Sometimes you need to transfer money from one bank account to another. You may be paying for the monthly rent, or you may want to transfer money from your old account to a high-interest savings account. Regardless, there are several ways to transfer funds. Can I transfer money online from one bank to another?
Information needed to transfer money
Depending on how you transfer money, you have some basic information that you should have on hand. To start with, you need to know how much you want to transfer, and make sure you have enough money in your account to cover the transfer. If you try to use money that you don’t have, the transaction may fail. Even if so, you may have to pay a fee, such as an overdraft fee.
You should also know the account numbers and routing numbers for both your bank and the bank to which you send money. If you do not know these numbers, you can look at several places. One of them is to get the account number and route number from the check. The route number is a nine-digit number, the leftmost number at the bottom. Your account number is the central number at the bottom of the check. You should also be able to find these numbers through your online bank account.
How to transfer money from one bank to another
Transferring money between different bank accounts is a common need for most people. I myself have three different banks that I use for personal and business needs, and I initiate transfers between them at least once a week. In other cases, I can send money to someone else, which also requires a bank transfer.
How to transfer money from one bank to another online
Before you start, you’ll need to set up a relationship between two accounts at different banks – the one who will send the money and the one who will receive it.
Link paired accounts. Log in to the first bank’s website or mobile application and select the option to make transfers. There may be a choice for internal transfers; you want the external option.
Provide information about the external account. Prepare the bank number and personal account number for the account that will receive the funds.
Confirm new account. After entering the required information, the first bank will usually want to check that you have access to the second bank’s account.
Set up transfers. After confirming the account, you can configure transfers from the sending bank. Select sending and receiving accounts, enter the amount to send and the date of the transaction.
How long does it take to transfer money?
Payments made using faster payments are sometimes received immediately after leaving the account, but sometimes they can take up to 2 hours.
This option is free, available 24 hours a day and usually used in online banking, mobile applications, by phone or at a branch.
Most banks allow at least 10,000 transfers, but some have much higher limits.