Easy Ways to Transfer Money From One Bank to Another Without Stress : Current School News

Easy Ways to Transfer Money From One Bank to Another Without Stress

Filed in Articles, Banking by on January 14, 2022

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– Transfer Money From One Bank to Another –

The transfer of money from one bank to another is a financial system. They designed it to make it easy and efficient for people to move money. Transferring money is one of many typical daily financial operations. You may use a transfer to shift money from checking to savings, settle your credit card debt, pay bills, or send money to friends or family.

Transfer Money From One Bank to Another

To get equipped with the various ways to transfer money from one bank to another, read up this intriguing article.

What Details Do You Need to Transfer Money?

Never pay someone you don’t know for by bank transfer. If things go wrong, your bank isn’t obliged to refund your money.

However you choose to transfer money, you’ll usually need the following details of the person or organisation you’re paying:

➢ The date you want the payment to be made.

➢ Name of the person or business you’re paying.

➢ Six-digit sort code of the account you’re paying.

➢ Eight-digit account number of the account you’re paying.

➢ A payment reference (often your name or customer number) to let them know the money came from you.

Sometimes you’ll need the name and address of the bank you’re sending the money to. This helps them to check that sort of code is right.

How to Transfer Money From One Bank to Another

Transferring money between different bank accounts is a common need for most people. However, below are the steps to transfer money from one bank to another.

1. Go to your bank’s website to link accounts

Log in to Bank A and click on the “Transfer Funds,” section, then “External Transfers,” or “External Accounts,” and finally, “Add an external account.”

2. Proof of account ownership

To add an external account, verify your Bank B account with Bank A. Bank A will need proof that you are the owner of the account at Bank B

3. Provide the information

Bank A will ask for the account and routing number for Bank B (I’ll show you exactly how to find your account or routing number later in this post), and whether it’s a checking or savings account.

4. Vary the account

Bank A will then ask you to verify your account with Bank B in one of two ways:

➢ Give them the username and password you use for Bank B, which will instantly verify the account and make it ready for external transfers.

➢ Having Bank A start two small transfers to Bank B. Note: You will need to log onto Bank B to see it deposited how much.

5. Verify the deposits.

Log in to Bank A and go to the “External Accounts” section. There should be a part that says, “Verify Your Deposits,” where you will enter the amounts that were transferred to Bank B. This process usually takes at least 1-2 business days.

6. Start transferring money from one bank to another

You can now transfer money from Bank A to Bank B with no problems. You can set up recurring or one-time transfers, depending on your needs.

Typically, transferring money between two accounts is free. Nevertheless, there’s a limit on how much you can transfer at one time. This depends on your bank’s policies.

For instance, when comparing credit unions vs. banks, credit unions usually have lower fees. When transferring money in and out of your accounts, keep in mind that there are usually savings.

Moreso, checking account minimums you must maintain to avoid additional fees or account closures.

What Info Do You Need to Transfer Money?

transfer money from one person to another

With trying to figure out how to transfer money from one bank to another, it can be confusing to set up if you don’t know what you need. In order to transfer money between banks, you’ll need the following information:

1. Bank Name

You need to know the name of the bank that it held the receiving account at. This should be fairly simple to deduce, especially if you’re transferring to another one of your accounts.

You might also need the address of the bank (the location where the account was created) (the location where the account was created).

2. Savings/Checking Account

You need to identify whether each account is savings or checking account. Again this should be simple if they are both your own accounts.

If you’re transferring money to someone else, you’ll need to find out from them before you can make a bank transfer.

3. Personal/Business Account

You’ll also need to know whether the receiving account is a business or a personal account. This is important because different guidelines and fees may apply for transfers to and from business accounts.

4. Routing Number

What is a routing number? A routing number is a nine-digit number that is associated with your bank. This number is important in ensuring that your money ends up in the right account at the right bank.

One bank can have several routing numbers, so it’s important to always double-check that you’re using the right one.

5. Account Number:

Another important number you need when setting up a bank to bank transfer is an account number. Account numbers are eight to 12-digit numbers that are associated with your unique account.

However, even if both your savings and checking accounts were at the same bank, they would have their own unique account numbers.

How Do You Find the Routing and Account Number?

