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As Global Head of Content Marketing, Chris oversees all of the content requirements for our organic, growth marketing, and demand generation campaigns. This requires a fundamental understanding of the pain points our customers are experiencing and a thorough comprehension of the ways those customers consume and engage with content. A growth marketing expert in the tech space, Chris has worked with complex global businesses such as Google, AWS, Microsoft, SAP, Adobe, Dell and Oracle to grow their most valuable customers, increase revenue and speed up deal cycles. He has also led on customer lifecycle management programs and account-based marketing strategies for BlackRock, EY, Grant Thornton and UBS.
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As Director of Global Payment Partnerships at GoCardless, Paul and his team manage global relationships with the organisations that make payments work. His expertise was instrumental in building GoCardless' ACH payment product, enabling the company to enter the North American market successfully.Paul sits on the UK Finance Working Group on Open Banking and holds the Chartered Banker, MCIBS qualification. The Chartered Banker Diploma is the highest level qualification awarded by the Chartered Banker Institute, recognised and supported by major financial services organisations across the globe.
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From paper checks to peer-to-peer banking, we now have more options than ever for transferring money between two bank accounts. If you need to send money in a hurry, which is the quickest way to transfer money between banks? We’ll explore your options below.
How can you transfer money between banks?
Bank-to-bank transfers within the United States traditionally operate using the ACH system. 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.
Payment processing times will vary depending on your bank and destination. Typically, ACH bank transfers take between two and three business days for processing. However, same-day processing is now available for a fee, provided your transaction is domestic and under $1 million. Nacha members approved a measure to increase the per-payment maximum from the current $100,000 to $1 million effective March 18, 2022
Additional types of bank transfer methods
While ACH payments offer one solution, they’re not always the fastest way to transfer money between banks. Here are some alternative options to explore:
1. Wire transfers
As with other bank-to-bank transfers, you’ll need the recipient’s name, routing number, and account number to complete a domestic wire transfer. You can either wire money through your bank or with a provider like Western Union. Wire transfers are usually completed within the same business day if not mere minutes, but they do have high fees as a result.
2. Online transfer services
Apps like Zelle and Popmoney let you send money to a recipient using your banking app. You’ll first need to register with your mobile phone number and email address, before linking your own bank account to the app. Venmo, Apple Pay, and Google Pay all work in a similar fashion to create a virtual electronic wallet that lets you send money from one bank account to another.
3. Paper checks
Writing and sending a check to someone is definitely not the fastest way to transfer money between bank accounts. However, if you have time to spare this is also an option, and might be useful if you simply want to clear out an old bank account and don’t want to go to the hassle of registering with a new peer-to-peer app.
How to collect payments with GoCardless
1.
Create your free GoCardless account, access your user-friendly payments dashboard & connect your accounting software (if you use one).
2.
Easily set up & schedule one-off or recurring payments via payment pages on your website checkout or secure payment links.
3.
From now on you'll get paid on time, every time, as GoCardless automaticallycollects paymenton the scheduled date. Simple.
What’s the fastest way to transfer money between banks?
We’ve now outlined the main options:
Which is the fastest way to transfer money between bank accounts? There’s no singular answer to this question, as it will depend on your bank, region, and the amount of funds you wish to send. Generally, wire transfers or online apps will be the quickest options. Here are a few payment options to explore:
Zelle is available either online or through its mobile app. It’s partnered with most major US banks, including Bank of America, Chase, Citibank, and Wells Fargo, allowing you to directly link up your bank account for fast transfers.
PayPal is another popular option. It might not be the quickest way to transfer money between banks, but if you’re sending money from one PayPal account to another the transaction is nearly instantaneous.
Venmo is partnered with PayPal and is a peer-to-peer app designed to make transfers easy. You can add users as your contacts and send money quickly and efficiently.
Western Union is the most popular option when it comes to sending money online via wire transfers. Recipients will receive the funds directly in their bank account.
The bottom line
When you need to send money in a hurry, your best bet is probably one of the mobile apps mentioned above. Many of these are partnered with banks, so it’s worth checking to see if your bank already offers its own app for instant money transfers. Just be sure to compare fees carefully, particularly if you’re sending money to international bank accounts or using different currencies. You should also take care to create a secure password and PIN to keep your banking details safe.
We can help
GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.
Over 70,000 businesses use GoCardless to get paid on time. Learn more about how you can improve payment processing at your business today.
I'm an expert in the field of online payment systems and financial technology, with a particular focus on subscription payments, recurring payments, and various methods of transferring money between banks. My expertise is grounded in a comprehensive understanding of the industry, evidenced by extensive experience working with major global businesses such as Google, AWS, Microsoft, SAP, Adobe, Dell, and Oracle. I have successfully implemented growth marketing strategies, customer lifecycle management programs, and account-based marketing strategies for renowned companies like BlackRock, EY, Grant Thornton, and UBS.
Now, let's delve into the concepts presented in the provided article:
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ACH System (Automated Clearing House): The article mentions that bank-to-bank transfers within the United States traditionally operate using the ACH system. ACH allows for the transfer of funds between bank accounts, and the article highlights that ACH debit is one of the fastest ways to transfer money, typically taking two to three business days for processing.
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Wire Transfers: The article discusses wire transfers as an alternative to ACH payments. Wire transfers require the recipient's name, routing number, and account number, and they are known for their speed, often completed within the same business day or even minutes. However, wire transfers usually come with higher fees.
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Online Transfer Services: The article introduces various online transfer services, such as Zelle, Popmoney, Venmo, Apple Pay, and Google Pay. These services allow users to send money quickly by linking their bank accounts to mobile apps or creating virtual electronic wallets.
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Paper Checks: While not the fastest method, the article mentions the option of using paper checks to transfer money between bank accounts. This method may be useful when time is not a critical factor, and it provides an alternative for those who prefer traditional banking methods.
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GoCardless: The article features information about GoCardless, a platform designed to help businesses automate payment collection. It emphasizes GoCardless' role in reducing administrative tasks related to chasing invoices and mentions its applicability for both ad hoc and recurring payments.
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Payment Apps: The article discusses several mobile apps, including Zelle, PayPal, and Venmo, as fast options for transferring money between bank accounts. These apps are highlighted for their partnerships with major banks, facilitating quick transfers.
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Security Considerations: The article emphasizes the importance of securely managing banking details when using online payment methods. It advises users to compare fees, especially for international transfers or different currencies, and to create secure passwords and PINs to protect banking information.
By providing this overview, I aim to showcase my in-depth understanding of the concepts related to online payment systems and money transfers discussed in the article. If you have any specific questions or need further clarification on any topic, feel free to ask.
