How to transfer money from one bank to another

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Advances in technology have made it easier for people to transfer money from one payment platform to another. The increased penetration of the Internet has made online money transfer a preferred option for those who don’t like handling cash.

Many people have bank accounts at different financial and investment institutions. This could be a savings account or a checking account where you sometimes need to transfer money from one account to another. Or maybe you want to pay bills and even send money to your loved ones.

The good news is that there are different ways to transfer money from one bank account to another. Understanding each of these methods and their advantages and disadvantages is essential to help you choose the one that is best for your situation.

Below are some of the common methods of transferring money from one bank to another:

1. Bank-to-bank transfer

Online banking has made it much easier to transfer money from one bank to another. There is a wide range of tools that you can use to transfer money. If you are the owner of multiple accounts, using wire transfer is the best option.

All you need to do is find the bank-to-bank function and configure the receiving or issuing bank. The processing time varies depending on whether it is an internal or international transfer. The banks you transact with will also determine the speed of processing.

How to link bank accounts?

The first step is to log into the bank account you want to send the money from and go straight to an option that says “linked accounts”. After that enter the routing number as well as the account number of the external bank. In most cases, you will be asked to verify that you are the owner of the external account.

Transfer fee

Since the introduction of online banking, external transfer fees have steadily declined. Some banks have stopped charging account holders for such transfers altogether. This is attributed to the stiff competition that exists between conventional banks and money transfer services.

2. Payment tools and applications

If your bank doesn’t offer a wire transfer, there are several online payment tools that may still work for you. You will need to link the app or payment service to your bank account.

The same procedure for linking external bank accounts applies when linking an online payment service. Several payment apps and tools are available, including PayPal, Venmo, Popmoney, and Google Pay.

3. Old-fashioned checks

If you are in no rush with your money, then writing a check will do. All you have to do is register your name as the beneficiary and have it deposited into the account you want the money to. You can do this from the comfort of your home using your computer or mobile device.

At the end of the line

The financial system is designed to allow people to easily transfer money to different bank accounts and mobile wallets. It doesn’t matter if you want to pay bills, send money to a friend, or buy something online. There are many ways to send money much faster than ever before.

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