Moving money from one bank account to another is easy with the aid of bank transfers, of which there are several different types. Importantly, you no longer have to spend several hours putting through a bank transfer between your accounts or to an account belonging to another person. However, before you opt for a bank to bank transfer it pays to be aware of the different types of money transfers available,and which are faster and cheaper that the rest. Below we also look at why some people still prefer to move money as hard cash.
The traditional transfer of hard cash
Using the traditional method of transferring hard cash from one account to another has some benefits especially if you are looking to move very large sums of money. In these cases, even an electronic transfer is not feasible, as there is a cap on the daily amount that you can remove from a bank account. Here is where moving the money as hard cash is easy as it allows for large amounts to be withdrawn from one account and effortlessly placed into another bank's account.
Transferring money via check
With a checking account you get access to a book that consists of several check leaves. Using a check,you can transfer money from account to another. You just need to fill in the check and deposit it in the other bank and the correct account will receive the money. Additionally, with the aid of the mobile check deposit service, you can deposit the check without spending hours going to the bank and standing in a queue.
Move money via a wire transfer
With the aid of an electronic wire transfer the process of moving money from one bank account to another is easy and often happens within minutes. With banks also offering several types of wire transfers which can be set up via the internet or over the phone they have become very popular. The information needed to put through such a transfer includes the name of the bank, account number, name of the account holder, and other pertinent bank information which offers differs according to country.
Once the information needed for the wire transfer is recorded in the bank, the transfer of money can be put through. Transfers from one bank to another can also be set up to happen periodically for example once a month and this is especially useful when moving money between savings accounts.
Additionally, the fees for employing a wire transfer are negligible especially when money is moved from one account to another within the same bank.
Transfer money via PayPal
The increased popularity of PayPal has meant that the service is the preferred method of moving money between bank accounts tagged to PayPal email addresses in different countries. Also, a person with a PayPal account can send the money to another user's account for free if the person is part of friends and family, and the sender and receiver's account is within the United States.
Moving money between accounts is no longer seen as a long and tiresome process. Additionally, with several banks offering more than one method to transfer money electronically via a portal or a dedicated app that can be used on a smartphone or mobile device the,electronic-wire transfer process is becoming very popular.