Zelle, Popmoney and Venmo aren’t the only ways to transfer money from one account to another — whether it’s to another account you have or someone else’s. The ability to transfer funds between accounts at different banks is a useful way to help you get money where it needs to be, and there’s more than one way to do it.
Transfer costs and speed are important considerations when choosing the best transfer method, and the two are often linked. Getting money where it needs to be in the quickest way can also be the most expensive method.
What are bank-to-bank transfers?
A bank-to-bank transfer, also known as an external transfer, is the process of getting funds from an account at Bank A to another at Bank B. External transfers that are electronic or utilize the internet can expedite getting money to someone else by eliminating the need to physically move cash between banks.
Things to consider before transferring money
When choosing a method to send money to another person:
- Think about speed: Determine how quickly the money needs to arrive at the other bank.
- Compare fees: Sometimes a wire transfer might be needed for sending large amounts of money quickly, but it likely won’t be free. Other methods, such as Zelle, can be both fast and free.
- Know the recipient’s account information: You’ll probably at least need the recipient’s name, routing number and account number for some methods. But for Zelle, you only need the person’s phone number or email address.
After deciding on speed, cost and what sending options you have, you’re ready to make a money transfer.
Here are four ways to transfer money from your bank to another institution.
1. Wire transfers
A wire transfer is one of the fastest ways to transfer money electronically from one person to another through a bank or a nonbank provider such as Wise, formerly TransferWise.
For a domestic wire transfer, you’ll need the routing number, account number, the name of the recipient and possibly the recipient’s address. A domestic wire transfer can be set up online or at a branch or office.
Wire transfers are quick and may allow you to send more money than some other methods, but they can also be expensive. Domestic wire transfer fees averaged $26 in Bankrate’s November survey of banks.
Keep in mind your bank might have a weekday deadline for wire transfers, and they can’t be sent on weekends or bank holidays.
2. Mobile apps
Banks aren’t the only option for sending money. PayPal, MoneyGram, Western Union and other third-party companies are also considerations. PayPal customers don’t incur a fee when moving money from PayPal to their bank accounts.
Fees for international transactions typically are higher, and an exchange-rate fee may apply on transfers made in a foreign currency.
3. Email money transfers (EMTs)
Your bank’s app might offer a service, such as Zelle or Popmoney, that allows you to send money electronically to someone else using their email address or cellphone number.
Transfers can take seconds or a few days, depending on the method selected. A fee or additional charge may apply for instant transfers. Apple Pay, Google Pay, Samsung Pay Cash and Venmo are other ways to send money to others using an app.
4. Write a check
A traditional way of transferring money between banks is by writing a check and depositing it either at a bank branch, online, through a mobile app or by mail. A money order can be used instead, though some bank’s websites and/or apps lack the capability to deposit a money order. Funds can also be transferred using an official check, also known as a cashier’s check, and deposited the same way a standard check is. A fee may apply for the purchase of an official check or money order.
What are the benefits of external bank transfers?
External bank transfers allow you to transfer funds between banks or send funds to another person without having to visit a branch or ATM.
An external transfer can be useful for moving funds, for example, from a high-yield savings account held at an online-only institution to a checking account at a brick-and-mortar bank. Having a checking account at a brick-and-mortar bank provides access to a branch — an important consideration for some consumers — while an online bank allows them to earn higher yields on savings that a traditional bank may not offer.
Money can also be transferred from a checking account to a bank or credit union that offers multiple savings accounts, or buckets, allowing consumers to set distinct savings goals.
Transferring your money to yourself at a different bank
Many consumers have accounts at more than one bank and sometimes need to transfer money from one account to one at a different bank.
Some options are setting up an external transfer or using a service such as Zelle. Some lower-tech options are writing a check to yourself or withdrawing cash from one bank and depositing it into another.
Be aware of savings withdrawal limits
The Federal Reserve deleted a rule in April 2020 that restricted the number of transfers and withdrawals from savings deposit accounts, which include savings accounts and money market accounts.
Even though this requirement no longer applies, your bank may restrict the number of transactions in these accounts, and exceeding your bank’s withdrawal limits could result in a fee.
Bottom line
An external transfer is a quick and easy way to move funds from one account to another. It’s important to research transfer options to know how much they cost and how long it can take for the funds to get where they need to me. If you frequently need to move money between accounts urgently, setting up a practice transfer can help you familiarize yourself with the process and alleviate the stress you may experience when needing to transfer funds quickly.
