The world has become a global village in many ways. Among the notable ways is that people from different parts of the world can link to each other is online communication via social networks. This requires internet connectivity. The banking sector has not been left behind and as we speak, there are numerous methods on how to transfer money from a bank account to another bank account online.
Online money transfer is facilitated by special applications that mobile phone users and especially those with smartphones can download to operate their bank accounts right from their palms. Therefore, there is no need for lining up at your bank branch and initiating funds transfer to another account. It is a waste of time and energy that could have been used to perform other economically viable activities.
It is interesting to note that online money transfer can happen both domestically and internationally. You can easily transfer money from your account to another account of the same bank by using the account number of the recipient. Also, you can transfer money to bank accounts in other countries so long as you know how to transfer money using the routing number and account number of the recipient.
How do you transfer money from a bank account to another bank account online?
Transferring money from one bank account online is a simple process. As I had indicated earlier, you need an internet connection to carry out the process successfully. The process includes;
i) Online account registration
First, you must have an online account with your bank. If you do not have, you can request your bank to give you a download link to get the genuine application. Android smartphone users can get online banking applications from the Google Play Store while iOS users can get such apps from the App Store.
The windows phone users can get online banking apps from the Windows Store. Avoid third-party apps since they can be dangerous to use.
Alternatively, you can use your bank’s website instead of apps if at all your bank allows it. However, it is not secure as hackers can easily intercept the connections and steal your details and this can make you lose money.
ii) Topping up your bank account
You must be sure that the balance in your bank account is enough to carry out a successful funds transfer. If not, you must deposit an amount that will allow you to successfully transfer the funds. You must put into consideration the charges involved as well as the conversion rates if you are sending money internationally.
iii) Getting the details of the recipient
Get the correct details of the recipient and ensure that you confirm severally so that you do not make any error. Fortunately, some banking apps bring you a confirmation alert on your screen so that you can confirm your recipient and cancel if there is an error.
For an account to account transfer of the same bank, you need the account number and maybe the full names of the recipient. For international money transfer, you need the account number of the recipient, the routing number of the recipient’s bank, and the full names of the recipient although not necessary.
iv) Send money
Now that you have the right details and enough money in your bank account, you can send money with a checking account number to another account within your bank or include the routing number if transferring to an account of a different bank.
In the app or website, locate the send money tab, select and enter all the required fields. These include the recipient bank account (and routing number where necessary), the amount to transfer, and then your PIN and click ‘send’. Ensure that you confirm everything before tapping the send option.
v) Check confirmation massage
Your bank will send you a confirmation SMS on your mobile phone number. This is like a receipt of the transaction and you should keep it safe in case of any failure. Check whether it indicates exactly what you intended to send and contact your bank’s customer care in case of anything.
vi) Alert the recipient
Once you send money, alert your recipient so that they can check their accounts. The recipient’s bank may also send a message concerning the transaction once the money is deposited in his or her account.
How long does it take for funds to reflect in the recipient’s account?
The time taken varies from one bank to the other. Also, international transfers may take longer as compared to domestic transfers. In most cases, domestic transfers take seconds to a few minutes for the funds to appear on the recipient’s account, especially the account to account transfer of the same bank.
Bank to bank transfer may take a little bit longer to complete. For an instant, international transfers can take between 1-5 days or even longer for funds to appear on the recipient’s accounts.
Why do international money transfers take long?
The reason as to why international transfers take long is to prevent fraud. The transferring bank must ensure that the source of money is clean as well as the receiving end. With the rising case of terrorism, there is a possibility of terrorists exchanging money to buy dangerous weapons such as bombs, guns, and many others.
Can I hasten bank to bank money transfers?
It is possible to quickly transfer funds from one bank to other using third party agents. The most common agent is Zelle. When you use Zelle, the recipient gets money in their account instantly or within a few seconds. You need the phone number or the email address of the recipient. Also, confirm that the recipient is registered with Zelle.
For international transfers from your bank to a different bank, you may use other agents such as PayPal, and Payoneer among others. The recipient receives the money within a few minutes. However, it may take longer when withdrawing to a bank account but mostly it takes 24 hours with Payoneer during the business days.
How do I recharge my bank account?
