From time to time, you will need to transfer money from one bank to another. In some cases, you may want to transfer funds immediately. In other situations, time may not be a factor.
Here are five ways to transfer money from your bank to another bank.
1. Bank-to-bank transfers
These days, transferring money from one bank to another is quite easy. You have many options, which will depend on speed, your bank, and your personal preferences.
Here are some steps you can take to transfer money from bank to bank.
- Determine how quickly the money needs to get to the other bank.
- Compare the fees. Sometimes an option like a wire transfer might be needed to send large sums of money quickly, but it probably won’t be free. Other times, a method like Zelle can be both quick and free.
- Obtain the recipient’s account information. You will probably need at least the recipient’s name, routing number, and account number for most methods.
Now is the time to choose your method. Once you’ve decided on the speed, cost, and shipping options you have, you’re ready to send that money.
2. Electronic transfers
A wire transfer is one of the fastest ways to electronically transfer money from one person to another through a bank or a non-bank provider such as TransferWise and Western Union.
For a domestic bank transfer, you will need the routing number, the account number and the name of the recipient. You might also need the recipient’s address. You may be able to send it online or you may need to visit a local bank branch.
Bank transfers are fast and can let you send more money than other methods, but they can also be expensive.
Keep in mind that your bank may have a weekday deadline for wire transfers and they cannot be sent on weekends or Federal Reserve holidays.
3. Third party companies
Your bank is not the only option for sending money. PayPal and other third party companies are also options to consider. Sending money from a linked bank account or PayPal Cash are two ways to avoid transaction fees in the United States
Western Union and MoneyGram are other options for sending money.
Keep in mind that international transaction fees are generally higher. In addition, you will be charged an exchange rate on transfers made in foreign currencies.
4. Money transfers by e-mail
Your bank may have a service that allows you to send money with an email address or cell phone number. Zelle or Popmoney are some of the common services.
In most cases, you will be able to send this money directly from your bank’s app. This can be a quick option for sending money to another person, but make sure you understand your bank’s sending speed and limits.
Apple Pay, Google Pay, Samsung Pay Cash, and Venmo are other ways to send money to others.
5. Write a check
One of the traditional ways to transfer money between banks is to write a check.
Official checks and money orders are also options.
Some banks offer your first order of checks for free or may give you free checks. Official checks and money orders can cost your bank money or they can be free.