FAQs
There are three main electronic methods of transferring money: ACH transfers, wire transfers, and electronic transfers via third-party systems.
What are the different types of bank transfers? ›
There are three main electronic methods of transferring money: ACH transfers, wire transfers, and electronic transfers via third-party systems.
Can you use Zelle to transfer money between banks? ›
Zelle® works between U.S.-based banks. Which means, even if you bank somewhere different than your friends and family do,1 you can still use Zelle® to safely send and receive money straight from your banking app.
How do I automatically transfer money from one bank to another? ›
Key Takeaways
- An automatic transfer of funds is a standing banking arrangement whereby transfers from a customer's account are made on a regular, periodic basis.
- Automatic transfers can be used to move money from one bank account to another one, like from a checking account to a savings account.
How Can I Withdraw Money From My Checking Account Without a Debit Card?
- Cash a check at your bank. This involves writing a check for the amount you need and visiting a bank branch to retrieve funds.
- Cash a check at a store. ...
- Use a withdrawal slip at a bank branch. ...
- Work with a bank teller.
Types of Transfer:
- The Following are The Various Types of Transfers:
- (A) Production Transfers:
- (B) Replacement Transfers:
- (C) Versatility Transfers:
- (D) Shift Transfers:
- (E) Remedial Transfers:
- (F) Miscellaneous Transfers:
Examples of transfer payments include welfare, financial aid, social security, and government subsidies for certain businesses.
What is the best way to transfer money between banks? ›
A wire transfer is one of the fastest ways to transfer money electronically from one person to another through a bank or a nonbank provider such as Wise, formerly TransferWise. For a domestic wire transfer, you'll need the routing number, account number, the name of the recipient and possibly the recipient's address.
How do I transfer money to someone else's bank account? ›
There are several ways to do that electronically, each with its own advantages.
- Use a money-transfer app.
- Consider a bank-to-bank transfer.
- Set up a wire transfer.
- Request your bank send a check.
This is known as an “internal transfer.” Go to your bank's website or mobile app and look for options to transfer funds. You'll usually be able to set up a one-time or recurring transfer between connected accounts, and most internal transfers settle immediately or within one business day.
How to transfer money to another bank electronically
- Log into your online banking account at your current bank.
- Select the Transfer option. ...
- Enter the routing and account number for your new bank account.
- Select how much you'd like to transfer.
- Confirm the transfer and wait for the funds to show up in your new account.
To send money in person, you just need to visit your local branch and make sure you bring: the payment details of the person or organisation you're paying. your debit card.
What is the limit on Zelle transfers? ›
If your bank or credit union offers Zelle®, please contact them directly to learn more about their sending limits through Zelle®. If your bank or credit union does not yet offer Zelle®, your weekly send limit is $500 in the Zelle® app. Please note that you cannot request to increase or decrease your send limit.
How do I transfer money from bank to bank without app? ›
Internet Banking
Almost all banks provide an internet banking facility. You can access the banks' websites to transfer money from one bank account to another. To do so, you need to log in to your internet banking account using your user ID registered with the bank, if you have an active net banking account.
How can I get money from my account without a card? ›
Cash a Check
One way to access cash from your bank account is to write yourself a check. You won't need your debit card to cash it. You should have no problem cashing the check at a bank or credit union where you have an account.
How long does it take to transfer money from one bank to another online? ›
Transferring money between banks can take one to five days, depending on if you're doing a wire transfer or ACH transfer or using a peer-to-peer app or check.
What are the five cash transfer methods? ›
A payment can be made in the form of cash, check, wire transfer, credit card, or debit card.
What are the methods of money transfer? ›
- Your Bank.
- Zelle.
- PayPal and Venmo.
- Western Union or MoneyGram.
- Physical Cash.
- Personal Checks.
- Bank Drafts, Money Orders, and Cashier's Checks.
- Email Money Transfers.
Keep your body in a straight line, with a straight back and bent knees. Your head and chest should be up and straight. Keep your feet a little wider than your shoulder width. Keep the person's head, torso, and legs in line during the transfer. Stand close to the person before you move him or her.
