There are many important reasons why you might need to complete a bank-to-bank transfer. Perhaps you are sending money to a friend or family member. You might need to transfer a deposit for an apartment or a car, or making the essential first move as part of an important investment. Whatever your reasons, knowing how to transfer money from one bank to another is an essential life skill.
Transferring money is a delicate process, one that leaves you vulnerable to security risks and complications. That’s why you should always know the best ways to transfer money to another bank account quickly, safely, and securely. For this, we have got you covered.
1. Direct Bank Transfer
If you’re transferring money to a bank, a direct bank-to-bank transfer is often the most reliable way to do it. If you are moving money between two accounts that you own, this is a very straightforward process. You can log in to your online banking to move the money instantly, or you can call your bank and ask them to do so. If you are transferring money to a bank that is not yours, you can complete a direct transfer via your online banking in most cases, although it may cost you and it may take some time for the money to actually move.
2. Online Transfer Apps
Arguably the best way to transfer money to another bank is via an online payment platform that allows you to do so quickly and without charge. For this, there are hundreds of contenders to choose from, each with varying levels of service, speed, and security. That’s why you should always try and cut through the noise by consulting an expert, third-party reviewer like www.transferly.com, which offers honest and in-depth guides on which apps are right for you.
Sometimes the old-school ways are the most effective. If you find new technology to be more trouble than it’s worth, you can still whip out the checkbook. All you need to do is enter your information as the payee and the information of the receiving account. As long as your checks are valid and in-date, your bank will honor the check without question, as it is required to do so.
4. Wire Transfers
One of the most popular ways to transfer money to an overseas bank account is via a non-banking wire service such as www.WesternUnion.com or TransferWise. You can do this at any convenience store or place of business that advertises wire transfers, as well as online via the website of the transfer provider. For this, you’ll need the routing number, account number, and the name of the recipient. Note that wire transfers are among the most expensive ways to send money overseas.
Now That You Know How to Transfer Money from One Bank to Another…
Now that you know how to transfer money from one bank to another, it’s time to learn more. For this, you are already at the right place. This blog offers actionable money advice that you can count on, to help you build more resilient finances.