Transferring money from one bank account to another bank account is a necessity for many occasions. With the advent of online banking, the transfer process is easier than ever. However, without knowledge of how the process works, it is impossible to send money to someone else.

Types

There are three main ways to transfer money from one bank to another. The easiest way to make a bank transfer is through online wire transferring. This method uses online banking to transfer money from one person's bank account to another account. Usually three different options are offered, such as one day transfers, three day transfers or transfers that take up to a week to transfer. Different fees apply to each transfer. Another way to transfer money from one account to another is through online money accounts, such as PayPal. Anyone who has a PayPal account can transfer money to anyone else who has a PayPal account. Money can also be wire transferred from any banking location with a traditional wire transfer.

Wire Transferring

The process of wire transferring is simple. Have your banking account information and routing number ready before beginning the transaction, as well as the routing number and account number of the account to which you are transferring the funds. If you do not know the routing number of their bank, many banks offer the option of selecting the bank from a list. Sometimes you may have to select whether the account is a savings or checking account. Once you have this information, then decide how fast the money should get there. The faster the transfer speed, usually the higher the fee. If you transfer online, then your bank will notify you of any fees. Once you enter in the banking information, then input the amount to transfer. Sometimes a fee is applied, but many banks will transfer money for free to U.S. banks.

Fees and Other Information

When transferring money from one bank's account to another, it is important to notice any fees or conditions applied to that money. Many money transferring services charge a one to three percent fee for the service. It also is important to pay attention to when the money should arrive so that you know if the transfer was successful. Make sure to read all contracts and information regarding the transfer before signing to begin the transfer process. Ask your bank about any other charges that might occur as a result of the transfer.

Source:

Bank of America: Wire Transfers

Ipswitch Bank: Money Transfers

PayPal: Money Transfering