Years ago, transferring money from one bank to another wasn’t easy. But thanks to the evolution of modern-day technology, all it takes is a few taps on your phone screen to send money where you want it to go.
There are many ways you can transfer money between banks but how fast it arrives depends on several factors.
Keep reading to learn the ins and outs of transferring money between banks.
Places you can go to send money
One way people send money to others is going to a certain place where they can do so with the help of an agent. Western Union, Transferwise, WorldRemit and Remitly all offer money-transferring services. However, Western Union is the most commonly used method of transferring money for many reasons. Western Union has locations in over 200 countries making it the largest money transfer business in the world. What’s more is that Western Union has a wide array of transfer options you can choose from.
You can choose to send money to a mobile wallet, have the cash picked up and pay with your card or your bank or send the money to another bank. Also, if you’re not up for travelling to one of their locations, Western Union has a mobile app you can use. However, the downside to transferring money is that there are fees associated with it.
As for the other money transferring companies, WorldRemit is geared more toward international transfers. Transferwise is used to easily shift between currencies and Remitly is basically the same as the other two except that it’s considered more economical.
Money transferring apps you can download
Western Union isn’t the only one with a mobile app. There are other options at your disposal such as Paypal, Venmo, Zelle and OFX. Paypal is the most well-known and commonly used app, so it’s similar to Western Union.
Paypal has numerous transfer methods, but the option most people are fond of are the bank transfers. Transferring money from Paypal to a bank is simple and it is usually free. Typically, there are no fees for transferring to a bank or using Paypal credit. Venmo has only recently seen an increase in usage, but it is somewhat similar to Paypal. The only difference between the two is the amount you can send to a person.
Venmo allows you to send about $5,000 each week while Paypal lets you transfer up to $10,000 in a single transfer. Zelle is essentially made for transferring money between banks as it is the fastest at doing so but it can also work by itself. OFX is used for easy international transfers with no fee.
Using your bank to transfer
Finally, you are able to transfer money to another bank using your own. There are two ways you can do so; at the physical location or online. If you’re transferring money for the first time, you might not know what to do, so it might be best to go in person.
Regardless of how you go about it, the bank teller will guide you on how to transfer money to another bank account. They’ll make sure the money is transferred swiftly and safely.
Transferring money used to be only for niche purposes. Nowadays, people do it all the time. Please use the information provided, so you can transfer money to another account while keeping your banking information secure.