Q:

How do you transfer funds from one bank to another?

A:

Quick Answer

You can send a bank-to-bank transfer by setting up the transfer with the sending bank from your account or do a wire transfer from your account to another account. You can also write a check and deposit it into the receiver's account, explains About.com.

Continue Reading
How do you transfer funds from one bank to another?
Credit: Radius Images Radius Images / Getty Images Plus Getty Images

Full Answer

The least expensive way to do a bank-to-bank transfer is directly from the sending bank to the receiving bank, which takes two to three business days to show up in the receiver's account, notes About.com. Before sending money, you need to link the two accounts by going online to the section called add an account or external accounts. Fill out the required information including the receiver's bank routing number, your account number and any other necessary data. Many banks do not charge for this transaction.

A wire transfer requires the same information to transfer money to another account, with the funds at the receiving bank arriving within one business day, states About.com. The drawback to wire transfers is the fee, often costing around $40. If you wish to transfer funds by check and don't have a checking account, you can get a bank or cashier's check made out to the receiver. If you find difficulty making a bank-to-bank transfer online, another option is to go into the bank and ask for help in making this transaction.

Learn more about Personal Banking

Related Questions

Explore