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How to Transfer Money From Bank to Bank in Few Steps

If you want to transfer money online, you need to establish a link between two accounts that are involved in the transaction. Here are some necessities for conducting the transfer and why they will make life easier for you.
How to Transfer Money From Bank to Bank in Few Steps
If you want to transfer money online, you need to establish a link between the two accounts involved. Bank transfers are common for people who own both a checking account and savings account in the same or different banks.
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When you have multiple accounts where your money is deposited, you need to have a smooth-flowing way to transfer those funds across the banks. Online transfers are one such way to facilitate this easy transfer.

When you have multiple accounts where your money is deposited, you need to have a smooth-flowing method to transfer those funds across the banks. Online transfers are one such way to facilitate this easy transfer.

Generally, no fees for online transfers are levied in brick-and-mortar banks. However, exceptions are always there, and sometimes these transfers may be completed within 2-3 days. Nevertheless, you need to check with your banks for the need to pay any fee on transfer and how much time it will take.

If you want to transfer money online, you need to establish a link between two accounts that are involved in the banks transaction. While managing money like a boss is the goal, here are some necessities for conducting the transfer.

How to Transfer Money From Bank to Bank

There are several ways to transfer money from one bank account to another in the US, each with its own advantages and disadvantages:

1. Online Transfer:

Online Transfer

Pros:

  • Convenient and fastest method
  • Available 24/7
  • Often free or low fees

Cons:

  • May require online banking access
  • Limited transfer amounts may apply

Steps:

  1. Log in to your online banking account.
  2. Select the “Transfer” or “Payments” option.
  3. Choose “Transfer to another account” and enter the recipient’s bank account details (routing and account number).
  4. Enter the amount you want to transfer and choose a transfer date.
  5. Review the details and confirm the transfer.

2. Mobile Banking App:

Mobile Banking App

Pros:

  • Similar convenience to online transfers
  • Can be done from anywhere with a mobile device

Cons:

  • May require a mobile banking app for your bank
  • Transfer limits may apply

Steps:

  1. Open your mobile banking app.
  2. Select the “Transfer” or “Payments” option.
  3. Choose “Transfer to another account” and enter the recipient’s bank account details (routing and account number).
  4. Enter the amount you want to transfer and choose a transfer date.
  5. Review the details and confirm the transfer.

3. Wire Transfer:

Wire Transfer

Pros:

  • Fastest transfer method (typically within hours)
  • Suitable for large amounts

Cons:

  • Highest fees compared to other methods
  • Often requires visiting a bank branch

Steps:

  1. Visit your bank branch and speak to a teller.
  2. Provide the recipient’s bank account details and the amount you want to transfer.
  3. Pay the wire transfer fee.
  4. Receive a confirmation receipt.

4. ACH Transfer:

Pros:

  • Secure and reliable method
  • Free or low fees

Cons:

  • Slower than wire transfers (typically takes 1-3 business days)

Steps:

  1. Log in to your online banking account or visit a bank branch.
  2. Select the “ACH Transfer” option.
  3. Enter the recipient’s bank account details and the amount you want to transfer.
  4. Choose a transfer date.
  5. Review the details and confirm the transfer.

5. Peer-to-Peer Payment Apps:

Pros:

  • Convenient for small transfers
  • Often free or low fees
  • Fast transfers (typically within minutes)

Cons:

  • Transfer limits may apply
  • May require both parties to be users of the same app

Popular Apps:

  • Beem
  • Venmo
  • Zelle
  • PayPal
  • Cash App

Steps:

  1. Download and install the chosen app on your mobile device.
  2. Create an account and link your bank account.
  3. Add the recipient’s contact information (phone number or email address).
  4. Enter the amount you want to transfer.
  5. Review the details and confirm the transfer.

Additional Tips:

  • Always confirm the recipient’s bank account details before initiating a transfer.
  • Check your bank’s fees for different transfer methods.
  • Schedule transfers in advance for important payments.
  • Keep a record of all your transfers for reference.

can you transfer money from different banks

Yes, you can transfer money from different banks in the US.

Transferring money to other account holders

You have plenty of options to transfer money. If you have monthly payments or bills that you need to send to other vendors you can do so through online bill pay services by many banks. For sending large amounts of money, wire transfer is the best way and it is also secure. 

Some of these options are not free but they are fast and send your money within a few minutes instead of taking 3 to 4 business days. Transferring money from bank to bank is easy if you are aware of the base steps you need in order to complete a transfer. The steps mentioned above will give you ease over this procedure. All the best! 

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Author

Picture of Devanshee Dave

Devanshee Dave

With over 4 years of experience in financial writing and a master’s degree in mass communication & journalism, Devanshee is currently preparing for her CFA (Chartered Financial Analyst) exams. In her spare time, she likes to dance and learn about cosmology, astronomy and anything that can expand her knowledge from the big bang to the big crunch.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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