How do I Move Funds From One Bank to Another Bank Online?

One of the greatest benefits to using Paypal is that your money is federally insured.

Transferring money between two different banks can be obnoxious. While many people resort to simply paying themselves with a check, the process can be time consuming and involve actually going to a branch or ATM to make your deposit. The timeless process of wire transfers can be costly especially with accounts overseas.



Using a Paypal account or another similar FDIC-insured group is one of the least expensive and easiest ways to transfer money online. International transfers up to $300 cost less than $2, while transfers between two verified domestic accounts are free.

Things You'll Need

• Internet access
• Bank information for two accounts

Instructions

1. Go to Paypal's website and sign up for an account if you don't already have one. Most people use it for making online transactions because it's cheaper and easier than setting up your own payment program.

2. Verify your account. Without Paypal's verification it is difficult to use many of the website's banking features. This is good for you since you know the website wants to make sure it's your money being moved from account to account online.

   Paypal offers instant verification if you log into your bank account through their website. For good reason, many people refuse to give out this information online. There are other methods of verification including letting Paypal make a small deposit into your account (usually under a dollar) that you can type into the site to prove you have access.

3. Add the two bank accounts you want to transfer money between. You can even add more than those accounts and use it for banking between multiple branches.

   To add an account, look under the "Profile" section of "My Account." Other options you will find here are adding credit cards and editing contact information such as phone number and street address. As long as you have a check from the account you are adding, you have the information needed to add an account with Paypal.

4. Transfer funds as needed. Paypal can do one-time transfers or you can even set up an automatic transfer between accounts. As with any banking, be sure that you have the funds available before making a transfer to avoid fees from your home branch.

   The easiest way to transfer is to add money to your Paypal account from one bank account and then withdraw these funds with the other. This can all be accomplished by using the "Add Funds" and "Withdraw" tabs under My Account.

Tips & Warnings

• In general, be wary of giving out personal and especially banking information online. You can trust Paypal but not always those nearby. Refrain from logging into banking sites from public computers or while in close proximity to others who can steal the information on your screen by simply watching what you type.

References

• Paypal: Balance Manager
• Paypal: Withdraw

Resources

• Paypal