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If your funds are spread across accounts at different institutions, it helps to have an easy way to make transfers between them. Online transfers are a convenient way to move money from one bank account to another.
Online transfers are generally free, though some banks do charge, and transfers usually take up to three business days to complete. Check with your institution when setting up a transfer to know when to expect funds to arrive and whether there are fees.» Looking for online accounts with low fees? Read NerdWallet’s list of best high-yield savings accounts
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How to transfer money from one bank to another online
To get started, you’ll need to set up a relationship between the two accounts you have at different banks — the one that will send money and the one that will receive it.
1. Link the two accounts
Log in to the first bank’s website or mobile app and select the option for making transfers. There may be a choice for internal transfers, that is, moving money in between two accounts within the same bank — from checking to savings, for example. You want the external option, which lets you move funds out to a different bank.
2. Provide external account information
Have the second bank’s routing number and your account number handy. You can usually get this information from the bank’s website or mobile app, or printed paper check. You can also check this list of routing numbers at some of the largest banks.
3. Confirm the new account
After you enter the required information, the first bank will typically want to verify that you have access to the second bank’s account. You might be asked to enter your username and password for the second bank, which the first bank would then verify electronically. This verification could come from a third party, such as Plaid.
Another way the first bank could verify the account is to make a small deposit or two (think a few pennies each) and ask you to confirm the amounts. This process could take a couple of days to complete.
4. Set up external electronic transfers
Once the account is confirmed, you can set up transfers from the sending bank’s website or app. Select the sending and receiving accounts, and enter the amount to be transferred and the date for the transaction to occur. From there, you can usually see which date the funds are expected to be available in the receiving account. You’ll also want to choose whether you want to make a one-time transaction or a recurring transfer (once a week, for example). After you’ve made your choices, select the option to submit them.» Want more account options? Read NerdWallet's picks for the best high-interest accounts.
Set up automatic transfers to boost your savings yields
Bank transfers are common for people who have a checking account at one bank and a high-yield savings account at another bank. If you open a new savings account, you can link your existing checking account for automatic transfers.
This also works for online bank customers, who often need to link their existing bank accounts to fund their online accounts. These folks tend to get the benefit of better rates while having the convenience of keeping their existing accounts.
Check the limits to savings withdrawals
You can generally make as many transfers into savings accounts as you’d like, but there are some points to consider when it comes to taking money out. Online withdrawals from savings accounts are considered convenient transactions per the Federal Reserve. There used to be a limit on the number of convenient transactions you could make per month. The Feds no longer enforce that limit, but if you have more than six convenient transactions in a month, some institutions will charge an excess withdrawal fee for each transaction over that cap. This fee is typically up to $10 per excess transaction. If you think you might run up against the limit, check with your financial institution to see if it caps withdrawals and charges a fee.
How to send money to others
Online bill pay: If you don’t own the account you plan to send money to, you may need to explore other options. Many banks and credit unions offer online bill pay services, which send a check or electronic payment to a merchant or vendor on your behalf.
Peer-to-peer payments: If you need to send money to another individual quickly, you can also use a peer-to-peer payments service, such as Venmo, PayPal or Zelle.
Wire transfers: If you need to send thousands of dollars quickly, it may make sense to use a wire transfer. These services are not always free, but the funds often reach the recipient much faster, sometimes in as little as a few minutes.
Transferring funds from one bank account to another does not have to be a burden. Moving money can be just another online banking convenience.
The smartest place to shop
Compare top high-yield savings accounts side-by-side, complete with objective reviews from the Nerds.
FAQs
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 on Nerdwallet? ›
Steps for sending money online
- Choose a provider based on speed, cost and delivery options.
- Sign up for an account on a provider's website or mobile app.
- Provide details for payment and identification.
- Confirm details and send transfer.
- Track your transfer's progress.
How to transfer money to another bank with a wire transfer
- Log in to your online banking account or mobile banking app.
- Choose Wire Transfer.
- Enter the routing number and account number for your new bank.
- Enter the amount you want to transfer.
- Confirm the transfer.
How to send money online, on mobile or in person
- Venmo: Best for mobile.
- Cash app: Best for referral bonus.
