How to Transfer Money Between Banks Online

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Online banking has changed the way people pay bills and move money from one bank to another. In the past, if you wanted to transfer money from your account to another account at a different institution, you typically wrote and mailed a check. Now you can complete those transactions in just a few minutes online. Transactions typically take from 1 to 3 days to complete.

Gather Required Information

To transfer money from one bank to another, you'll need the following information:

  1. An online banking account with your bank
  2. The name of the recipient
  3. The bank routing number for the receiving institution AND
  4. The bank account number of the recipient OR
  5. The mobile phone number of the recipient OR
  6. The email address of the recipient

The fastest way to make a transfer to another person's bank account is by using the recipient's banking information, including the routing number of the financial institution and the individual's account number. However, if she does not want to share that information with you, your bank may be able to transfer funds using the recipient's mobile phone number or email. In this case, the recipient will receive a text message or email from your bank, alerting him that you've initiated a transfer. She then will follow the instructions to direct the money into her bank account. Once she follows bank's transfer instructions, the recipient receives her money within 1 to 3 days. If she fails to complete instructions within 10 days, the transaction is cancelled.

Sign into Your Bank's Online Banking Site

To complete an online transfer, you'll need to enroll in your bank's online banking program, if you haven't done so already. Log onto your bank's website and follow the instructions to enroll.

Tip

  • Most banks offer mobile online banking -- you can complete transactions such as transfers from your mobile phone or device.

Choose the Correct Transfer Service

Click on the link provided to transfer money from your account to another bank. Your bank may have a specific name for this feature. For instance, Wells Fargo's transfer program is called Wells Fargo Surepay. At U.S. Bank, the service is called Pay a Person.

Provide Required Information and Details

Choose the bank account from which you'd like the money transferred. Most banks will transfer from a checking, savings or money market account. Provide the required information about the recipient and her receiving institution.

Choose the date you'd like the transfer to occur; some banks allow you to schedule transfers many days in advance. Once you've entered the amount and date, carefully double check to ensure that you've entered the information correctly.

Warning

  • If you're providing the recipient's bank account number, check it carefully. A one-digit typo could result in your money going into a stranger's account.

Check for Fees and Complete the Transfer

Some banks charge fees for online bank transfers; others don't. After you've entered all requested information, any applicable fees should be noted before you complete the transaction; speak to a customer service representative at your bank if you have any questions. Double-check the information you've entered one final time to ensure it's correct, then complete the transaction to transfer money.

Tip

  • If you'll be transferring money on a regular basis, consider setting up the payment in your bank's online bill pay service. For instance, if you plan to pay your rent by transferring money directly into your landlord's account on the first of each month, you could set up a recurring transaction with your bank and avoid the hassle of worrying about the transfer every month. Online bill pay services require the same types of information as one-time transfers.

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