Banks are catching up with online technology and creating more ways to connect to your cash. Between peer-to-peer transfer apps and money transfer services, you have more access to your finances than ever. Make a money transfer to a bank account from anywhere — even from the comfort of your own home.
Nearly all of these methods are free, with two possibly costing a small fee depending on the service or bank you use.
ACH stands for “automated clearing house,” referring to the ability to send electronic money transfers to bank accounts. ACH transfers are used for many purposes, such as paying bills, sending money to bank accounts and much more. ACH transfers usually take one to three business days to clear.
If you want to transfer money to a bank account, you’ll need the recipient’s account information, the bank’s routing number and the amount you want to send. If you’re sending money to a bank account you don’t own, you might need to pay a small fee, often around $0.20 to $2 per transaction.
Most banking apps let you transfer money between your accounts within the same bank. For example, you can usually move money between your checking and savings almost instantly with most institutions at no cost.
Your bank app may also be able to link external accounts for ACH transfers. Most bank apps use a service called Plaid to connect external bank accounts for transferring money and may also allow you to set up recurring transfers into or out of your account.
Just want to send money to a friend or family member? Apps like Cash App, Venmo and Zelle can allow for quick and easy transfers to other bank accounts or debit cards.
Most P2P apps don’t cost anything to sign up, and standard transfers are usually free, typically taking one to three business days to complete. If you want an instant transfer to your bank account, plan on paying an instant transfer fee, typically around 0.5% to 3% of the amount.
Zelle is a great option for sending money to other accounts. Money transfers with Zelle are typically received within seconds. It is automatically integrated with over 2,000 banks and credit unions, including Capital One, SoFi and U.S. Bank.
Direct deposit is a type of ACH transfer that’s sent directly to the intended account, removing the need to cash a check or deposit money manually. Direct deposits are commonly set up for recurring payments like paychecks or Social Security. For example, you can set up direct deposit with your employer so your paychecks are directly deposited into your bank account on payday.
Since direct deposit is a form of ACH transfer, it doesn’t cost anything. Many banks offer early paycheck arrival, often clearing direct deposits up two days early.
A classic money transfer option, wire transfers send money from one bank account to another and can be used domestically or internationally. Wire transfers are often the top choice for large transactions and move through the Federal Reserve Wire Network.
Unfortunately, most wire transfers charge per transfer. Receiving a domestic wire transfer is typically free at most banks, but sending a domestic wire may cost around $10 to $25, and international wire costs vary widely, sometimes costing $50 or more.
Traditionally, you need to go to your bank’s branch and initiate a wire transfer. You’ll need the recipient’s information, such as their name, bank’s routing number, account number and the amount you’re wiring.
A classic way for deposits, you can write a check to deposit into the account you want, buy a cashier’s check from your institution or buy a money order from a third party to deposit.
Checkbooks may be offered for free at your institution, or around $20 to $40 per box if they’re not complimentary. Most banks and credit unions also offer mobile check deposits, allowing you to deposit personal checks with your phone.
If you don’t have a bank account yourself, money orders are a great option since they’re like a single check. Money orders can often be bought at stores like Walmart, money transfer services like Western Union or you can simply head to your local post office. The fee to buy one depends on where you go, often around $1 to $5 per money order, depending on the amount.
Depending on the method and when you initiate the transfer, speeds for transferring money to another bank account vary quite a bit.
To transfer money to someone else’s bank account directly via ACH or wire transfer, you typically need their full name, their bank account number and their institution’s routing number.
P2P money apps typically use bank-level security and encryption. However, the danger with P2P money apps has less to do with your personal information being leaked and more to do with being careful with who you’re sending money to.
In most cases, if you accidentally send funds to the wrong person or someone tricks you into sending them money, it’s very hard to get those funds back. You should also know that balances in P2P transfer apps, like Venmo or Cash App, typically don’t have FDIC insurance because they’re not true deposit accounts.
There are a lot of methods to transfer money from one bank account to another, and most take a few business days to go through and may not cost a dime.
Using your bank’s mobile app or a P2P money transfer service are two of the fastest options, but they are better suited for small transfers. If you’re transferring a large amount, a check, money order or wire transfer might be the way to go.
A routing number is a unique nine-digit number that identifies a bank or credit union. Routing numbers are used for electronic money transfers, such as direct deposit, wire transfers and ACH transfers.
Large institutions can use multiple routing numbers if they operate in multiple states. For example, Chase Bank’s New York upstate routing number is 022300173, while its downstate New York routing number is 021000021.
You can find your bank account number in multiple places, such as on your personal checks, bank statements or in your mobile bank app. Bank account numbers are typically 10 digits long. If you’re unsure, you can call your institution, verify your identity and request that information.
Not all accounts accept wire transfers, but the good news is that most do. Large banks and credit unions are more likely to send and accept wire transfers, while smaller online banks or fintechs may not be able to.
Yes. Send money overseas from your bank account, but transfer fees and exchange rates apply to the transaction. Compare specialist online money-transfer companies to see if you can find a better deal.
In most cases, you won’t be able to cancel or change a transfer once it has been sent. Some transfer service providers and banks may have a small window of time during which you can cancel or change your request, so it’s important to check the policy before you make your transfer.
PNC is compatible with Zelle and is easy to integrate. See a step-by-step guide on how to use Zelle with your PNC bank account.
Chime is a fintech company and not a true bank, so it can’t integrate with Zelle. But you can connect your Chime account to the Zelle app.
Popular online bank SoFi is one of the only fintechs that works will Zelle, a peer-to-peer money transfer app.
SoFi, Fizz, Capital One, Chase, Discover and Revolut have some of the best student bank accounts for savings, checking and building credit.
Banks like PNC, SoFi, HSBC, US Bank, Axos, KeyBank, Fifth Third Bank and more offer instant fund availability with mobile check deposit.
Close alternatives to Varo include Chime, SoFi, Revolut, Current, Fizz, Dave and Honeydue. See how these banks compare here.
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