8 April 4 MINS READ
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It helps to have an easy way to transfer money if your money is distributed over multiple accounts at different bank institutions. Thanks to online banking, money transfers between bank accounts could never be easier.

If you're looking to transfer your money to an account at a different bank, you'll need the account number you'd like to send the money to, as well as the bank's routing number. You know what? Keep reading to learn how to transfer money across accounts effectively.

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1. Bank-to-Bank Transfers

If you own both bank accounts, this should be your best bet. Simply initiate the transfer at the sending bank, and the funds will be received in the receiving bank within two or three business days, depending on the bank's policies and whether you're sending money to a domestic or international account. You should also compare the costs. If you're simply moving funds from one account to another in the same bank, you can do so for free.

You might need a wire transfer if you need to send large amounts of money quickly though, which is unlikely to be free. In some cases, a procedure like Zelle can be both quick and inexpensive. All in all, for most methods, you'll need at least the recipient's name, routing number, and account number to complete your transfers.

2. Wire Transfers

A wire transfer, as we hinted at earlier, is one of the quickest ways to send money electronically from one person to another, whether it's through a bank or a third-party service like TransferWise or Western Union. It is often a transfer between two banks or financial institutions. Instead of physically transferring cash, the financial institutions are involved in exchanging information on the receiver, their account number, the amount to be sent, and the reason for the transfer. You may be able to send this via email or in person at a local bank branch.

Wire transfers are fast and may allow you to send more money than other ways, but they are also costly. Keep in mind that wire transactions may have a weekday deadline set by your bank. That means you might not be able to make transactions on weekends.

3. Email Money Transfer

This approach entails using a person's email address to give and receive money. Although the transaction is launched by email, and the recipient is alerted by email that the funds are available, the money is not physically transmitted by mail. It is sent instead through a secure fund transfer network.

You don't need the recipient's bank account number, although a security question is usually necessary to identify the recipient before they can access the funds. Zelle, Apple Pay, Venmo, and Google Pay are just a few of the most popular email money transfer platforms.


Zelle, formed in 2017, is one of the newest players in the payment landscape. Users with money in a U.S. bank account can enroll their email and a U.S. mobile phone number in the Zelle app or through their bank's Zelle electronic portal to have access to the service.

The sender inputs the recipient's desired mail address and U.S. mobile number, as well as the recipient's bank account in the United States. The recipient receives a notification with instructions for completing the payment after the money is sent.

Zelle does not impose fees to transfer or receive money, although banks and other financial institutions may charge customers for providing access to the service.

4. Third-Party Companies

You don't have to send money through your bank. PayPal and other third-party services are viable options. In the United States, you can eliminate transaction costs by sending money from a linked account or by using PayPal Cash. You can also use Western Union or MoneyGram to send money. Keep in mind that transaction costs for international transactions are usually higher. Transfers in foreign currencies will also be subject to an exchange rate.


PayPal can be a cost-effective way to transfer funds. It enables individuals and businesses to electronically transfer funds from one PayPal account to another. Sending money via PayPal is free, however, the recipient will be charged a fee to cash the payment.

Western Union/Money Gram

Western Union and MoneyGram are two companies that offer similar services for sending money to another city, state, or country. They charge a flat rate for the transfer, which is determined by the speed of the transfer, the recipient's location, and the amount being sent. These money transfer services don't always provide a competitive exchange rate, resulting in a hidden fee whenever you send money internationally. However, one of the most significant advantages of these services is that they are both dependable and convenient.

5. Checks

You can choose to write a check if technology is causing you more headaches than it's worth. Writing checks is one of the oldest methods of money transfer between banks. If you have money in your old account, all you have to do is write a check and make it payable to yourself, then deposit it into your new account.

When sending checks internationally, things get a little more complicated. Sending a check made in US dollars to a foreign bank will almost always result in delays in cashing the check as the bank verifies the deposit. Some banks may even refuse to accept international checks altogether. The check's receiver may also be required to pay a cashing fee as well as the exchange rate to have the funds converted into the local currency.

This approach is safer than sending money by mail though because you can cancel a check if it doesn't arrive at its destination.


You can now send money securely from one bank to another with different methods. Be sure to shop around and research your options before making a choice. Take your time to check up the most up-to-date fee information on the internet. The cheapest way of money transfer in one situation may not be the same in another. Do your homework and make sure you're not giving away your hard-earned money to large financial institutions or money transfer companies.

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