Table of Contents
If you need to transfer money from an account at one bank to an account at another, you have several options, including online bank transfers, mobile payment apps, wire transfers, and writing checks. Which method will work best will depend on how quickly you need to make the transfer, how much money you are moving, and whether or not you’re willing to pay a fee. Here’s what you need to know.
Key Points
• Bank-to-bank transfers, also called external transfers, are a way to move money from an account at one bank to an account at another bank.
• These can be done by online transfers, peer-to-peer services, wire transfers, and checks.
• There may be limits on how many bank transfers you can do and how much you can send in a specific time period.
• Wire transfers are typically fast and allow for higher transfer limits; writing a check can be slower but has no to minimal costs.
• The time it takes to complete a bank transfer may vary with each method.
What Is a Bank-to-Bank Transfer?
A bank-to-bank transfer is typically the movement of money from an account at one bank to an account at a different financial institution. Also known as an external transfer, this type of transaction can be done in numerous ways, including making an online transfer, using a mobile banking app, making a wire transfer, or writing a check.
You might make a bank-to-bank transfer if your funds are spread out at different banks. For example, maybe you have a checking account at a traditional bank but opened a savings account at an online bank to take advantage of the higher rates. Bank-to-bank transfers can also come into play when you’re sending money to friends and family.
Depending on the method, an external bank transfer can happen immediately, or it may take a few days to process.
Things to Consider Before Transferring Money
There are several different methods for sending money from one bank to another. To find the best option for your needs, you’ll want to consider:
• Transfer speed: Bank transfers can take anywhere from a few seconds to several business days. If time is critical, you may want to opt for a faster transfer method, but be aware that this may come with higher costs.
• Transfer fees: While many transfer methods are free, others may come with fees. You’ll generally pay more for wire transfers and expedited transfers.
• Transfer Limits: Some banks and payment apps impose limits on how much you can transfer per day or in any one transaction. Additionally, banks often limit the number of withdrawals you can make from a savings account to six per month; exceeding your bank’s transaction limits could result in a fee.
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4 Ways to Send Money From One Bank to Another
Here’s a look at four common ways to transfer money to an account at another bank.
1. Online Bank Transfer
A simple way to move money from an account you own at one bank to an account you have at another financial institution can be to make an online bank transfer. To illustrate the process, let’s say you want to transfer money from a checking account at Bank A to a savings account you own at bank B for the first time.
• Link the accounts: First, you’ll need to log into your account at Bank A (online or using the app), look for the transfer option, after which you would typically be asked to select the sending and receiving accounts. Enter Bank B’s routing number and your account number at that bank.
• Verify the receiving account: After you provide the required information, Bank A will likely want to verify that you have access to the second bank’s account. You might need to enter your username and password for Bank B. Or, Bank A may make a small deposit into Bank B and ask you to confirm the amounts (which can take a day or two).
• Make the transfer: Once the accounts are linked, enter the amount to be transferred and the date for the transaction to occur. You can also typically choose whether you want to make a one-time transaction or a recurring transfer (once a month, for example). After you’ve made your choices, you’ll hit “submit.”
Online bank transfers can take up to three business days to complete and are often free; some banks charge a fee for same- or next-day transfers.
2. Peer-to-Peer Payment App
A convenient way to send a small amount of money to a friend, family member, or small business may be to use a peer-to-peer or P2P payment app, such as Cash App, Google Pay, and Venmo. Typically, you need to download the app, create an account, and link your bank account or debit card. You’ll also need the recipient’s cell phone number or, in some cases, email address (note that the recipient also needs an account with the service).
Sending funds via a P2P app is typically nearly instantaneous. However, the funds may land in the recipient’s account within the app. The recipient may then transfer those funds to a bank account, usually within one to three business days (often for free) or immediately (for a fee).
Payment apps may limit how much you can transfer in one transaction or within a certain time frame. This can help minimize the risk of a fraudster draining your account.
3. Wire Transfer
A wire transfer can be a good way to make a bank transfer when you need to send a considerable amount of money to someone quickly and/or the recipient is located overseas. Wire transfer generally allows you to send more money than other methods, and funds are usually available within one business day — often within a few hours. Wire transfers aren’t free though. You may pay around $15 to $30 to send a domestic wire transfer and $40 to $50 for an international wire transfer. Wire transfers can be done through banks, credit unions, or providers such as Western Union or Wise.
