The online banking system is the new era of the banking system; it has made things way easier. It is crucially important that we have updated to this level now you can easily send or get the money without any effort to leave the house and wait in long queues for the turns. The fear of getting robbed with the cash and other fears have evenly evacuated since the banking system has become online.
The system serves people to have a paperless currency to transfer from one corner of the world to no hard and rash effort. However, surely there are many concerns for people since many people are still used to using the concrete banking system, and they fear that their money will be lost somewhere in transferring signals.
The reason lies behind this is the non-awareness of the system usage. Though it requires a cellphone or a computer with internet connectivity, many people still prefer to transfer or withdraw their money using ATMs or bank facilities.
So here in this article, we will discuss both methods to get the job done either way.
This can be easily done using tools, and those tools differ in both methods, be it concrete bank to bank transfer and the other is an online system. So the first point we have here is bank-to-bank transferring of money.
How to Transfer Money From One Bank to Another?
To transfer money from one bank to another, you need to follow the next steps:
- Go to an online bank account where you want to send money from
- Find the option “Add an account” or “Add external accounts,” or “link accounts.”
- Add in form receiving Bank name and Receiver data
- Add in form nine digits Routing number
- Add in form 12 digits Account number.
- Set dollar amount.
- Send money
If you are the bank account holder and that account is registered under your name, then a simple bank to another bank transfer of money is a suitable option here. You can easily do this process by visiting the bank on the bank timings, and with a little bit of assistance from the bank agents, you can start the transferring process. This is not exactly a complex one, but you must be vigilant and careful while filling the forms and handing them over to bank agents.
If you have the cash, then you will be depositing them according to the same method as you do for other regular deposits and then make it go with the transferring process, this is usually what people do, and it is pretty safe since money will stay in your bank account until the bank start the transferring process. On the other way, you can use the cash directly to pay the bank and ask them to transfer that cash. Either way, the money will be transferred.
If you already have the cash in your bank account, you can use the cheque for the transferring purpose. It will work best too. There are always a minimal amount of charges that apply as a tax for transferring the money. But this won’t be that much if you are transferring the money to the same bank. However, the tax or charges will apply on those terms if you have to send or transfer the money to a different bank account, and sometimes this case takes a lot of time.
This is always recommended that you require to link your bank accounts before you have to transfer. So be assured that you have made a secure link between both accounts for transferring money. You can use this link for further information to transfer the money.
If you do not know how you can make links to your accounts, here is a brief description to get the guide for it.
How to make links with your accounts?
Few steps can help you to transfer the money from the linked accounts, so first of all, you require to make both accounts linked.
1- You require to enter into the first account that you own and want to transfer the money from. Then look at the option where it is mentioned “add to the other account” or maybe “add any other accounts,” or make the Link to accounts.” In this way, you can track your transferring process.
2- You can find a similar option in the online banking app you use. Obviously, they can be different from each other. But still, this option will be there, and all you require to do is to find it on transferring menu and select it.
3- Now, you have to provide all the information being asked, like directing the digits and the bank account number. If you do not have those numbers remembered, be sure to have the checkbook around you to copy from there. Otherwise, you can ask for help from the bank representative.
This is the simplest method if both of the bank accounts are operating under one person’s name and if you have to transfer it to someone else like a 3rd party, then you require to you other mediums, for example, Paypal, etc., and there are charges on their services.
Are there fees to transfer money between banks?
Yes, domestic wire transfer is usually $15 in the majority of US banks. However, some banks offer free domestic wire transfers such as BMO Harris Bank, and Discovery bank.
According to the new time research people of this era has adopted the banking system and prefer it over the non-banking facilities provided by the states so here as many people prefer banking system so definitely there are more banks and the competition in terms of services for their customers have been increased since then.
How to transfer money to another bank without fees?
To transfer money to another bank without fees you can choose a Bank where domestic wire transfer costs are free of charge. For example, BMO Harris Bank, and Discovery bank offer domestic wire transfers free of charge.
What Are The Online Payment methods and online tools that Can Be Useful?
