Recently, someone asked me how to transfer money between different bank accounts, so I organized what I know. Actually, there are many ways to do a bank transfer; choosing one mainly depends on your needs.

The simplest is an internal transfer. If you have multiple accounts at the same bank, like a checking and savings account, you can do it directly through online banking or the mobile app. These transfers are usually instant or arrive the next day. External transfers involve moving money between different banks, requiring the recipient's routing number and account number; once connected, you can transfer anytime.

If you're just sending a small amount of money to friends or family, using P2P apps like Venmo, PayPal, Cash App, or Zelle is the most convenient. But be aware that these apps have different fees, processing times, and transfer limits, so check the details carefully.

For quick large transfers, wire transfer is a good option, though it costs a fee. Domestic wire transfers typically arrive within 24 hours, sometimes even in a few hours. International transfers take longer, usually 1 to 5 days. Fees are usually over $5 for domestic and over $25 for international transfers.

Another traditional method is writing a check. Now, with mobile check deposit, you can deposit checks from home, but it takes a few business days to clear.

Before making a bank transfer, there are a few things to consider. First is time—some methods are fast, others slow, which is crucial if you need the money urgently. Next is fees—some transfers are free, others cost money. Also, consider transfer limits; different types of transfers may have per-transaction limits, daily, weekly, or monthly caps.

Internal transfers are usually instant, external transfers take up to two business days. If using P2P apps, sending to a friend's account can be instant, but transferring from the app to your bank account may take a bit longer. Wire transfers also take up to two business days, but domestic transfers submitted before bank cutoff times can sometimes be received the same day.

To complete a transfer, you need to know the sender's and receiver's account information. If transferring to another account at the same bank, it's simple—just log in and select the account. For sending to others, you'll need their name, account number, and routing number. If using a mobile payment app, you might only need their username or email address.

Overall, choosing a transfer method depends on how quickly you want to receive the money and how much you're willing to pay. For example, ACH transfers are usually free but take several business days. If you're in a hurry, wire transfers cost more but are much faster. The key is to select the appropriate bank transfer method based on your actual needs.