How to Transfer Money between Bank Accounts?

Since the beginning of the world, money has been an important part of the trading system. The history of money hails from the barter system, and is now flowing into the stream of Bitcoins to make transactions easy for you. Yet, since the existence of paper money, bank transfers have been an easy way to transfer any amount.

Now, many methods of money transfer have been introduced that make it easy and hassle-free for the users. From the conventional ways of using checks to virtual money transfer, major advancements have been seen. It has become quite easy to send money from one account to another nationwide and internationally with a few steps. Whether you have to transfer money to your employee or to a family member as a gift, the wide range of options makes it downhill all the way.

How to Select the Right Mode of Bank Transfer?

There can be a lot of factors that can influence the method you select for bank transfer. Many options are available to select from, but you must know which method is the most suitable for you. Some of the considerable elements while selecting a transfer method include

Cost

While transferring money from an account to the other, one thing of much importance is the charges it follows. If you are sending money and you have to pay almost the equal or half the amount as transfer charges you wouldn't appreciate it. If there are other modes of money transfer that do you cost you a lot, they would be preferable for you.

Transfer Duration

Another important factor while a transaction is the time it takes for the money transfer. For instance, you have to send some money to a friend, but they are not in a hurry to receive. In such a case, you can use any method of transmitting money regardless of the time. In contrast, if you have to send money to a vendor, or a friend on a specific occasion, you would prefer a quicker service. This is when you need to use a service that might cost a bit, yet transfer your money immediately.

Transfer Limits

Though, most of the money transfer methods do not have a restriction, but some of them have a specific daily or monthly transfer limit. So, decide your method of selection if it allows transfer up to the amount you are willing to transfer.

Tech-savvy Transfers

Transferring money to your grandmother or a tech-savvy friend might not be the same. It is possible that your granny does not know to use the technology smart apps instead she might be more comfortable with the traditional methods of money transfer. On the other hand, a young person of today's generation might find a virtual transfer easier.

Modes of Transfer

The right mode or method of transfer can only be selected if you are aware of all the available options. Transfer of money from one bank account to the other becomes effortless if you select the appropriate way of money transfer.

  • Use of checks, money orders or cash to transfer money
  • Transferring money from one back account to the other
  • Sending of money through bank app
  • Money transfer apps
  • TrasnsferWise
  • Wire Transfer

1. Money Transfer by Checks - Way to Transfer Link

Money Transfer by Checks
Money Transfer by Checks

It is one of the easiest ways for the purpose. To send money to another person's account you have to make a check in their name. The check can be sent to or handed over to the receiver. They can deposit the check in their bank account or receive cash on its behalf.

The same way can be used to transfer money from one of your accounts to the other by writing the check in your name.

2. Money Orders - Way to Transfer Link

Money Orders
Money Orders

Sending a money order is another traditional yet simple way of depositing money into someone's bank account. Also, it is secure as you can track your money order in case of lost or theft. Money order can also be bought from the post office or the western union by paying an amount equal to the money order. When this money order is deposited, the receiver gets the same amount of money in their account. You can purchase the money orders from banks as well.

3. Cash - Way to Transfer Link

How to Transfer Money between Bank Accounts?: Cash
How to Transfer Money between Bank Accounts?: Cash

What can be an easier method than transfer of cash! It is a less-used way of money transfer now. But can be a savior for those who are not much invested in the emerging technology and apps. Being the most simple way, cash transfers let you take out money from one account and put in to another. You can deposit cash into your account or somebody else's too. Withdraw money from your account and hand over it to the person for depositing in their account. This way you can make a transfer without the inclusion of any online procedure. It can be a good deal for those who have been using this method since years now.

4. Transfer Directly from Bank Account - Way to Transfer Link

Transfer Directly from Bank Account
Transfer Directly from Bank Account

Transferring money from one bank account to some other can also be quite easy. You need to link the account to the bank's service for the transfers. Let's tell you how you can link the account:

  • Go to the transfers menu or customer service and click on "add an account" or "add an external account"
  • Once you enter the details of the other account, the bank will ask you to verify the account as a second one.
  • Two ways are employed by the bank to verify the account. Either the bank asks you for the username and password of the external account. Or two transactions would be made to the second account and you have to inform about the amount transferred.
  • If you are able to verify your account by any of these methods, the account will be linked.
  • Authentication might take up to 2 business days. After that you can transfer any amount of money to the other account.

5. Transfer Through Banking App

When looking for convenient money transfers, banking apps can be a savior. Your bank must support ACH (automated clearing house) transactions to benefit from this fantastic mode of transfer. The entry and verification process for registration of your bank account for transfers through app is same as mentioned above. However, it does not require you to visit the website repeatedly and you can access the transaction through the bank app.

The three simple steps for the transfer include

  • Selection of bank account
  • Putting the required information
  • Verification

6. PayPal - Way to Transfer Link

PayPal
PayPal

PayPal is among some of the other options that help you transfer money online with much less effort. It is one of the p2p payment apps that let you send money from one bank account to the other. PayPal usually does not ask for any fee if you are transferring directly from the account. But, it charges a transfer fee on the transaction made through the debit or credit card. It is considered a convenient option as some of the banks offer PayPal services directly linked to the account. And if your bank does not offer it, you can easily get a PayPal account and make transactions. It is not only used frequently for personal money transfers but also for business dealings.

7. Venmo - Way to Transfer Link

Venmo
Venmo

Venmo is another app like PayPal that lets you transfer through the credit or debit card without the trouble of withdrawal or deposit of money. It also allows you to transfer the money by the venmo balance in your account. Venmo is used more for transactions between friends. Whereas PayPal that has more application in business. Venmo also lets you connect to your friends through its social feed.

8. TransferWise - Way to Transfer Link

TransferWise
TransferWise

Popular in more than 7 billion people, TransferWise is an excellent money transfer app catering to around 50 currencies across the globe. It claims to offer the best rates in the market. You only need to provide your bank details along with the routing number to create an account on TransferWise. Information like IBAN, National ID or SWIFT code is required to transfer money internationally. The best advantage of using TransferWise is the quick transfer and international transfer facility.

To send money from one account to the other:

  • Register yourself at the Android or iOS app for free through your email or Facebook account.
  • Select the currency and amount to be sent
  • Add the recipient's bank details
  • Verify your identity for the transfer
  • Transfer the amount

9. Wire Transfer - Way to Transfer Link

Wire Transfer
Wire Transfer

Wire transfer is conducted in hundreds of bank worldwide and offers online money transfers from one bank to the other. A wire transfer means the transfer of information from one financial institute to the other without involvement of cash. The transmitted information includes recipient's bank information, account number and transferred amount. Wire transfers do not always need a bank account. Nonbank transfers can be carried out by others like western union.

Several methods of money transfer from one bank to the other are utilized globally. From the old-school checks and money orders to the tech-savvy apps, money transfers are convenient for everyone. Proper use of the available resources and options can make nationwide and global transfer of money effortless.

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