There are still many online facilities that many banks are not providing, and for this hurdle, other options are invented by the technology companies. You can use them to send your money safely anywhere in the world. Such as Paypal, if we talk about this technology that allows you to transfer money in any currency to anywhere in the world, we can even track the money transfer through this. Paypal is the app and an online banking system where you have to register yourself with your information. Then Paypal will send you the confirmation notification, and after that, you can easily send money from your bank and take it.
Plus, there are numerous other choices are accessible:
1- PayPal Though many other online systems provide the same banking services, PayPal, on the contrary, has most of the customers. It is most famous and preferred among the people they want for money transfer services. They usually charge a bit of the fee on the transaction. Further on, if you want to have their debit cards or any other service, they are free of cost, but you have to have the minimum amount of money in your Paypal account to apply for the other services. Plus regarding the time it usually takes to transfer the money is 2-3 business days.
2- Venmo is also a popular service provider for money transfer, and all take is the same thing “registration” since it’s more or less likely the same as PayPal. Here is one good fact: the transfers from here are free, but if the transfers are made from credit cards, there will be 3.5% charges on the amount.
3- Paying from Google is the second-best service provider for money transfer in the row, and it has similar services on the platform as Paypal and Venmo have. The other feature it provides you that you can even buy google products with the money.
How to transfer money from eBay to the bank?
To transfer money from eBay to the bank you need to visit your verified PayPal account with a positive balance, and click the “withdraw” link near the top of the PayPal home page. Money will be transferred from three to four business days.
Can I transfer money from an Emerald card to a bank account?
Yes, you can transfer money from an Emerald card to your personal bank account if you navigate in the Emerald app in the section “add bank account”, add bank account number and routing number. Then, you can transfer money from Emerald prepaid Mastercard to your personal bank account.
How to transfer Biolife money to a bank?
Yes, you can transfer money from the Biolofe card to your personal bank account if you go cardholder website, click on the “Access $” tab, add bank details and amount. You will receive money in two to three days and if the amount is less than $300 you will pay a $1.95 fee.
How to transfer money from a Starbucks card to a bank account?
No, you can not transfer money from a Starbuck card to a bank account directly. However, you can transfer money from one Starbucks card to another Starbucks card using the app. Visit section “Account”, then “Card management”, “Manage” and there you can transfer money to another card.
Online Bank Transfer Apps and Their Special Features in Services
As discussed above, many hurdles in banking and money transferring from banks are taking way more time. The other third-party apps have made this task very easy for people. The following is the huge list of ever-growing money transferring facility provider apps that can be as helpful as one wants. Zelle, Venmo, Popmoney, Square Cash, WorldRemit, Azimo, PayPal.
There are many other apps too, but since we have already discussed some of the most popular apps above, this is just the list that can be useful; if the above apps are not up to your requirement, you can always switch between apps.
These apps can be somehow helpful, but in many cases, people report them for information hacking. So this is true information can be leaked out if one is not paying attention to where they should be informed.
Many system hacking viruses can affect the process, so people do not recommend using the apps that work online for money transferring systems.
This is so; some of the people still use a cheque for money transferring. But one of the quick reminders here that you can always claim your money back from the app (online banking) authorities but submitting your complaint, and the agent will ask for further details that you will be required to give and then within the given time from them, your issue can be resolved.
Since many of the banks do this and many still do not, so you have to be careful whether you are using the online banking app that provides this facility or not. Again, a little research before any action can be helpful.
You require to be extra careful when handling such matters. This is not for the banks’ but your own safety. You have to keep your money safe, and so is your personal information; doing a little research and asking questions regarding these issues before you hand over your money to them will not hurt anyone. At least you will be satisfied that you know pretty much about the services you will use.
How to transfer money from Direct express to a bank account?
To transfer money from a Direct express card to a bank account you need to do the following steps:
- Go to the usdirectexpress.com website and choose the login option
- Transfer money online or call Direct Express Card Customer Service Department, toll-free, at 1 (888) 741-1115 for help.
- Funds transfer to a personal U.S. bank account costs $1.50 each time.
