Online banking makes transferring money between bank accounts more easier.You can transfer money from one bank to another digitally using a various methods.Each method has positive and negative impact.
Apps and Online Payment Methods
If you desire to transfer money to somebody else or your bank does not provide the facility bank to bank transfers person -to-person P2P payment provide what you need.To set up your account link your bank account to the app using your checking accounts and routing numbers the same way you link accounts from separate banks.
- Google Pay is one of the app you can transfer ban money or use it to purchase Google products and services
- Paypal is one of the most famous services.It is easiest to use senders and receiver are likely to have active Paypal accounts.It is free to transfer money to family and friends if you fund the payment from your bank account.Businesses may also have to pay Paypal to receive payment from customers. Fund transfers with a debit card, credit card or Paypal credit may result in fees
Bank To Bank Transfer
If you are owner of both bank accounts a basic bank to bank transfer is a better method. You can set up the transfer with the receiving or sending banks and the money reach at the destination after two business day. The timing depends on which bank you use and whether you are transferring money internationally or domestically. Various banks permit you to make free transfer between connected accounts.
Writing Old-Traditioned Checks
Sometimes you have little amount in your bank account or you have no rush to transfer the money.Some time technology is more worse. If you desire to move that little money to your new account.
If you have get checks writing one to yourself is an easiest way.Just enter your name down as the payee and deposit the check into your new account. You can deposit the check with your mobile device.
If you dont have a check request your bank to print one for you.Bank can mailed the check to your home address on file with the bank.
External Transfer Fees
Fees for sending money to external accounts have become less common due to online banking.Many banks offer the service for minimal fee or free if you meet some criteria.
- Discover Bank
- Wells Fargo
- PNC Bank