Moving money from one bank account to another can be frustrating and complex, but there are ways to make it easier. If you’re moving money to or from another account at the same bank, online banking services make it easy to transfer funds between accounts.
If you’re moving money between two different banks, there are several ways to do so without incurring significant fees or delays. In order for you to know how to transfer money to another bank account safely and easily, follow these steps.
Determine if you can use your current bank for transfer
If you have a current checking or savings account, chances are that you can simply log in online or on your mobile device to get started. To see if your bank offers direct deposit, call customer service or visit its website.
If you don’t want to leave your job, direct deposit may be an easy way for you to start saving at a new institution. Just be sure that your employer is ready for the switch before moving forward with it.
Using TransferWise to transfer money between banks
Banks charge exorbitant fees when we send them foreign currency or want to convert it into a different currency. In fact, it’s not uncommon for banks to charge over 3% of your transaction as a fee, which makes TransferWise’s 1% fee seem like a bargain.
The best part is that you don’t even need an existing account with TransferWise; you can just set up an international transfer in minutes and begin sending payments abroad at no extra cost.
Using PayPal to transfer money between banks
PayPal allows you to make online transfers, similar to writing a check or sending cash through snail mail. To send cash digitally, log into your PayPal account and send some money from your PayPal balance (or bank account) to your recipient’s PayPal account.
There are limits on how much you can send, based on your country. In most cases, you must also pay a fee for each transaction. And finally, once you’ve sent funds with PayPal they’re considered good as gone, meaning it’s difficult (if not impossible) to reverse a transaction once it’s been completed. With this you can see that we’re making progress and discussing numerous ways on how to transfer money to another bank account safe and easily.q
Use Google Pay (coming soon?) to transfer money between banks
Google Pay is a payment system that works across both Android and iOS devices. Google Pay was created in part because many people struggled with other mobile payment systems like Apple Pay, but also because many of us have multiple credit cards, loyalty programs, rewards cards, gift cards, etc. that we carry in our wallets.
That can make for a confusing time when buying something or even just checking out at a store if you don’t know which card is active or you have to dig around for that particular card.
Using Venmo to transfer money between banks
If you need some fast cash, consider using Venmo. Venmo (previously known as Ven) lets you send money with a few taps on your phone. It works seamlessly with Facebook (you can sign up using your social profile), but it’s not necessary—the app also links to your email accounts and payment information for quick deposits.
You can even split bills with friends or roommates, paying each other back in just a few clicks. Plus, you’ll likely earn points along the way that can be cashed in for Amazon gift cards or discounts on digital services like Lyft!
Using traditional wire transfers to transfer money between banks
If you’re transferring a large amount of money, sending an electronic wire transfer might be your best bet. They take about two days for funds to be transferred from one account to another and are usually free (they don’t typically incur transaction fees).
However, there are downsides that make transfers involving smaller amounts more appealing. They can’t be reversed if something goes wrong, making them less safe than other forms of payments.
Wire transfers also involve several parties working together—the sender’s financial institution, their bank’s wire center, their recipient’s financial institution and their recipient’s local branch—and each has its own rules around when funds can be deposited or withdrawn.
Get an Amazon gift card & send as a gift
If you’re trying to move money without tying up your own cash, an Amazon gift card is a great option. And if you have friends or family members who are always dropping by, then making a quick stop at an ATM might not be as convenient as it should be. In those situations, consider using an online platform like Amazon Gift Card Code Generator.
The process is simple: You fill out their form with how much you want to send, where you want them to receive it and which email address they should use. Once that’s done, just follow their instructions for payment—either via credit card or PayPal—and voila! You’ve sent your funds (plus 5% of what they’re worth) in one easy step.
Send cash using WeChat, Line, Snapcash, Zelle or Apple Pay Cash
If you have a close friend or family member who banks with a different institution, it may be easier than ever to send them cash using your mobile device.
WeChat, Line, Snapcash, Zelle and Apple Pay Cash all let you send cash from your linked account directly to a linked contact’s email address or phone number—no international ATM transactions required.
And that’s important because most U.S.-based institutions charge about $4 per use for outgoing international transfers, often with even higher fees for amounts over $1,000. That can add up quickly if you need to regularly deposit funds into an overseas account.
Using Skrill or PayPal.me (coming soon?) to transfer money between banks
If you’ve ever made an online purchase, chances are you’ve used either PayPal or its competitor Skrill (formerly known as Moneybookers).
They’re easy ways to transfer money online because they exist solely as third-party facilitators between buyers and sellers. The upside of both services is that you can use them with anyone who uses a bank in any country—no matter where your bank is located. By now you know so many ways on how to transfer money to another bank account. So transfer that money without fear.a