Transferring money from one bank to another has never been easier, thanks to the rise of online banking. But some options might be faster than others, and some might be more expensive than others as well. As bank policies can vary from institution to institution, it pays to take the time to check with your bank about what specific policies apply to your account.
In case you’re wondering, “What is the easiest way to transfer money from one bank to another?” the solution is to use a linked account. With an app or a few simple clicks of a mouse, you can select the account you want to transfer from, the account you want to receive your money and the amount you want to send. Your transfer will begin once you submit the transaction. The speed of the transfer will depend on the rules implemented by the individual financial institution.
- Can You Transfer Money From One Bank Account to Another?
- How Do I Transfer Money to Another Bank?
- What Is the Fastest Way To Transfer Money?
- Can Money Be Transferred Between Two Different Banks?
- How Long Does It Take To Transfer Money From One Bank to Another?
- How Do You Transfer Money to Someone?
- How Can I Transfer Money Online?
Transferring money from one bank account to another at the same institution is the easiest way to move money. For most banks with online transfer capability, the money you move from one account to another will be available instantly.
There are numerous ways to move money from one bank to another, including the following:
- Online transfer between linked accounts
- Wire transfer
- Check withdrawal and deposit
- Cash withdrawal and deposit
- P2P apps
Each of these methods carries different requirements, and the time of the transfer can vary. Specifics of each type of transfer are elaborated on below.
The absolute fastest way to transfer money among bank accounts is to make an online transfer between accounts within a single bank. For example, say you have a checking and a savings account at the same bank. You can probably make instantaneous transfers between them. When sending money to another person banking with the same institution, you might be able to use an app, such as Zelle, to send money to that person within minutes and no longer than by the next business day.
For transfers between different banks, a wire transfer is the most rapid option, although it can be one of the most expensive. Your funds will be received the same business day, and sometimes in a matter of hours, as long as you enter your order for a wire transfer before the daily cutoff time. You can send wire transfers either via your own bank or via an outside service like MoneyGram or Western Union.
Cutoff times for wire transfers vary based on the type of transfer and the specific requirements of individual banks. The Federal Reserve lists the following cutoff times for various types of transfers:
- Cutoff hour for foreign payment orders: 5 p.m. EST
- Cutoff hour other than for settlement payment orders: 6 p.m. EST
- Cutoff hours for settlement payment orders: 6:30 p.m. EST
Individual banks sometimes have their own internal cutoffs for wire transfers, so be sure to check with your financial institution before you make a transfer.
Learn More: How To Wire Money in 6 Easy Steps
Money can be transferred between different banks, but it will always be a slower process than if you make a transfer within the same bank. You can send money between banks via a bank wire or via an online transfer, although you’ll have to link your accounts to move your money online. This can take anywhere between a few hours and a few business days.
Times vary for different types of bank transfers. Here’s an approximation of how long various types of transfers can take:
- Online transfer, same bank: within minutes
- Online transfer, different banks: a few business days
- Wire transfer: same business day
- Cash withdrawal and deposit: immediately if made by cutoff
- Check withdrawal and deposit: typically one to five business days, although a portion might be available immediately
- P2P apps: variable; might be available immediately to recipients with their own app accounts
Transferring money to an individual rather than to a bank account is a different process. With a person-to-person transfer, there is no need for account numbers. But the recipient might have to set up an account using the P2P service.
With Venmo and PayPal, for example, you can pay anyone via their email address or phone number as long as you have linked your bank account with those services. But the recipient will need to open an account to withdraw the money.
To transfer money online, you’ll need at least some information about the recipient. Online bank-to-bank or internal transfers require the account number of the recipient. Online transfers via apps require the email address or phone number of the recipient. The process is usually easier if you’ve already made at least one transfer to the individual because you can simply use the information you’ve already stored to initiate a new transfer.
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