How To Transfer Money to a Bank Account

Last updated on March 11th, 2024 at 02:50 pm

Transferring money to another bank account can be a simple and efficient process in the United States and internationally. There are many ways to do it, including online, through an app, and even with a traditional paper check.

This article will explore how to transfer money into a bank account for yourself or friends and family.

Transferring Money from One Bank to Another in the U.S.

If you are in the United States, there are many ways that you can send money to another bank account. Here are the most common methods:

• Writing a check
• Using a debit card
• Using a credit card
• Making an online transfer

Paper checks

You can transfer money from one bank account to another by writing out a physical check to another person.

When you write the check, you specify how much money will come out of our account and go to the recipient’s account. When the payee deposits the funds into their account, they’ll be deducted from your own. The money will remain in your account until the check is cashed.

If you are writing a check to deposit into another account you manage, the same principles apply.

Debit card

Depending on your bank or credit union, you may be able to transfer funds using your debit card at an ATM. The two accounts would need to be linked to the same debit card for this to work.

To do so, follow the instructions on the screen. Steps are typically as follows:

1. Insert your debit card into the ATM.
2. Enter the PIN associated with your card.
3. Select the option for transferring funds.
4. Select which account you are transferring from and which account you are transferring to.
5. Input the amount of money you want to transfer and send.

When you transfer money from your debit card, you transfer money directly out of your checking account into the linked bank account. This means that you need to have the balance available for the transfer to clear, just as you do when writing a check.

Credit card

Credit cards can’t be used to directly transfer money between accounts, but you can sometimes use them to withdraw a cash advance. When using a credit card, keep in mind that the funds you are using are borrowed and can collect interest.

Like a debit card, you can use a credit card to take money out of an ATM.  However, a credit card is not associated with your checking account in the way that a debit card is. Instead, the amount you take out will show up on your statement as a cash advance.

You’ll have to pay a fee and a cash advance annual percentage rate (APR), which is the interest on the amount you borrowed. From there, you can take the cash that the ATM gives you and bring it to a bank to deposit the funds into your own bank account.

Online Banking

Online banking is usually the easiest way to transfer funds to another bank account. There are numerous ways you can send funds electronically:

• Bank-to-bank
• Mobile apps
• Websites

Bank-to-bank

To transfer money between accounts at the same bank, in your name, you can usually use your mobile banking app by selecting “transfer.” If you want to send money to an account that’s not within your bank, you’d need to make an external transfer.

For example, you might have a checking account with one financial institution and your savings account with another. To make this transfer, you will need to know the bank routing number and account numbers for each account.

Electronic fund transfers (EFTs) are usually transferred by the Automated Clearing House (ACH) network, which serves as a middleman between financial institutions. You can learn more about how it works here.

Mobile apps and websites

Using mobile phone apps or websites designed for moving funds is an accessible way to transfer money into another bank account.

Any of the following apps can be used to electronically transfer money in the United States and some other countries.

• Bank apps (Wells Fargo, Bank of America, Chase, etc.)
• Cash App
• Zelle
• Venmo
• Google Pay
• PayPal

Many of these apps also serve as a digital wallet, or e-wallet, a secure place to store payment methods and send money electronically.

Check the individual apps for sending limits as well as how to set up an account.

Wire transfers

Wire transfers can be completed either in person at your bank or on the institution’s website or mobile app. Domestic bank-to-bank wire transfers may take as little as one business day, while international wire transfers can take up to five business days or more. These sending times can vary depending on the institution and the country.

Keep in mind that there are usually fees associated with this type of money transfer, with rates varying depending on your financial institution and where you are sending the money.

Transfer Money to International Bank Accounts

Transferring money abroad can be just as easy as transferring money within the United States. Try Remitly today!