There are several ways to do this beyond the obvious choice of driving to one bank, withdrawing the money, and then depositing it at the other bank.
Which way works best for you depends on how quickly you need the money and how much money you want to spend to transfer the funds.
Here are a few options you can take when transferring money between banks.
Most banks allow you to transfer money between any account with little to no restriction using the services of the Automated Clearing House Association. Just be aware your bank may charge a fee for this service if you’re transferring money between two different institutions. This fee is typically much smaller than what you would pay for a wire transfer, though.
If you want to do all your banking online, opening an account with an online-only bank is your best bet. They have lower overhead, which means lower fees, and transferring money between accounts is much easier.
If you don’t trust the internet with your funds, you can mail a check from one bank to your other bank. Wait for it to be deposited and for the funds to be received. This will take several days up to a week and will only cost you a stamp.
A wire transfer is best if you want your money quickly, as it will be available within hours of the transfer. (Be advised that some banks have a deadline for the wire transfer to apply the same day. The deadline is usually sometime in the early afternoon.)
I recently wired money from one of my accounts to the other and had to pay a $15 fee, though this rate will vary based on your bank. Some banks will allow you to complete the wire transfer over the phone, while others will have you come into the bank to fill out a form.
Did you know you can transfer money between banks using PayPal? Follow these easy steps:
- Simply add both bank accounts to your PayPal account. (This may take a few days as you wait for PayPal to verify your account. They need to put small deposits in your bank account to verify it.)
- Then, choose the bank you would like to withdraw money from and send it to PayPal. (You will use the “Add Money” button on PayPal.)
- Wait a few days for the money to be deposited into your PayPal account, and then use the “Withdraw” button and choose “Transfer to Bank Account.” Select your other bank account.
- Within 3 to 5 business days, the money will be in your bank account.
- This method takes about 10 to 14 business days, but it’s completely free and does not require you to leave your home to make the transfer.
There are various reasons why people may have accounts at two different banks. Maybe they have a checking account in one bank and a savings account in another, or they might have banks in different towns they have lived in.
Whatever the reason, these strategies can help you transfer money between your bank accounts.
Additionally, if you are looking to transfer money from your account to another person’s account, you will be able to use the first two options.