Advancements in technology have made it easier for people to move money from one payment platform to another. The increased penetration of the internet has made online money transfer a favourite option for those who don’t like handling cash.
Many people have bank accounts in different financial and investment institutions. It could be a savings or checking account where sometimes you need to move money from one account to another. Or maybe you want to pay bills and even send money to your loved ones.
The good news is that there are different ways to move money from one bank account to another. It is essential to understand each of these methods plus their merits and demerits to help you choose one that best suits your situation.
Below are some of the common ways of transferring money from one bank to another:
1. Bank-to-bank transfer
Online banking has made moving money from one bank to another a lot easier. There is a wide range of tools that you can use to transfer money. If you are the account owner for multiple accounts, using bank-to-bank transfer is the best option.
All you have to do is find the bank-to-bank feature and set up the receiving or sending bank. The processing time depends on whether it is an internal or international transfer. The banks you are making the transactions with also will determine the processing speed.
How to link bank accounts?
The first step is to log in to the bank account from where you want to send the money and head straight to an option showing “link accounts.” After that, input the routing number plus the account number of the external bank. In most cases, you will be asked to verify that you are the owner of the external account.
Transfer fees
Since the introduction of online banking, external transfer fees have continued to reduce. Some banks have completely stopped charging account owners for such transfers. This is attributed to the stiff competition that exists between conventional banks and money transfer services.
2. Payment tools and apps
If your bank does not provide bank-to-bank transfer, then there are several online payment tools that can still work for you. You will be required to link the app or payment service to your bank account.
The same procedure of linking external bank accounts applies when linking an online payment service. There are several payment apps and tools available, including PayPal, Venmo, Popmoney, and Google pay.
3. Old-fashioned checks
If you are not in any hurry with your money, then writing a check will do. All you have to do is register your name as the payee and have it deposited in whatever account you want the money. You can do this in the comfort of your home using your computer or mobile device.
Bottom line
The financial system is designed to make it easy for people to transfer money across different bank accounts and mobile wallets. It doesn’t matter whether you want to pay bills, send money to a friend or purchase something online. There are many ways of sending money much faster than ever.
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