- Zelle: Fastest for domestic transfers (tie with Google Pay).
- Google Pay: Fastest for domestic transfers (tie with Zelle).
- PayPal: Most popular online.
- Walmart2Walmart: Best for nonbank transfers.
Choose a bank with low fees and high interest rates. Open the new account. List bill payments, deposits and services from the old bank, transition items from your list, then close the old account.
How do I make a bank transfer? ›
Online bank transfers
Log in to your online account and select the option for making a payment. Follow the instructions on screen to enter the correct details. Some banks also offer smartphone apps that allow you to transfer money.
How do I link my bank account to NerdWallet? ›
Tap the “Link accounts” banner just below your info on the app home screen. Select your banking institution from the list, or search for it if you don't see it there. Securely log in with your bank institution credentials. Return to your home screen to see all the details with your other connected accounts.
Can someone take money out of my account with my account number and routing 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.
Can I give my account number and routing number to anyone? ›
Be stingy with your banking information to avoid bank scams. Know that less is best when it comes to sharing info: Avoid giving your account and routing numbers to people you don't know. Another tip to prevent fraud: Go for multi-factor authentication when banking online.
Can I use my routing and account number to receive money? ›
In order for you to receive money from a direct deposit, the person or institution making the deposit will need your bank's routing number, along with your account number, in order for you to receive the funds.
Best Overall PayPal
You can transfer money for free from a PayPal balance, bank account, or Amex Send account. You can also use PayPal Instant Transfer for a fee and transfer funds immediately. PayPal offers versions of its app for iOS, Android, and Windows.
What's the best app to transfer money? ›
The 9 Best Apps for Transferring Money
- PayPal.
- Venmo.
- Cash App.
- Google Pay.
- Apple Pay.
- Zelle.
- Western Union.
- Remitly.
How to transfer money online to friends and family
- Use a money-transfer app.
- Consider a bank-to-bank transfer.
- Set up a wire transfer.
- Request your bank send a check.
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.
How long does it take to transfer money between banks? ›
Bank wire transfer
Bank wire transfers are usually processed the same day for domestic transfers. If you're transferring money internationally, an international transfer may take up to five days to complete.
Should I link my bank account to NerdWallet? ›
Why do you need my bank's username and password? Linking your bank accounts to NerdWallet's dashboard not only allows you to see all your accounts in one place and transfer money between them, but it also helps us provide the best, most personalized recommendations for you.
How many bank accounts should I have NerdWallet? ›
Most people need at least three, with regular (preferably automatic) transfers from their checking accounts into each: An emergency fund for job loss and other major financial setbacks.
How do I link my bank account number? ›
The easiest way is to visit any ATM of your bank. Then, on the ATM screen, select “Register Mobile Number”. Further, enter your mobile number. Finally confirm it and now your number is linked to your bank account.
Can I directly transfer money to someone else's bank account of a different bank? ›
Bank-to-bank money transfer. A wire transfer is a safe way to transfer money from one bank to another. Traditional bank wire transfers are often used for domestic bank-to-bank transactions. They are fast, but their fees can be costly.
Can I transfer money directly to someone else's bank account? ›
Set up a wire transfer
For sending a large amount of money, wire transfers can be a solution. To make a wire transfer, you'll need the recipient's name and address and their bank account and routing numbers. Call, visit or go online with your bank or a trusted wire-transfer company.
You can use it with friends at other 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.
What bank details are needed to transfer money? ›
Six-digit sort code of the account you're paying.
- Eight-digit account number of the account you're paying.
- A payment reference (often your name or customer number) to let them know the money came from you.
- Sometimes you'll need the name and address of the bank you're sending the money to.
Are there any fees to send money using Zelle®? Zelle® doesn't charge a fee to send or receive money. We recommend confirming with your bank or credit union that there are no fees for Zelle® transactions.
What's safer Zelle or Venmo? ›
However, while Zelle may appear more secure, applications like Venmo and PayPal are just as secure. All of them use data encryption to protect users against unauthorized transactions and store users' data on servers in secure locations. Venmo also offers users the ability to set a PIN code for access to the mobile app.
How long do Zelle transfers 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.
