5 Ways to Transfer Money From One Bank to Another

Moving cash between banks has become ridiculously simple with online banking, though I've found some methods hit your account faster while others hit your wallet harder with fees. I've learned the hard way that bank policies can differ wildly, so always check with your institution about their specific rules and timelines before assuming anything.

How Do I Transfer Money to Another Bank?

I've tried several methods to move money between banks, and these are the most reliable options:

1. Online Transfer Between Linked Bank Accounts

This works beautifully for accounts you own or co-own—not for sending money to friends. When I'm moving money between my accounts at the same bank, it's seamless through their app. For transfers between my accounts at different banks, I follow these steps:

Step-By-Step Guide To Transferring From One Bank to Another

1. Log into the sending bank account and find where to enter the receiving bank's information
2. Add the routing number, account number and account type for the receiving bank
3. The sending bank will verify ownership by making two tiny deposits into your receiving account
4. Wait 1-2 business days, check for those deposits, then log back into the sending bank to confirm amounts
5. You're now cleared to transfer between your linked accounts

2. Wire Transfer

When I need to send serious money quickly, wire transfers are my go-to despite the cost. They work domestically or internationally, but I typically pay $30-75 unless my account includes free wires. I initiate these through my bank or services like Western Union.

3. Write a Check

Sometimes old-school methods work best. I can write a personal check and mail it to someone, who then endorses and deposits it. My bank can also mail a cashier's check directly if I prefer.

4. Cash Withdrawal and Deposit

I've used this direct approach by withdrawing cash from one bank and depositing it into another. Watch out though—some institutions like Wells Fargo won't accept cash deposits from non-account holders, which I discovered at the worst possible moment.

5. Person-to-Person Apps

P2P apps let me transfer money using just someone's phone number or email. The recipient usually needs an account with the service, but it's incredibly convenient once set up. I've used several popular money transfer apps and found the process gets easier after the first transfer.

What Is the Fastest Way To Transfer Money?

Nothing beats the speed of transferring between accounts at the same bank—it's instant and typically free. When sending to someone else, money transfer apps can deliver funds within minutes if both banks support the service, though sometimes it takes up to two days.

Wire transfers remain the most reliable express option, but I've paid dearly for that convenience. Always check your bank's cutoff times—I once missed a deadline by five minutes and had to wait an extra day.

How Long Does It Take To Transfer Money From One Bank to Another?

In my experience, transfer times vary significantly:

Types of Transfers and Times:

• Online transfer, same bank: immediate
• Online transfer, different banks: two to four business days
• Wire transfer: typically one day or sooner
• Cash withdrawal and deposit: immediate if before cutoff; otherwise next day
• Check deposit: one to five business days, with partial funds sometimes available immediately
• P2P apps: varies wildly; can be instant or take days

Transferring between banks isn't complicated, but certain options aren't available without being an account holder. For sending money to someone else, I've found money transfer apps, wire transfers, or good old-fashioned checks most reliable. Some banks allow cash deposits directly to others' accounts, but you'll need their account details.