There are ways which you can transfer money from bank to bank, it may through online or offline method of transfer. All that we always go for is the best, safest and fastest means of money transfer.
Thanks to electronic banking, we got the easiest and stress free method of sending funds.
But the question is how to transfer money from bank to bank?
This question only involves money transfer through bank, so i will only mention the various means or ways of sending money from your bank account to another bank account. This is based on the number of banks and countries that i’ve come across.
How To Transfer Money From Bank To Bank
Let’s look at the very first way or means which you as a bank customer can transfer money to another person(bank account) in a different bank.
1. Transfer money through Online/ Internet Banking
Most common or will i say that popular means of money transfer in this new modern banking era.
Internet or online banking only requires you to transfer money from your bank account to another at your convenient without having to go to the bank.
All that requires from you is to enroll yourself for your bank internet banking, login to your account and send the money.
Before registering for internet banking, you must have a bank account and which you can enroll for it. It doesn’t take much of your time to get things done, only takes fifteen to 20 minutes and you’re good to go.
When you registered for internet banking, through the username and password that you created, you can use to login to your account. Click on the menu icon and scroll through and you will see send or transfer money/funds.
Click on the option provided, fill in the details(the recipient name, bank name and account number) and also the amount you want to transfer and submit it.
After few seconds or a minute, the recipient should receive a credit alert for the transaction.
The above method is when you want to send money to someone within a your location(country)
2. Transfer money from bank to bank through Mobile Banking
This also comes in handy with the internet banking, as it does and does not require internet connection. When i say it does require internet access is when you’re using a bank mobile app to transfer money.
When i say it doesn’t require internet connection is when you’re using a bank mobile ussd code to send money.
This only requires you to get your bank mobile ussd code(if they have one), dial the number and look for transfer, select it and type in the recipient account number, bank and amount, and finally click send.
The mobile app only requires you to download the bank mobile app, register or use your internet banking account and login, navigate to transfer and complete the rate.
The mobile ussd code is the best for me, faster and no need to fear of poor internet network coverage.
3. Through the Automated teller machine (atm)
If you don’t want to use the first two options above, then you can use the atm method to transfer money from bank to bank.
All required from you is to locate the nearest atm close you, hit the transfer button, enter all the details presented to you and click on the transfer or submit button.
Some banks require a debit or a credit card for the transaction to go through, and also your pin number too.
The only difference from the two above is that you need to locate an atm whilst the first and second method above can be transacted right inside your office, house, beach etc.
4. Through wire transfer
Wire transfer is another method to transfer money from bank to bank, which usually involves sending money internationally or international money transfer.
Through your bank account you can send money to someone abroad and the recipient will receive it within one to five business days.
Just like the atm method of sending money, you don’t need to register if you’re using your bank for a direct transfer.
What you need to do is to contact your bank, tell them that you want to wire money to someone, they give you the details and usually is all about the minimum and maximum amount per day.
The recipient personal banking details which includes the name of the recipient, name of the bank, the recipient bank address and bank account, finally the swift code or the Ach number.
Note if you’re in the United States and wants to wire money domestically, you’ll need a routing number.
You can get that from your bank or if you have a checking account, look at the lower li left of the check and you will see it.
5. Through non bank financial institution
Non bank financial institutions can help you on how to transfer money from bank to bank online, they include the Western Union, Moneygram, Ria Money and even PayPal etc.
These non bank financial services can help you to transfer money from bank to bank, but only if you linked with them.
For example using PayPal to transfer from bank to bank, You need to sign up with PayPal, creating a username and password.
Then you need to link your bank account. Click on “Send & Request” and then “Link a bank or card.” Provide your bank account details.
- Click on the “Send & Request” tab. You will have to enter the email address or phone number for the person who will receive the money.
- Enter the amount and transaction type.
- Confirm your payment details.
Note that money transfer attracts a fee, but when you’re wiring money to someone especially outside your country, you can pay up to $100 or more for it.
First domestic money transfer, you may be charged from $2 to $5 per a transfer. With this i think i’ve answered your question can you transfer money from bank to bank and also the methods which you can do it.