You can recharge your bank account in various ways. The most common ways you can top up your bank account include the following.
a) Check deposit
You can load your account via a check deposit. If someone writes a check for you to make a payment, then you can easily deposit the check via mobile deposit using your app. You only need to sign the check at the back and take pictures of both the front and back of your check then upload. When the processing is complete, you will see the reflection in your account. You can also deposit checks at your bank’s branch.
b) Deposit cash
If you have cash, you can walk to your bank tellers and deposit the money. You can also use the nearest bank agent to deposit and the money will reflect in your account so that you can make a transfer or use it otherwise.
c) Receive money
Other people can send money to your account. You can then send the money to others online.
d) Redeem rewards
If you have a bank account that gives rewards for various transactions using debit or credit card, then you can redeem the points into cash if your bank allows it.
What other ways can I use to transfer money online other than the bank to bank transfers?
You can transfer money online using various methods which include the following.
The Venmo app is compatible with both android and iOS operating systems. It is free and easy to send money using Venmo. The app is safe and is highly rated with 4.5 stars in the Google Play store and 4.9 in the App Store. You can link your bank account, debit, or credit card with your Venmo account.
You can send up to $4,999.99 every week for peer-to-peer transactions. The money sent in a Venmo account reflects instantly but may take up to three business days to withdraw into your bank account. Learn more.
Zelle is one of the fastest money transfers. It does not operate outside the US. Zelle has integrated with over 800 financial institutions and thus very convenient to use.
The good thing with Zelle is that it can help in the delivery of money from one financial institution to the other. You can also use the app as a stand-alone if your bank does not work with Zelle. See more
3) Google Pay
Google Pay has the fastest tie with Zelle. You can have an instant transfer of money to debit cards and use the card to transfer funds online as long as you know how to transfer money from a debit card to another debit card or even to a credit or prepaid card.
The maximum transfer amount is $10,000 per given time. Interestingly, Google Pay covers 100% of all verified unauthorized transactions and thus you can be free to use the app. See more.
PayPal is the master of all the online money transfer platforms with over 260 million active accounts worldwide. It offers free transfers in the U.S. when you load your account with a bank account or even PayPal balance. The maximum amount you can transfer per is $10,000 per transfer.
Transferring money from a PayPal account to a bank account takes one business day or even longer depending on whether you initiated the transfer on a weekday or weekend. See more.
TransferWise is consumer-friendly and has no foreign exchange rate markups. TranferWise allows you to sign up with your Apple, Google, or even your Facebook account. You can send money to over 70 countries in the world.
Moreover, TransferWise helps you to save details of frequent recipients of the money. Again, it offers an easy way of canceling transactions. See more.
OFX does not charge fees of any amount you send. The company allows you to send money at the current rate or just wait until the rate reaches a certain value then send money. OFX supports over 55 currencies and this makes it very convenient. See more.
MoneyGram has been around for some time now and is one of the most used methods for international money transfer. It ensures fast transfers of money to bank accounts or at cash pickup points. Transfers take hours or a single business day to reflect the recipient’s account. It operates in more than 200 countries of the world and thus easy to access. See more.
8) Western Union
Western Union is the main competitor to MoneyGram. It has an extensive network across the world. It operates in over 200 countries and has more than half a million locations in the world. You can benefit from the same-day or next-day delivery. Western Union is one of the best ways to transfer money internationally.
Being one of the emerging companies for online money transfers, Payoneer is giving other platforms such as PayPal and Venmo sleepless nights due to its expanding market. Over 4 million customers around the world have enrolled for Payoneer.
It is easy to use and the transaction costs are low. The recipient can withdraw funds to their bank account and/or at ATMs worldwide. The customer care is just awesome. See more
Can I send money online using a credit card?
You can send money online using a credit card online so long as you have the online app for your card. Any credit card, even the second chance credit card with no security deposit can help you send money to someone.
Can you reverse an online money transfer transaction?
It is possible to reverse money sent to the wrong recipient online. However, you have to be quick to do so before the recipient accesses the funds.
How can you withdraw money from your bank account?
Withdrawing money is easy as long as there is enough money in your account. You can either withdraw using an ATM or at the bank branch by providing your account number and the necessary identification documents such as an ID number. You will also need to sign the original signature you used when registering.
Alternatively, there is a trick on how to withdraw money with an account and routing number. You can do this by sending someone else from a different bank online if your bank is not available at your place. The recipient can then withdraw the money for you.
Sending money online is an easy process so long as you have the required amount of money in your account. Apart from bank to bank to transfer, you can use other online third party agents that can help you deliver money faster. Always ensure that you confirm all details before hitting the send button. However, you can always reverse wrong transactions as many financial institutions support reversals.