How do I transfer money between bank accounts? Sometimes, it can be confusing because there are so many different methods out there. Which method is the best? Each have their own pros and cons, so the best option for you depends on your needs.
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Wire Transfer
Wire transfers are an easy and fast way to transfer your funds between accounts. However, the trade off is that you will be charged fees ranging from about $15 to $40. Also, they have a maximum amount that you can transfer which will limit you if you want to move large amounts.
You can complete a wire transfer transaction at your local bank. Just visit and fill out your account information such as your routing and account number. Wire transfers work great for transferring money into another account that is not under your name.
Online External Transfer
Most banks have an “Add External Account” or “Link Accounts” feature on their online site. This is how you complete an online external transfer. Online external transfers are good because they are typically free of any fees. However, the whole process will take 3-5 days.
External transfers only work if you are transferring funds between accounts that are both under your name. Check to see if your bank allows you to do this online. You will need your account information such as your routing and account number.
How to Link your Accounts:
- Log onto the website of either of your banks.
- Select to Add External Account
- Add the information for your other bank account, including the routing and account numbers.
- Complete the process to verify the second account. You can typically accomplish this a couple different ways:
- Instantly: by sharing the username and password of your second bank.
- Within a Day or Two: by receiving and identifying two small (usually less than 50¢ deposits) into your second bank account
Writing a Check
Another free method to transferring money is writing a check. However, the disadvantage is the process will take a few days because the check has to be cleared. Another thing you have to be careful about is overdraft. If you are not careful, you could be paying costly fees that could have been avoided.
When writing a check, you will need to go to your local bank to submit it or mail it in. However, there are some mobile apps that allow you to submit checks electronically, so check to see what your bank offers to save you a trip.
Banking Apps
Some online banking apps allow you to move money and they make it simple and easy. These apps are becoming more and more popular, and over 90 million Americans use them.
Some examples of these banking apps are Venmo, Square Cash, PayPal, and Zelle. To set up an account you will need to link your bank account to the app using your account and routing numbers.
However, these apps have limits. For example, Venmo has a transaction limit of $2,999.99 every week. So if you need to move large amounts of cash, this might get in the way. There is also a short delay for the money to actually end up in your account. It takes most payment apps around 2-3 days but if you want to pay a small fee, you can have the money in your account instantly.
Conclusion
These are the easiest ways to transfer money between bank accounts. Some require fees but the transaction will happen instantly. On the other hand, there are options that are free but will take multiple days to send. You should also consider the amount you want to transfer because some methods have a maximum limit.
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