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How to transfer money easily

In today’s digitalized world, transferring money has never been easier, safer, faster and more convenient. Not too long ago, people who wanted to transfer money to someone had to visit a bank branch or a wiring office  — where they were required to fill out paper forms and, most likely, stand in line. These days, with just a few clicks of a mouse or taps of your finger, you can transfer money between banks — to other people, merchants and companies, both locally and internationally — directly from your computer, tablet, or smartphone.

What do I need for a money transfer?

In order to transfer money to someone else's bank account, you will need a few items of information: the date you want the transfer to happen, the name of the recipient — whether it be a person, bank, or merchant — and the recipient’s routing number and account number. Sometimes, for added safety and to make sure the money ends up where you want it to go when you transfer money to another bank account, you’ll also need to specify the name and address of the bank you’re sending the money to.

How to transfer money from one bank or card to another?

When choosing how to transfer money from one bank to another, keep in mind considerations like speed and cost. The fastest way can also be the most expensive.


There are four main ways to transfer money between banks:

  • Most banks and financial services providers have free mobile apps for their clients, which let you access your account and transfer money from one bank or card to another directly from your smartphone, and also pay your bills, taxes, school fees, and other recurring expenses. All you have to do is log on, fill out the information, and press send. These can take a few days to clear.
  • Wire transfers are usually made through a bank, though some non-bank providers also offer this service. These are fast, and often used for large amounts. Banks generally charge a fee for a wire transfer. They cannot be made on weekends when banks are closed. 
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  • E-mail money transfers are offered by some banks and financial services  providers. Depending on the method, these can take a few days or a few seconds.
  • Check, cashiers check, or money order. These are simple, inexpensive and traditional ways of moving money around. Some banks may charge a fee for issuing a cashier’s check or money order. It takes several days for a check to clear, so this method is cheap but not quick.

How long does it take to transfer money?

Depending on your and your recipient’s bank or financial service provider, payments can take anywhere between real time, to a few hours, to a couple of business days.

How much does a wire transfer cost?

Banks typically charge a fee for a wire transfer, because these are a source of revenue. Generally speaking, making a wire transfer at your bank online costs less than doing it in the branch. Some types of bank accounts waive these fees. In addition, there are a number of money transfer providers on the market. Some charge a fixed fee for each transaction, while others offer free transfers. It all depends on which bank or financial services provider you choose. The average wire transfer fee varies from country to country. For a traditional bricks-and-mortar bank in the United States, the average charge is $5 for an incoming transfer to your bank account, and $25 for an outgoing transfer, according to Forbes. International wire transfers between countries cost more. In Europe, bank transfers between 36 countries using the SEPA (Single Euro Payments Area) systems can be made easily in euros at either zero cost or for a nominal fee. Fees at banks vary.

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