You may wonder, why would anyone want to transfer money from one bank to another? Well, the truth is there are several reasons why someone might choose to do so.
Perhaps you want to use the money in a different country where you don’t have an account, or perhaps you want to donate the money directly to charity without passing it through your hands first. Whatever your reason may be, transferring money from one bank to another can be done easily if you follow these tips and tricks!
Steps on how to transfer money from bank to bank
Step one on how to transfer money: Find the recipient
The first step to transferring money is finding the recipient. This can be done by providing their name, email address, and phone number. Once you have this information, you can proceed to the next step.
If you are sending money within your country, or a neighboring country, the chances are high that there will be a branch close by.
Alternatively if they live in a different state or city then there will be ATMs available as well as agents which allow people to withdraw funds without needing an ATM card on hand at all times.
Read also: How to Transfer Money from Bank Account to Another Bank Account Online
Alternatively individuals may send money overseas using companies such as Western Union or MoneyGram who typically offer faster and cheaper rates than banks when it comes to international transfers. These companies do charge fees but they are typically smaller than those of banks and won’t take more than a couple of days where banks can take upwards of 4-5 days on international transfers (particularly in countries with less established banking systems).
Step two on how to transfer money from bank to bank: Sort out the currency conversion
Currency conversion can be a tricky business, especially if you’re not familiar with the process. You’ll need to take into account the current exchange rate, as well as any fees that may be associated with the transaction.
To avoid any headaches, it’s best to consult with your bank beforehand to get an estimate of how much the transaction will cost. If the conversion is being handled by a third party (such as PayPal), they should have the correct information on hand.
You can also check out currency converter sites like XE or Bloomberg for more information on what each currency is worth in US dollars at any given time. Just make sure to research who is offering the best rates before making a decision.
A good rule of thumb is that you should never pay more than 5% commission fee when converting currencies; anything higher than this and you might want to look elsewhere.
The next step is getting started!
Step three: Set up your payment method
Now that you have chosen the accounts you want to transfer money between, it’s time to set up your payment method. This will be the account that you’ll use to make the initial payment. To do this, you’ll need to provide your routing number and account number. You can find this information on your checkbook or by logging into your online banking account.
Once you have this information, log into your online banking account and click on the Transfers tab. Under Pay From Account, select the account you wish to start with. Then input the other account information under Transfer To Account. Finally, fill in how much you would like to send along with any message or comments in Message box.
Hit Send when you’re ready to complete the transaction. If all goes well, your recipient should see the money deposited into their account within 3-5 business days!
Step four: Transfer money over
Now that you have both accounts open and linked, transferring money is easy! Just log into your old account, select the account you want to send money to, and choose the amount you’d like to transfer. The funds should show up in your new account within a few days.
And that’s it! You’ve successfully transferred money from one bank to another. Congratulations! In case you were wondering, the steps are as follows:
- Open an account with a new bank 2) link your old account to the new one
- Transfer money over
- Voila, instant savings
- Now go back home and do some gardening while thinking about how you’ve just earned a lot of interest on all of those idle funds sitting in your checking account.
Maybe take this time to learn more about investing so you can start earning more money and paying less taxes. Good luck out there!