4. Writing a Check
An old-school way of transferring money from one bank to another can be to write a check. You can write a check to yourself (using your name as the payee), then deposit it into an account you own at another bank using mobile deposit. You can also deposit the check at an ATM that accepts deposits or by visiting a branch. If you’re looking to transfer money to someone else’s bank account, you can write a check to that person.
This transfer method is usually free, except for the cost involved in ordering checks.
Keep in mind, however, that writing a check is not an instant money transfer. It can take a couple business days, and sometimes longer, for a check to clear and be available in the new account.
Comparing Bank-to-Bank Transfer Methods
Here’s a quick look at how bank-to-bank transfer methods compare.
| Transfer Method | Speed | Cost | Best for |
|---|---|---|---|
| Online transfer | 1-3 days | Typically, free (Expedited transfer may incur a fee) | Routine transfers between accounts you own |
| Payment App | Up to 3 days to get money into bank account | Typically, free | Small transfers between individuals |
| Wire Transfer | Often within a few hours | $15-$50 | Large, time-sensitive transfers and international transfers |
| Personal Check | Typically up to 2 business days | Free besides cost of buying checks | Moving money when other methods aren’t available |
Staying Safe When Transferring Money from One Bank to Another
Transferring money from one bank to another by any of the above methods can generally be safe and secure. However, there are a few things to keep in mind with each method to ensure that nothing goes awry.
• Online bank transfers: Online bank transfers typically use the Automated Clearing House (ACH) network, which is federally regulated and considered very secure. The main risk with an ACH transfer may be having a scammer trick you into sending money or giving them your banking information. If you ever suspect bank fraud, reach out to your bank as quickly as possible.
Another option is FedNow, offered by a number of banks and developed by the Federal Reserve. This is a real-time payment between banks that’s available at all times (weekends and federal holidays included). The funds move directly from one bank account to another, and a fee may be assessed for this service. The usual limit of $100,000 may be extended to $500,000 in some cases.
• Payment apps: Since payment is typically transferred to the recipient’s account in the app almost instantly, there’s usually no way to cancel a P2P payment once it’s been made. For this reason, it’s critical to only transfer funds to a verified person or business and be sure to use the correct phone number or email address.
• Wire transfer: Speed can be a big advantage of wire transfers but it can also be a disadvantage, since you typically can’t cancel a wire transfer once the money lands in the recipient’s account. It’s wise to be sure you only wire money to someone you know.
• Personal check: There may be a small risk of a check being stolen or lost. However, a key advantage of this method of money transfer is that you can usually cancel checks if they haven’t cleared yet. To stop a check, contact your bank right away. In some cases, you’ll need to pay a stop-payment fee.
The Takeaway
With the prevalence of digital banking and money transfer apps, sending funds from one bank to another has typically become significantly quicker and more convenient. Options include online bank transfers, mobile apps, wire transfers, and writing checks. Which one to pick can depend on whether or not you own both accounts, how much you are transferring, how quickly you want the funds moved, and how much (if any) in fees you are willing to pay.
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FAQ
What is the easiest way to transfer money from one bank to another?
Generally, the easiest way to transfer money between banks can be to make an online bank transfer or use a peer-to-peer payment platform or app. These options are typically secure, user-friendly, and often accessible within your banking app, often making them ideal for both personal and external transfers.
Can I directly transfer money to someone else’s bank account at a different bank?
Yes, you can usually directly transfer money to someone else’s bank account at a different bank through a wire transfer, or you could write them a check. Another simple way to send them money may be through a peer-to-peer (P2P) payment platform or app. These services are often free, especially for domestic transactions, and are available through many banking apps or as standalone apps.
Can you transfer large amounts of money between banks?
Yes, you can typically transfer large amounts between banks. If you’re sending a large amount of money to someone else, you may want to use a wire transfer at your bank. You’ll need the recipient’s account and routing numbers, and both you and the recipient will likely incur fees. If you’re moving a large amount of money between accounts you own, you can usually do this for free by making an online external bank transfer. You can generally set this up by logging into your account online or via your banking app.
How to transfer money from one bank to another for free?
If you own both accounts, you may be able to transfer money between banks for free by logging into your bank account and setting up an external transfer. Another free option may be to use a peer-to-peer (P2P) payment app, which typically offers fast transfers to recipients who also have an account with the service.
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