What is the most common form of transfer payment? ›
The most well-known form of transfer payment is likely Social Security payments, whether for retirement or disability. These are considered transfer payments even though most recipients have paid into the system during their working lives. Similarly, unemployment payments are also considered transfer payments.
Understanding Direct Transfers
A wire transfer, for example, is an electronic transfer of money using a network of banks or financial companies. A wire transfer is a fast and secure way to move money since the account owner doesn't need to withdraw or physically handle the money.
What is a third party bank transfer? ›
“Third parties” are non-banks that provide payment initiation and account information services. For this purpose, they require your consent to access your bank account. They act as an intermediary – a third party – between you and your bank.
What is the cheapest way to transfer money between banks? ›
For a bank-to-bank transfer, MoneyGram is the cheapest option. You'll have to pay fees. For sending $200 to $1,000, average fees range from about $6 to $14 in the countries we surveyed, depending on the sending and receiving methods. MoneyGram also marks up the exchange rates anywhere from about 0.60% to nearly 8.44%.
Which is the fastest money transfer method? ›
RTGS is the faster payment mode as it occurs in real time but NEFT is cleared in batches.
What's the most you can transfer between bank accounts? ›
Bank transfer limits
| Type of transfer | Transfer limit |
|---|
| ACH Same Day transfer | Up to $1,000,000 |
| Bank of America Corp. | $3,500 per day or $10,000 per week |
| JPMorgan Chase & Co. | Up to $25,000 per day |
| Citigroup Inc. Standard ACH | Up to $10,000 per day |
1 more rowJun 8, 2022
Steps for Transferring Money Between Banks
- Log into your bank's website or connect via the bank's app.
- Click on the transfer feature and choose transfer to another bank.
- Enter the routing and account numbers for the account at the other bank.
- Make the transfer.
Yes, writing a check to yourself is perfectly legal. You may be wondering why you would do this. Writing a check to yourself is another way to withdraw cash from your bank account or transfer money between accounts. To do this, you write your name on the payee line.
How much does it cost to transfer money from one bank to another? ›
Wire transfer fees generally range from $0 to about $50. The median wire transfer fee for the institutions we surveyed is $15 for incoming domestic wire transfers, $25 for outgoing domestic wire transfers, $15 for incoming international wire transfers and $45 for outgoing international wire transfers.
What is the fastest way to send money using account and routing number? ›
One of the fastest ways to transfer money between bank accounts is with an ACH debit, provided both accounts are linked. To link accounts and set up a transfer, you'll need to know basic details including your routing number and account number.
Can someone withdraw money using routing number and account number? ›
If fraudsters can combine your bank details and other easy-to-find information — such as your Social Security number (SSN), ABA or routing number, checking account number, address, or name — they can easily begin to steal money from your account.
Zelle is another great option for sending verification-free payments as long as you and the recipient are both using bank accounts in the US. You can also only access Zelle via your credit union or bank. Once your account is set up, you need to add the recipient's email address or phone number to make a transfer.
How to transfer money from one account to another without account number? ›
Using a cheque to transfer your money from one bank to another is as traditional as it gets. On the cheque, simply sign in the name of the receiver who is supposed to get the money, specify the amount you want to send and simply hand the cheque over to receiver! Done, it is that easy.
Does Zelle report to IRS? ›
Long story short: Zelle's setup, which uses direct bank-to-bank transactions, is not subject to the IRS's 1099-K reporting rules. Other peer-to-peer payment apps are considered “third-party settlement organizations” and are bound by stricter tax rules.
How long does a wire transfer take? ›
Most domestic transfers are processed on the same day, and international transfers are typically completed within a few days (depends on country). You need to move large amounts of money. Though limits vary based on the money transfer provider, they tend to be high.
How long does Zelle take? ›
Money sent with Zelle® is typically available to an enrolled recipient within minutes1. If it has been more than three days, we recommend confirming that you have fully enrolled your Zelle® profile, and that you entered the correct email address or U.S. mobile number and provided this to the sender.
What app can I use to transfer money from my bank account instantly? ›
Compare the Best Money Transfer Apps
| App | Operating System | Transfer Speed |
|---|
| Venmo Best for Shared Bills | iOS and Android | Instant |
| Facebook Pay Best for Small Transfers | Depends on the apps you already use | Instant, though the bank may take up to five days to process |
| Zelle Best for Bank to Bank Transfers | iOS and Android | Instant |
3 more rowsJan 12, 2023
The 9 Best Apps for Transferring Money
- PayPal.
