you wish to transfer and ensure that your account has sufficient funds to handle the transfer. If you try to make a transaction with money you don’t have, it might not go through. You may have to pay a cost, such as an overdraft fee, even if it does.
You should also know your bank’s account numbers and routing numbers, as well as the bank to which you’re sending the money. There are a few places you can look if you don’t know those figures. One method is to use a check to obtain your account number and routing number.
The routing number is the nine-digit number in the bottom left corner. The center number on the bottom of your cheque is your account number. These numbers should also be available through your online banking account.
You should also know your bank’s name and address, as well as the bank to which you’re sending money.
Simple Way to Transfer Money: Cash
Although most banking is now done digitally, you can still send money in cash. Withdrawing and depositing cash isn’t always a good idea, especially when dealing with big sums of money, but it can be a convenient and free choice in some cases. If you need to shift money right away, cash can be a smart solution.
Withdrawing money in person is the easiest way to avoid fees. Your bank and/or the bank that owns the ATM may charge you a transaction fee if you use it. The daily withdrawal limit on most ATMs, as well as your personal account, is $600 or less.
Checks are an old-fashioned method of money transfer
Another simple method of money transfer is through cheque. You may get free checks with the top checking accounts. To transfer funds by check, simply write a check and deposit it at the other bank. Because of the rise of mobile check deposit, you may not need to visit a bank to deposit a check.
Checks function whether you’re depositing money into your own account or sending money to another else. One thing to keep in mind is that checks are not a smart choice if you need to move money rapidly. The funds may take a few days or even a week to transfer after you deposit a cheque.
Bank-to-Bank Transfers allow you to move money between your own accounts
A bank-to-bank transfer may be your best option if you need to transfer money between two accounts you own. This is a type of digital payment that functions similarly to an ACH payment. (ACH, or automatic clearing house, payments are what you’ve used if you’ve used direct deposit or paid your credit card bill online.)
If you’re sending money to another bank account that you own, many banks provide free bank-to-bank transfers. All you have to do now is link the two accounts. Typically, you can do this via your bank’s online banking portal. Some banks, particularly those with a little internet presence, will need you to phone or visit a location to obtain information.
You’ll need the account numbers, routing numbers, and verification that you’re the owner of both accounts to link them. After you’ve established the link, you’ll be able to send money between the two banks with ease.
It’s worth noting that bank-to-bank transactions can take several days to complete.
Wire Transfers are a method of transferring funds to another person’s bank account
If you need to send money to another person’s account immediately, a wire transfer is typically the best alternative. The cash will arrive at the other bank the same day or within one business day, depending on when you send them. You’ll need the account and routing information for your bank and the bank to whom you’re sending the money, as described above.
International wire transfers are also a convenient way to send money. To make an international wire transfer, you’ll need the same information plus the recipient bank’s SWIFT code, National ID, or IBAN number. You should be able to obtain this number by looking for the recipient bank’s name and address if you’re sending the wire transfer online.
When transferring funds, always be cautious
Before transferring money, double-check any account numbers, cellphone numbers, and email addresses, especially if you’re using an app like Venmo, because there are no safeguards in place to return your money if you send it to the wrong person.
If this happens, contact the company you used to send the funds; perhaps the unintentional recipient will be willing to repay your money. When sending money to someone with a long email address, one approach to avoid making a mistake is to copy and paste the recipient’s email address rather than typing it.
Bottom Line
Money can be transferred from one bank to another in a variety of ways. Whether or not you hold both accounts, the best alternative for you will be determined by where you send the money. If you need to transfer money from one account to another, you can use online banking to link the accounts. You can transfer money on a regular basis this manner. In some cases, withdrawing and depositing cash may be a viable option.
Just be wary of ATM costs. Consider a wire transfer if you’re sending money to someone else’s account. There is a charge, but it is rapid and works internationally.
