Transferring money to someone else s bank account. You may have already guessed that another common way to transfer money is simply by check which can you can deliver in person or send in the mail.
Get the recipient bank s routing number and account number which you can find on a check.
How to transfer money from bank to another person. Select the transfer option when performing an online transfer. You can also transfer money from one bank account to another by simply writing yourself a check. Depending on when you send it the funds will arrive at the other bank on the same day or within one business day.
Select the amount of the transfer. You must link the accounts. Provide the account number for the bank you are transferring from and also the account number for the bank account you wish to transfer into.
If you use online banking then look for an option that says external accounts or add an account. You can set up a credit transfer online over the phone or in person at the bank with the money you want to send. It is both simple and free to do.
To set up your accounts link your bank account to the app or service using your checking account and routing numbers the same way you link accounts from separate banks. Simply fill out a check paid to the order of the other person or cash either you or your intended recipient will then need to deposit the check into their bank account. For example if you want to transfer 100 from the penny credit union checking account in the previous example to your hoarder bank savings account grab your credit union checkbook and fill out a check for 100 addressed to yourself.
It s important to note that while many financial institutions transfer money to other banks for free some charge a small external transfer fee usually between 3 and 10. If your bank doesn t offer bank to bank transfers or if you need to send money to somebody else person to person p2p payment tools may provide what you need. The fastest way to move your money from bank to bank is through online technology using bank websites or mobile apps.
If you re transferring money to someone else s account and you want to do it quickly a wire transfer is probably the best option. When visiting a branch in person tell the bank teller you want to make a transfer. Wire transfers a wire transfer is one of the fastest ways to transfer money electronically from one person to another through a bank or a nonbank provider such as transferwise and western union.
You can write a check to transfer money from one account to another. To transfer money from one bank to another using this approach you ll have to write a check to yourself from the bank from which you are moving money.