Q:

How do you transfer money between two different banks?

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Quick Answer

There are multiple ways to transfer money between two different banks, including transferring electronically and using old-fashioned methods such as writing checks, reports About.com. Electronic transfers can involve bank-to-bank transfer, wire transfer and online payment tools.

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Full Answer

One of the least expensive ways to complete a transfer of funds between two different bank accounts is by using the bank-to-bank transfer method, according to About.com. The person who has the sending bank account requests the transfer through ACH and enters information of the receiving bank. The funds typically transfer within two to three business days, but this varies by the bank. Although many banks provide this service for free, some do charge small fees.

There are also online payment tools including those available through account services such as Paypal, notes About.com. This requires the sender to have a Paypal account and set up the account with his bank account information. The benefit of this method is that multiple ways are available for sending or receiving payments, including from debit or credit cards, instead of just bank accounts.

A more old-fashioned way to get money transferred from one bank to another is by writing a check, explains About.com. If two different people own the accounts, the sender writes a check to the receiver, who deposits it.

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