Send Money Through Checking Account – Sending money has never been so easy. If you want to transfer money to someone else’s bank account, you can use several methods. Some traditional payment methods require the recipient’s full name, account number, and forwarding number, while alternative options only require an email address.
The banking industry has changed a lot in the last decade. To meet the needs of modern consumers, these financial institutions have had to adopt modern solutions such as online banking, mobile apps, and online payment tools. Here we’ll review traditional and modern money transfer solutions to help you make informed banking decisions.
Send Money Through Checking Account
Bank transfer is a secure way to transfer money from one bank to another. Traditional bank transfers are often used for local bank-to-bank transactions. They are fast, but their fees can be expensive. If you want the lowest costs, you can make Automatic Clearing House (ACH) transfers. It takes three business days for the money to be available in the recipient’s bank account. But if speed is your concern, there are other methods you can use to transfer money.
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Fees: Wire transfer fees can range from $10 to $50. ACH transfers generally cost nothing, while peer-to-peer payments cost less than in-person bank transfers. For example, PayPal does not charge you a fee to transfer funds within the US using your PayPal balance or bank account. However, PayPal charges an additional fee if you use your debit or credit card.
Processing time: probably “How long does it take to transfer money from one bank to another?” you are wondering. The truth is that it depends on your preferred transfer method, your bank and your transaction. Domestic bank transfers are instant. The recipient will be able to receive the money you sent within the same business day. If you use ACH transfers, it may take an extra day or two for the money to appear in the recipient’s checking account number.
With money transfer apps, you can send money to someone else’s bank account using money from your bank account, debit card, or credit card. You do not need to know the recipient’s personal or bank account information to complete the transaction. For example, Google Pay only requires an email address.
Fees – Money transfer apps are always a great option if you want an affordable way to send money. They are cheap or completely free, especially for domestic money transfers.
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Processing time: Processing speed may vary from app to app. Most of these mobile payment systems offer instant transfer speeds. This means that the recipient will receive the money immediately after you send it.
Like mobile transfer apps, online payment systems are fast, easy, and affordable. They offer a hassle-free alternative to traditional banking transactions.
Fees: Online payment instruments may have low or zero transaction fees. Whether you’re sending money domestically or internationally, transferring money to someone else’s bank account or digital wallet shouldn’t cost you much.
Processing time – Just like apps, these online payment systems allow for instant cash transfers. Your recipient will see the money immediately after you send it.
Direct To Bank Account
You can send money transfers the traditional way by visiting a bank and depositing money into a bank account. If you want the same level of security but more convenience, you can use a self-service ATM.
Bank of America has self-service kiosks where you can transfer money to another account. However, these ATMs only allow you to transfer funds between linked accounts. You cannot send cash to another person’s bank account.
If you want cash sent directly to a bank account, you can go through one of Boss Revolution’s retail partners. From here you can send cash directly to bank accounts around the world.
Fees: Banks may have different policies for self-service ATMs. If you have a Bank of America account, you are not charged to make an ATM transfer.
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Processing time: Most banks can process your money transfer the same day, especially if you complete the transaction earlier in the day. However, some banks may require two to three business days to process it.
If you’re not in a rush to send money, you can write someone a check. Even today, people send checks through the mail. However, if you are making a large wire transfer, it is safer to write a check and deliver it in person than to mail it.
Fees: Banks will charge a fee to cash the check. The fee depends on the bank, but is usually a small percentage of the amount of the check. It can be from one to five percent. If the creditor wants the funds immediately available, for example, banks can deduct $150 from a $500 check.
Processing Time: Depending on your bank or the amount of the check, it may take approximately two business days for the check to cash. The holding period may depend on your banking activities and your relationship with the bank. If a bank detects unusual account activity, it may choose to hold the check for a longer period of time.
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International transactions often take longer than domestic transactions, since banks have to validate checks.
Money transfer is a good option for transferring money if you don’t want a personal check to bounce or if you don’t want to give out your personal information. It’s as cheap as a bank check, but not always as secure. You can get wire transfers from banks, convenience stores, credit unions, and even post offices.
The remittance is paid in advance in cash or other funds. If you get one from a bank, you can pay with the money in your checking or savings account. If you receive a money order from a vendor, you can use debit or credit to pay.
Fees: Fees depend on where you get the transfer. USPS charges just $1.25 for remittance orders up to $500. If it’s between $500 and $1,000, they charge $1.75. If you take the money order from a retail store, the fee can go up to $5.
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Processing time: Money transfers don’t require a bank account, so you and your recipient won’t have to wait a day or two for the transaction to complete. However, if the remittance is collected at a bank instead of the issuing institution, there may be a delay in processing.
This article is for general information purposes only and is not intended to cover all aspects of the topics discussed here. The information in this article is not intended to be specific personal advice. The information in this article is copyrighted by IDT Payment Services, Inc. and its affiliates (collectively, “IDT”) does not constitute legal, tax, regulatory or other professional advice and should not be relied on or used by any person. IDT makes no representations or warranties, express or implied, that the content of this article is current, accurate, or complete. You should seek professional or other advice before taking any action or refrain from taking any action based on the information contained in this article. Join over 13 million people choosing fast and secure online money transfers. We are up to 7 times cheaper than banks and PayPal.
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Avoid misleading bank exchange rate markups and high foreign transaction fees. Pay only a low initial conversion fee and no annual card fees.
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