What is a bank transfer?

A bank transfer is a transaction that moves money from one bank account to another, either electronically or via a check. A bank transfer can be internal, meaning the transfer occurs between accounts at the same bank, or external, with funds transferred between accounts at two different banks.

How do I transfer money from one bank to another?

If you’re moving money between accounts in your name at the same bank, you just need to know which account should send the money and which one should receive it. You can log in to online or mobile banking, select the transfer option, then choose each account from the menu.

Can you transfer money between accounts at different banks?

The ability to transfer funds between accounts at different banks is a useful way to help you get money where it needs to be, and there’s more than one way to do it. Transfer costs and speed are important considerations when choosing the best transfer method, and the two are often linked.

How long does it take to transfer money from one bank to another?

Consumers have many options to move their money from one bank to another – these are usually free and do not take more than a couple of business days. Best Checking Accounts. Transferring your money between accounts at different banks is simple, especially because many digital options are readily available for free.