Individuals can transfer money electronically by using a bank-to-bank transfer or an online payment tool. They can also send money from one account to another by using a wire transfer, according to About.com.
A bank-to-bank transfer is a relatively inexpensive method used to transfer money from one bank to another within a time frame of two to three business days. Some banks even offer this money transferring service free of charge. To complete a bank-to-bank transfer, a customer must first link two accounts to each other. The same person must own both accounts in order to link them, explains About.com.
One person can transfer money from his bank account to another person’s bank account by using an online payment tool such as PayPal or Google Wallet. PayPal is an established service used for both overseas and domestic transfers. Account holders can use PayPal to make business purchases and personal money transfers. PayPal transfers are typically free when sending funds to a personal acquaintance from a banking account, but charges can apply when using a credit card, reports About.com.
A wire transfer is a fast method to transfer funds to another person’s bank account. Individuals can transfer funds in one business day, but they may have to pay fees for using this kind of service. Banking information such as routing and account numbers are necessary to complete wire transfers, notes About.com.