Looking for different ways to move your money? Then check out this post to learn How To Transfer Money from One Bank to Another!
There are several ways to move your money but depending on how you may have different fees and speeds of transfers.With transfers you’ll have different choices such as an online external transfer to wire transfer. Continue reading if you’re interested in learning how to move your cash from one account to another!
Can You Transfer Money From One Bank Account to Another?
To answer this question in short, yes you can. Transferring money from one bank account to another is the easiest way to move money. Banks with online transfer capability will have the money you move readily available.
How Do I Transfer Money to Another Bank?
There are multiple ways to transfer money from one bank to another. Each of these methods have different requirements, and the transfer times will vary.
- Online transfer between linked accounts
- Wire transfer
- Check withdrawal and deposit
- Cash withdrawal and deposit
- P2P apps
What Is the Fastest Way To Transfer Money?
The fastest way to transfer money among bank accounts is by making an online transfer between accounts within the same bank. The transfer between accounts will be almost instantaneous.
For transfers between different banks, a wire transfer would be the fastest but most expensive option. Your funds will be received the same day as long as you enter your order before the daily cutoff time. Individual banks might have their own cutoffs so be sure to check with your bank before you make a transfer.
Cutoff times for wire transfers vary based on the type of transfer and the specific requirements of individual banks:
- 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
Can Money Be Transferred Between Two Different Banks?
Money can be transferred between two different banks, but it will be a slower process. You can send money between banks via bank wire or an online transfer, which can take anywhere between a hours and a few business days.
How Long Does It Take To Transfer Money From One Bank to Another?
Times vary for different types of bank transfers.
- 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
How Do You Transfer Money to Someone?
Transferring money to an individual rather than to a bank account is a different process. With a person-to-person transfer, you won’t need their account numbers. But the recipient might have to set up an account using the P2P service.
With apps like Venmo and PayPal, you can pay anyone via their email address or phone number as long as you have linked your bank account with those services.
Depending on whether you’re willing to pay a fee or how fast you need your fund, check out several different ways to transfer some cash above. Personally, I think the easiest way to transfer some cash is to simply link the accounts together for an online external transfer.
You only need to link them once and then you’ll be able to make transfers whenever needed. If you’re interested in posts like this, check out How to Open a Bank Account, the Best Bank Rates and Best Money Market Rates, here on HMB!