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
Most banks and financial services providers have free apps for their clients, which let you access your account and transfer money from one bank to another directly from your device.
These apps also allow you to transfer money from one card to another as well as 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.
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?
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.