How Down to the wire: One bank to another bank wire transfers works?
Wire transfer of money is as old as the 18th century is. It was founded in that era and remained in use for centuries and. Though people have been using this for quite some time after the western Union came, the transferring process became updated, and the money can be transferred from any place to anywhere.
Like everything else, there are pros and cons of this system of money transferring too, and you might know it as well, or many may not. So here are some of the highlights of the pros and cons of this system.
First comes our pro that defines that the money transferred by the western union is fast enough and does not typically require you to go through the complicated technical process. But we have the con too here, and that says the wire-system asks for charges for the service, which varies from place to place or even for the amount you are paying.
You can transfer the money from one bank to the other by using the wire money transferring system, and for that, you must know the recipient’s account number to provide to the bank. Then for further process bank will take your information and money to transfer. And typically, that’s all.
We have the main drawback of the wire money transferring system: this system does not allow you to have the reverse system of money back if you mistakenly send the money to the wrong person’s account. So, all in all, this system is just one way and no turning back. Once you send the money, it’s all gone.
How Can You Transfer Your Money by Cheque?
Sometimes many people use just the cheque-paying method for transferring their money which is quite a simple and basic method in which you primarily do not have to go to the bank. If you are paying yourself with that cheque, you can use the payee line to write your name deposit that in your account. Plus, you can do the same by writing the name of the one whom you are paying and always remember that after you sign up the cheque, it can be used by anyone to withdraw the money, so make sure that you hand that over to the person you want to give money too. It is safer to be alert before you do this.
If you already know how to transfer money from bank to bank by using a cheque, then you already have this handy skill but its always good to know all the means to transfer money since its a new era of technology and a lot of people are now using the technology to get the work done. It’s time-efficient and effortless to get your money to be in its expected place without any hustle.
So, in the end, you must know that there are charges that the bank charge from you in case you are using the bank to bank transfer from the method of the cheque. The charges can be different from region to region, so you can ask your bank before making the transfer.
How long does it usually take to transfer bank funds?
This is the most concerned question people want to ask, and they really do when they are in the bank or are in contact with any ban agent. This is critical sometimes to know where your money is traveling to and which your money is using. But so far, with online banking, people can easily track their transferring process, and they know at every second where their money would be in the transferring process until its reaches the destination it is supposed to.
But the time is taken by the money to be transferred usually depends upon the method people use. For example, if the transfer is between two accounts of the same bank and it is a domestic transfer, then the typical time is 24 hours for the complete transfer and the international transfer of the money, the time is not comprehensive since it can be 2 days or three usually, so it depends on the banking system.
But on the contrary, basis if the money transfer is done through the banking app, you can have two facilities with it one that you can track the transfer process, and you would see the money track until it reaches the destination. Plus, the second thing that I feel is more convenient is the time efficiency. Since with online transferring, the money can be transferred in less time than the bank to bank transfer or wire transfer.
Some people feel online banking is not safe, and some feel that their data can be hacked and they will lose money. Still, according to the banking policies, many banks take full responsibility for the full money back payments to their customers or bank account holders.
This process takes a bit of time since the tracking systems take time to investigate the whole matter and take the information and pass it on to the management or the headquarters, and then they will pay you back your full money with an apology. Some states do have these policies in their banks, but many may not have these, so you require to search out if your banking system has these policies for you or not. Then you can start the online banking process.
Tips:
Always try to stay updated about the state’s laws and about the technology that is being there for your facility. And make sure that you do not pass your important and personal information to anyone or at any place without double-checking the background. It is for your safety.
You can have other ways to deal with this matter, but always remember that safety comes first, so try to be the one that follows SOPs to ensure that you remain safe while handling all other matters in this extreme pandemic situation.
Bring your mask along and wear it all the time you feel like being in a conversation with other people. Wash your hands regularly, plus try to use gloves if easy so.
Do not go out in a crowded area until or unless you are left with o choice or if there is an emergency that you have. Be safe and make your friends and family follow the SOPs, too, to ensure that they are safe too.
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@promtfinance.com