What do I need for a money transfer?
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.
- 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.