How to Transfer Money From One Bank To Another

Sometimes you will be required to send money from one bank account to another bank. Maybe you are spending some for the regular rent or maybe you need to move your cash from your old account into another savings account that has high-interest. Regardless, you have several ways to transfer the funds. There is no need for you to leave the comfort of your home to do it. Like many things today, there are extra digital choices than ever. Here we have listed some of the best and fastest ways to transfer money from one bank account to another account and you can do it just by staying at your home. 

Process for Transferring Money from One Bank to Another

Sending money from one bank to another bank is a common need for many people. Below, we have listed some of the steps on how to transfer money from one bank to another:

1. Go to the website of the bank to link accounts.

When you Log in to Bank Y and click on the “Transfer Funds” part, then go to“External Transfers” or “External Accounts,” and lastly, “Add an external account.”

2. Confirmation of account ownership.

If you want to add an external account, you have to confirm your Bank Y account with Bank X. Bank X will require evidence that you are the user of the account at Bank Y.

3. Give the required information.

4. Very the account.

Bank X will then ask you to confirm your account with Bank Y in one of two ways:

  1. Give them the same username and password that you have used for Bank B, which will immediately confirm the account and make it ready for external transfers.
  2. Having Bank X begin two little transfers to Bank Y.
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5. Confirm the deposits.

Log in to Bank X and then go to the “External Accounts” part and then, “Verify Your Deposits,” after that enter the amounts that were transferred to Bank Y. This method normally takes at least 1-2 business days.

6. You can start sending money from one bank to another.

You can now transfer money from Bank X to Bank Y with no difficulties. You can set up repeating or one-time transfers, depending on your requirements.

Other ways to transfer money

If one wants to transfer cash from one account to another account, they will typically have to find a different way to the bank to bank transfers. Here are some alternative ways to transfer money:

Apps

There are plenty of applications available with the help of which you can easily send money from one bank to another. Whether you are dividing the dinner bill, and you want to pay your part of the hotel booking for a future bachelorette gathering, or arranging some last-minute rent cash from Dad and Mom—you will be thankful you know about these simple choices when you want to instantly send money from one bank to another.

Once you link your bank account with this app, you can immediately type the amount, choose the person you want to send, and hit send—they will get the money nearly immediately.

PayPal

One can transfer cash to another PayPal user account without spending any extra charge through the “send to friends and family” option. PayPal is one of the fast methods, so as soon as you transfer the money from your PayPal account the other person will receive the money within seconds who have a PayPal account. From there, they can send it to their personal account.

Venmo

Venmo enables you to transfers money instantly from your running Venmo balance, debit or credit card, or bank account excluding the requirement to pull out cash to pay friends back and vice versa. Another common feature is the social feed, which enables you can see what your friends are up to.

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Chase QuickPay

Chase QuickPay allows you to transfer cash from your own bank account from Chase to a different bank account, who does not have to be a Chase QuickPay customer. If one has a Chase QuickPay account, you can also send an invoice and request money to someone else who gives you cash.

Cash App

Another common app for transferring money is Cash App, which allows you to transfer money to different user’s bank account or debit card. One can also set up a direct deposit so that any money they get automatically go into another person’s bank account. If you do not like the Venmo social feed, which shows to whom you are transferring money to, and for what, you will like that Cash App is a more hidden way to transfer your money.

Google Pay/Apple Pay

Depending on your choice for Google or Apple, you can use these money transfer apps to make online payments, bank to bank, and more. Apple Pay is attached to your Apple Wallet and makes it easy to transfer money, which you can simply do while texting by just tapping the Apple Pay button under the text field or clicking the Google Pay button.

What information does one require to Transfer Money?

When it comes to trying to find out how to transfer money from one bank to another, it can be complicated to set up if you don’t know what you need. In order to transfer money from one bank to another, There are following information you need:

Name of the Bank

Before sending money to another account you should know the name of the bank the one you are sending the money. This should be fairly simple to deduce, especially if you are sending money to another one of your accounts. Maybe you need the address of the bank also (the location where you have created your account was created).

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Checking/Saving Account

Another thing you need to know whether the account is saving or checking account. this will be easy if they are both the accounts belongs to you. If you are sending money to another account that belongs to someone else. you will need to ask them first before you send money to them.

Personal/Business Account

There is another thing one should keep in mind that whether the receiving account is a personal or business account. This is necessary because different guidelines and charges may apply for sending money to and from business accounts.

Routing Number

What is a routing number? A nine-digit number that is connected with your bank. whenever you are sending money to another account that time this number is essential in securing the money you send ends up in the right account at the right bank. there can be different routing numbers for a single account, so it’s necessary to always double-check that you are using the right one.

Account Number

This is another important number one should keep in mind when sending money from one account to another account. This number can be of eight to 12-digit numbers that are connected with your account. This number is different for every bank account. So, even if both your checking and saving accounts were at the same bank, they would have their unique account numbers.

Conclusion

Several people are paying some for the monthly rent or maybe they want to move their money from an old account into a high-interest savings account. In this article we have mentioned some of the best ways to send money from one account to another. We have also listed some of the quickest ways to transfer money. No matter where you are you can transfer money within seconds. get the best finance assignment help UK from our finance assignments help experts.