How to Electronically Transfer Money

Occasionally you or a friend may come into a financial bind and require money quickly. Writing a check and sending it in the mail and then having them cash it could take up to three weeks, but now there is the use of electronic money transfers. Most of these wire money transfers take minutes to do at your local bank. Electronically transferring money can be done on various websites and all you usually need is a credit card.

Instructions

Electronically Transfer Money at a Bank

1. Go to a bank where you have an open account.

2. Ask the teller for an electronic money transfer slip. Fill out the electronic money transfer slip with your bank account info, signature, money transfer recipient's name and the cash deposit location for the person whom you're sending the money. Banks deal with many other banks, credit cards and affiliate businesses like Western Union for transferring money. You will need the account and routing number of your money transfer recipient for bank and ATM transfer options; or you will need their credit card number for credit card deposits.

3. Fill out the day and time when you want the money transfer to be initiated and give the slip to the teller to finalize the transaction.

4. Contact your money transfer recipient within the hour after you told your bank to initiate the transfer. If your money transfer recipient hasn't received the transfer yet, call your bank to make sure they sent it.

Tips & Warnings

• There are also many websites that allow you to electronically transfer money using your credit card.

References

• Transfer Money

Resources

• Western Union
• iKobo Transfers