How to Transfer Money From One Bank to Another

What Is a Bank-to-Bank Transfer?

A bank-to-bank transfer refers to the movement of money from an account at one financial institution to an account at another. These transfers are used for a variety of reasons, such as paying bills, sending money to family or friends or consolidating finances between multiple accounts.

Depending on the method you choose, the speed, cost and convenience of the transfer can vary.

Learn more: How Long Does It Take to Transfer Money Between Banks?

4 Ways to Transfer Money From One Bank to Another

There are a handful of ways you can send money to someone else's bank account or even another account you own. Depending on the situation, one option may be better than the others.

1. Online Bank Transfers

Many banks offer the ability to link external accounts and transfer money through their online or mobile platforms.

To do this, you typically need the routing and account number for the receiving account. Your bank may require you to verify small trial deposits before it allows you to transfer larger amounts to an external bank account. Transfers can take one to three business days, though some banks offer instant transfers.

2. Wire Transfers

Wire transfers are one of the fastest and most secure ways to send money between banks, especially for large sums. Depending on your bank, you may be able to initiate a wire transfer online, over the phone or at a local branch.

Wire transfers can often be completed on the same day, but they usually come with a wire transfer fee that can be as much as $35 for domestic transfers and $65 for international transfers.

3. Money Transfer Apps

Money transfer apps can be very convenient, especially for mobile users. However, they each work a little differently. Zelle is unique in that it transfers money directly between bank accounts, often within minutes.

In contrast, apps like Venmo, Cash App and PayPal typically hold the funds you send, and the recipient must manually transfer them to their bank account. Then, it can take one to three days to be deposited into their bank account. Instant transfers may be available, but they typically come with a fee.

4. Personal Checks

Writing a personal check and depositing it into another bank account via mobile deposit or in person can be beneficial if you aren't concerned about speed.

While slower than digital methods, it can be useful if you prefer a paper trail or don't have access to online banking. That said, it's important to note that the recipient's bank may place a hold on some of the funds for a few days, especially on larger checks.

If you want the funds to be available sooner, consider using a cashier's check.

What to Consider Before Transferring Money From One Bank to Another

Depending on your situation and needs, it may make sense to choose one transfer method over others. Here are some factors to keep in mind as you decide how to proceed:

• Speed: Some methods, like wire transfers and Zelle, are nearly instant. Others, like standard ACH transfers and money transfer apps, may take a few business days.
• Fees: Wire transfers and some apps may charge fees, especially for expedited service. Always check with both banks before initiating a transfer.
• Transfer limits: Daily or monthly limits may apply depending on your bank and the transfer method. Higher limits may be available with account verification.
• Security: Stick to trusted apps and secure banking platforms. For large transfers, wire services are usually more secure.
• Ease of use: If you're planning to transfer money regularly, opt for methods with a simple setup and automation features.

Frequently Asked Questions

Keep Your Transfers Smooth and Secure

No matter the reason for moving money between bank accounts, choosing the right method can help ensure your funds arrive safely and on time. If you want to keep an eye on your credit accounts while you're at it, Experian's free credit monitoring service can help you stay on top of your financial health by alerting you to changes in your credit report and potential fraud.