Transfer money

How to Transfer Money from One Bank Account to Another

Online Transfer Money

This is a guest post by banksifsccodes.com. Here you can get tips that how to transfer money from one bank account to another.

With the advent of technology, activities like transfer of money from one account to another have become a very easy task, one which requires almost no effort at all.

It could be done through electronic transfers or it could be done the old fashioned way, but people now predominantly prefer electronic transfers to physical transfers because it could be performed in the safety of their households.

Electronic transfers can be done using three very foolproof ways. The first one is a bank-to-bank transfer, the second one is a online Payment tool, while the third one is a wire transfer.

Transfer money

The cheapest way to do a transfer is probably a bank-to-bank transfer. For this, the user has to set up the transfer with the sending bank, and the funds will show up at the receiving bank after two or three business days. Many banks allow users to make transfers for free. However, it’s a good idea to check with both banks just to be on the safer side.

To set up transfers between two accounts, you’ll need to link the accounts first. However, there is a possibility that this may take a week’s time. The next thing to do, will be looking for an option to “add an account” or add “external accounts”. The user may need to provide the other bank’s routing number and his account number, which can be easily deduced from a check.

Online transfer money

The user may also need to verify the ownership of the other account by either providing a username and password for that account or by confirming small “test” transfers between the two banks.

Users might be unable to use bank-to-bank transfers for several reasons. This maybe due to the bank’s limited access or the user’s inability to access the receiving account. If that’s the case, the user can try transferring money between banks with P2P payment tools.

PayPal is clearly an ostensible option

Wire transfer is another method by which electronic transfers can take place. If time is of the essence, a wire transfer is the best way to transfer money to another account. The main drawback is cost. To complete a wire transfer, you’ll need to provide the same information needed for bank-to-bank transfers (routing and account numbers).

Once you instruct your bank to wire the money, the funds should be at the receiving bank within one business day – or the same day, depending on how early you get started and how fast the banks move. The funds that arrive are considered “cleared” funds, so there should not be any “hold” period before the funds can be withdrawn.

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