How To Transfer Money From One Bank To Another Immediately?

Money transfer has become easy with the advent of technology. Though the years-old methods are still functional, technology proves to be quicker and more efficient. So, how to transfer money from one bank to another immediately? Electronically, a number of ways are available to send your money from one bank to another. All these methods have their advantages and disadvantages but they manage to get the job done.

How To Transfer Money From One Bank To Another Immediately

How to transfer money from one bank to another immediately?

Bank-to-Bank Transfer

This method will prove beneficial if the account you are transferring from and the account you are transferring to belong to you.

Set up the transfer with the bank you are transferring from. The money will show up in the receiving account (ACH) within two to three business days.

Linking the two accounts: A person needs to connect the two account before any transfer can take place. It is advised to connect both the accounts before hand in order to avoid any delays. This is because setting up the connection takes some time.

First Log in to the account you are sending the amount from and search for options “add an account” or “add external accounts” or “link accounts”.

You can add an account at another bank by providing the routing number and the account number of the other bank.

Then, you will be asked to verify that the external account is yours. You can do this by giving a username and password for the external account. Or you can also confirm a small amount transfer between the two banks. These “test” transfers are of an amount less than $1 and you can confirm the transfer.

The ACH method proves efficient if both the accounts are in one person’s name.  In case transfer needs to be done to somebody else’ account, a wire transfer can be used.

Wire Transfer

If you are running short of time, a wire transfer can prove to be the way out when transferring money from your account to another account. While it is a quick method, the only disadvantage it has is its cost.

wire money transfer

For a wire transfer, you need to provide the routing number of the banks and the account numbers. As soon as you cross the final step of wiring the fund, it will update in the receiver’s account within one business day. A wire transfer can consume a few hours to be processed but once it is done, the fund is said to be “cleared” and you can withdraw it at the same time.

If you have an account in Wells Fargo, then you can check out the state wise list of Wells Fargo Routing Number on our homepage.

Other Faster methods

Apps and Online software

In case ACH and wire transfer don’t work for you, your Smartphone can help you out.

At the beginning, you need to link your account to the app or online tool with your checking account and routing number. To send the amount, you need to enter the receiver’s account number. In some cases, account numbers are connected to a person’s phone number or email id.

Some efficient apps and tools are:

Nearly all the banks these days offer online banking facilities and you can make transfers from here too.

PayPal: It is the most well-known app around town. One of the first monetary apps, it’s highly efficient.

Popmoney: Such vendors offer cheap P2P service at a reasonable speed.

Square Cash: It offers free service to make payments using your debit card.

Even though these apps and tools offer amazing services, you must be careful while using them as they can easily be tempered with.

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