- Venmo.
- Cash App.
- Google Pay.
- Apple Pay.
- Zelle.
- Western Union.
- Remitly.
Telephone transfers
Call your bank's telephone banking service. The bank's customer services representative will guide you through the process. In some cases, you might be guided through by an automated recording.
How can I get cash with just a credit card number? ›
There are a few ways to get a cash advance on a credit card without a PIN. The easiest way to withdraw cash from a credit card without a PIN is to visit a bank that does business with your credit card company, ask the teller for a cash advance, and present your card along with a government-issued photo ID.
How can I get some quick cash? ›
16 ways to find fast cash
- Sell something. If you have anything sitting around your house collecting dust, then you could turn it into cash. ...
- Pawn something. ...
- Sell unused gift cards. ...
- Access your paycheck earlier. ...
- Take on a freelance gig. ...
- Pet sit. ...
- Babysit. ...
- Ask for a loan from a family member or friend.
You can still use NFC technology with certain credit or debit cards. All you have to do is tap the card against the reader, and it'll work just like your smartphone. Withdrawing cash at ATMs via your smartphone. You can now take out cash at NFC-enabled cash machines—no debit card required.
How long does it take to transfer money to another bank account? ›
An ACH transfer, or automated clearing house transfer, will usually take one to four business days to appear in a recipient's account. It can often take longer, an average of three to four days, because both the sending and receiving banks need time to process the request.
What is an ACH fund transfer? ›
An ACH is an electronic fund transfer made between banks and credit unions across what is called the Automated Clearing House network. ACH is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments.
Is a bank transfer the same as a wire transfer? ›
In short, yes: in a wire transfer, the sender's bank acts as an intermediary, sending information about the transfer to the receiver's bank before the money is moved, whereas a bank transfer simply involves sending money directly from one bank account to another.
What are the four types of electronic payments? ›
A List of E-commerce Payment Systems
- Debit Card. A debit card is a card with unique credentials and is linked to the customer's bank account. ...
- Credit Cards. Credit cards are the most popular form of payment for e-commerce transactions. ...
- E-Wallet. ...
- Smart Card. ...
- Online banking. ...
- Mobile Payment.
By and large, credit cards are easily the most secure and safe payment method to use when you shop online. Credit cards use online security features like encryption and fraud monitoring to keep your accounts and personal information safe.
What is a wire transfer vs ACH? ›
What Is the Difference Between ACH and Wire Transfers? An ACH transfer is completed through a clearing house and can be used to process direct payments or direct deposits. Wire transfers allow for the direct movement of money from one bank account to another, typically for a fee.
Do all banks allow ACH transfers? ›
All banks in the United States can use ACH, as all that's needed to receive an ACH transfer is a valid bank account and routing number. Additionally, payment processors like Square, PayPal, and Stripe also use ACH.
Is a wire transfer the same as ACH? ›
Both ACH and wire transfers work in a similar way, but with different timelines and rules. Wire transfers are direct, generally immediate transfers between two financial institutions. ACH transfers, meanwhile, pass through the Automated Clearing House, and can take up to a few business days.
How do I transfer money from bank to bank? ›
Steps for Transferring Money Between Banks
- Log into your bank's website or connect via the bank's app.
- Click on the transfer feature and choose transfer to another bank.
- Enter the routing and account numbers for the account at the other bank.
- Make the transfer.
Money sent with wire transfers is typically received faster than money sent with ACH transfers.
How much does a ACH transfer cost? ›
An ACH payment cost can range between zero and $10.00. Payment processing companies may negotiate rates with users having a high volume of ACH transactions. Banks may not charge their customers fees for ACH payments, including online bill pay. Examples of ACH payment costs by other payment processors follow.
What are the 4 cash flows? ›
He introduces the Cashflow Quadrant, which, as the name indicates, has four sections: Employees, Self-employees, Business Owners, and Investors. Each quadrant has advantages and disadvantages, and as the author explained, they're not created equally.
What are the better forms of cash transfer? ›
- Your Bank.
- Zelle.
- PayPal and Venmo.
- Western Union or MoneyGram.
- Physical Cash.
- Personal Checks.
- Bank Drafts, Money Orders, and Cashier's Checks.
- Email Money Transfers.
