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    4 Ways To Transfer Money From One Bank To Another

    There’s more than one way to transfer money from one bank to another. Here are the pros and cons of each.

    BANKING

    How to transfer money from one bank to another: 4 ways

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    Written by Matthew Goldberg

    Edited By David Schepp

    Reviewed By Robert R. Johnson

    May 11, 2022 / 4 min read

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    The ability to transfer funds between accounts at different banks is a useful way to help you get money where it needs to be — whether it’s into your own account or someone else’s.

    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

    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 the 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.

    Source : www.bankrate.com

    How to Transfer Money From One Bank to Another

    Online banking simplifies sending funds between accounts at different institutions.

    How to Transfer Money From One Bank to Another

    Online banking simplifies sending funds between accounts at different institutions.

    By Ellen Chang

    Fact checked by Ray Frager

    Aug. 13, 2021

    Transferring money between accounts is simple, but make sure you follow all the right steps. (GETTY IMAGES)

    Some consumers prefer to have more than one checking or savings account because of handy features that a bank may offer. You might choose to have your funds in one bank for checking while you use another institution solely for your savings because of higher interest rates.

    How to Fill Out a Deposit Slip

    You will need to determine the best method to transfer money between your accounts or to send money to someone who banks at a different financial institution from yours.

    Consumers have many options to move their money from one bank to another – these are usually free and do not take more than a couple of business days.

    [ READ:

    Best Checking Accounts. ]

    Steps for Transferring Money Between Banks

    Transferring your money between accounts at different banks is simple, especially since many digital options are readily available for free.

    You can move money from one bank to your other one online in a few steps:

    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.

    Your bank may require verification that you are the owner of the other account. The transfer likely will take one to two days or maybe more if verification is needed.

    If you are transferring money, be mindful of whether your bank requires minimum balances because you could drop below and have to pay a fee, says Greg McBride, senior vice president and chief financial analyst at Bankrate, a financial data company.

    Several U.S. banks offer the Zelle platform, which allows money to be moved from one bank to another for free and usually within a few minutes. Zelle only requires that you know the recipient's mobile phone number or email address. The amount you can send through Zelle depends on your bank, but the amount you can receive is unlimited, according to Zelle. At Chase, for example, the bank limits Zelle transfers to $2,000 in a single transaction, up to $2,000 in a day and $16,000 in a calendar month.

    [ READ

    Best High-Yield Savings Accounts ]

    What Are Alternative Ways to Transfer Money?

    If you're sending a larger amount, you may want to use a wire transfer at your bank. You'll need the recipient's account and routing numbers. You and the recipient will likely incur fees. Wire transfers take place in less than 24 hours but do not occur on weekends or on bank holidays.

    There are other methods to send someone money that is either quick or free.

    "You can write a paper check to yourself or a friend/family member or use a third-party service to send money," says Leslie Tayne, a Melville, New York, attorney specializing in debt relief. "Using PayPal, Zelle, Venmo, Apple Pay and Square's Cash App are all no-cost options when sending money from your bank account to another's bank account."

    Be Aware of Regulation D When Transferring From Savings

    Activity in your savings account is governed by the federal Regulation D. The federal government has loosened its Regulation D limits on the number of withdrawals allowed from a savings account each month, but some banks and credit unions are still enforcing the limit of six withdrawals a month. Check your bank's rules before you attempt to make a transfer. Transfers count as one of the kinds of withdrawals that are limited.

    "While the limits were removed, banks can still charge fees for excessive withdrawals from savings accounts," Tayne says.

    [ READ: Best CD Rates. ]

    You Can Get Your Paycheck 2 Days Sooner

    Always Be Careful When Transferring Funds

    Make sure you double-check all the account numbers, cellphone numbers and email addresses before you transfer money, especially when you use apps like Venmo, because there are no safeguards in place to return your money if you send it to the wrong person.

    Contact the company you used to send the funds if this occurs – maybe the unintended recipient will be honest enough to return your funds. One way to avoid making a mistake when you are sending money to someone with a long email address is to copy and paste the recipient's email address instead of typing it.

    Money Moves You Will Be Thankful For

    Tags: banking

    Source : money.usnews.com

    How to Transfer Money From One Bank to Another

    You can easily transfer money from one bank to another online. This is a convenient way to move funds that are spread across different accounts.

    How to Transfer Money From One Bank to Another

    You can move funds from one bank account to another with online bank transfers.

    Margarette Burnette Jan 25, 2022

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    STEPS

    How to transfer money from one bank to another online

    1. Link the two accounts

    2. Provide external account information

    3. Confirm the new account

    4. Set up transfers

    Benefit to external bank transfers: Boost your savings yields

    Check the limits to savings withdrawals

    More options to send money to others

    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 financial institutions 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 to 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. 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 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

    Benefit to external bank transfers: 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.

    » Ready to save more? Check out NerdWallet’s best high-yield online savings accounts

    Check the limits to savings withdrawals

    Source : www.nerdwallet.com

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