How to transfer money from one bank to another

Transferring Money from Bank to Bank

This method is the best option if you are the owner of both the original and recipient bank accounts. You can set up the transfer with the bank from which you will send the money or the bank where you will receive the money, and the funds typically arrive at their destination within one to three business days. The timing of the transfer ultimately depends on the banks you are using and whether you are transferring money internationally or domestically.

External Transfer Fees

With the increasing popularity of online banking, transfer fees for sending money to external accounts have become less common. Many well-known banking institutions offer this service at little or no cost if certain conditions are met. Here are some examples of these institutions:

• Capital One 360
• Chase
• Citi
• Discover Bank
• Navy Federal Credit Union
• PNC Bank
• Synchrony Bank
• Wells Fargo

Online Payment Apps and Tools

If your bank does not offer interbank money transfer or if you need to send money to someone else, person-to-person (P2P) payment tools might provide what you need. To set up your account, link your bank account to an app or service using your checking and routing numbers in the same way you would link accounts from different banks. For example, if you use PayPal, the money you send comes out of your bank account. PayPal then transfers the funds to the recipient’s PayPal account, and the recipient can either spend the money via PayPal or transfer it to a bank account.

• PayPal
• Zelle
• Popmoney
• Venmo
• Google Pay

Writing Traditional Checks

If you are not in a rush to transfer money, technology may be more of a disruption than a benefit. You may have some money in an old bank account and just want to transfer those funds to your new bank account. It might not be worth the effort to input all the routing and checking numbers and sign up for a new app just for that reason.

If you have checks, writing one to yourself is a simple solution. Just write your name as the payee and deposit the check into your new account. You can do the entire process without leaving home if you deposit the check using your mobile device.

If you do not have a check, ask your bank to print one for you. Even if you are not near a bank branch, it is rare to have any difficulty getting a check drawn to you (the account holder) and sent to your registered residential address with the bank.

You can also use the bank’s electronic bill payment service to pay yourself.

If you are using a credit union that is part of the shared branching network, you can visit nearly any participating branch across the country and request a check. Transferring money from one credit union to another can be easy — and something you can accomplish in one trip — if both are part of the shared network.

Frequently Asked Questions (FAQs)

How long does it take to transfer money from PayPal to a bank account?
:Transfers from PayPal to a bank account can be executed in one day or take up to three days. You can also pay a fee for an instant transfer that is completed within 30 minutes.

How to transfer an IRA to another bank?
:You cannot transfer IRA funds from one bank to another as easily as transferring cash from a checking account. You must open an IRA account for the transfer and arrange for an IRA transfer from your current account. Failing to properly transfer IRA funds can result in tax penalties.

Source: https://www.thebalancemoney.com/best-ways-to-transfer-money-between-bank-accounts-315466