The answer is yes. Transferring money between your various bank accounts can be an easy way to ensure that your cash flow is on track and that you’re being smart with managing your financial resources. And there are plenty of different ways, from requesting that the bank do it for you to set up automatic transfers between accounts. So which of these methods makes the most sense for you and your money? As per the experts at SoFi, “The best option will depend on where you are sending the money, and whether or not you own both accounts.”
Let’s look at different services banks offer to transfer money from one account to another, ranging from simple and cheap to convenient but expensive.
Direct deposit is the easiest way to transfer money from one bank account to another. You can set up a direct deposit through your employer or financial institution. All you need is the receiving account’s routing number and account number. Then, they will deposit the money on the date specified by your employer or financial institution.
Online Transfers (ACH)
One of the easiest ways to transfer money from one bank account to another is by using an online service like ACH. You can do this through your bank’s website or mobile app. All you need is the recipient’s account number and routing number. The funds will typically be available in the other account within one to two business days.
In-Person Cash Transactions
One way to transfer money from one bank account to another is through an in-person cash transaction. You can do this by going into the branch of the bank that you want to send the money from and asking to withdraw the amount of cash you want to transfer. Then, go into the branch of the bank that you want to send the money to and deposit the cash into the other account. This method is quick and easy, but it requires you to access both banks.
Mobile banking is one of the most convenient ways to transfer money between bank accounts. You can typically do it through your bank’s app or website. All you need is the account number and routing number of the other person’s bank. The money usually arrives within a few minutes.
Phone banking is a service offered by most banks that allows you to conduct transactions over the phone. This can be useful if you need to transfer money between accounts but don’t have time to go into the bank. You’ll need to set up a PIN with your bank to use phone banking. Once you have your PIN, you can call the bank’s customer service number and follow the prompts to conduct your transaction.
You can link checking accounts at most banks so that you can easily transfer money between them. When you write a check from one account and deposit it into the other, the funds will usually be available within one business day.
A wire transfer is an electronic transfer of money. You can make a wire transfer from one bank account to another bank account or through a transfer of cash at a cash office. Wire transfers are immediate, reliable, and safe.
No matter what your reason is for wanting to move money between accounts, there’s likely a bank service that can help you do it. Each option has its own set of pros and cons, so be sure to compare and contrast before making a decision.