There are several ways to find the routing and account number for a particular bank account:

1. Online

If you log in to your bank online, you can usually find your routing and account number in the “Account Details” or a similarly labelled section.

For security reasons, you might need to enter a pin or password to access this information within the app.

2. On a check

The routing and account numbers for a bank account are typically at the bottom of a check. Starting at the bottom left corner, you will find the routing number followed by the account number and check number.

3. By phone

phone transfer From One Bank to Another

You can also call your bank’s customer service line to get your routing and account numbers. However, this method isn’t always very convenient due to long wait times.


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Alternatives to Bank Transfers

If you wish to move money from your bank account to someone else’s, you’ll usually have to find an alternative to the bank to bank transfers.

That’s because you need to be the account holder at both institutions in order to transfer or receive money. Here are some additional common bank transfer solutions:

1. Apps

Fortunately, doing so has grown simpler than ever with dozens of applications and sites providing transfer services.

Once your bank account is connected in the app, you can simply enter a dollar amount, pick the recipient, and click send—they’ll receive the money almost immediately.

2. PayPal

You may transfer money to someone else’s PayPal account for free via the “send to relatives and friends” option. PayPal is a quick method.

However, if you transfer the money, it will appear in the other person’s PayPal account. From there, they may transfer money to their own bank account.

3. Chase QuickPay

Chase QuickPay allows you to transfer money from your Chase bank account to someone else, who doesn’t have to be a Chase client.

If you have a Chase QuickPay account, you may also submit an invoice and request that someone else pay you money.

4. Venmo

Venmo enables you to make money transactions immediately from your bank account, debit or credit card, or your running Venmo balance, removing the need to take out cash to pay pals back and vice versa.

Another popular feature is the social feed, which enables you to see what your friends are up to.

5. Cash App

Another popular peer-to-peer payment software is Cash App, which allows you to transfer money to another user’s bank account or debit card.

Users may also set up direct deposit so that any money they get automatically go into their bank account.

If you don’t like the social feed of Venmo, which displays who you’re transferring money to, and for what, you’ll appreciate that Cash App is a more private method to send your money.

6. Apple Pay/Google Pay

Depending on your choice for Apple or Google, you may use these payment applications to conduct bank to bank transfers, online payments, and more.

Apple Pay is linked to your Apple Wallet. However, makes it easy to transfer money back and forth, which you can simply do while messaging by merely pressing the Apple Pay button beneath the text field or clicking the Google Pay button.

7. Writing a Cheque

Cheque transfer

While it may seem archaic, writing a check is a viable option to transfer money to another one of your accounts or to someone else.

If you don’t have a chequebook, many banks may offer a few checks each year, free of charge, or for a nominal price.

So, how do you transfer money with a check? It’s easy:

➢ Get a check from your bank if you don’t have any.

➢ Fill out the information, including the date, amount you wish to transfer (in words and figures), the recipient’s name/organization, your signature, and the note if you want to add particular data about the transaction.

➢ Deposit the cheque into another account or give it to whoever is going to deposit it.

8. Wire Transfers

Another alternative when you need to move money between banks fast is a wire transfer. It enables you to transmit money electronically.

Wire transfers are a viable option if you need to find out how to transfer money without going through your bank because there are nonbank companies such as Western Union.

Wire transfers are a popular option for transferring money overseas or making quick transactions. For a wire transfer, you’ll usually need:

➢ The recipient’s name

➢ The destination

➢  Transfer amount

Note: Dates and amounts may vary based on your bank and kind of transfer. Policies may change.

How to Transfer Money from One Bank Account?

There are a few ways of moving money from one bank to another that you need to be aware of, so you can move money as quickly as possible while reducing any costs.

Here are a few typical methods to transfer money, with different considerations for transaction times and costs.

Transfers Between Connected Accounts

If you’re the account holder of several accounts inside the same bank, such as a checking account and a savings account, it’s quite simple and quick to set up a transfer between these linked accounts.

This is also known as an “internal transfer” of money. Go to your bank’s online banking platform or mobile app and search for choices on how to set up a money transfer.

It needs to inform you also of the benefits and drawbacks of connecting your bank accounts.

Transfers to External Accounts

To transfer money to an external account, you will need the bank routing number and account number for both accounts—the external account receiving the transfer and the account from which you are sending money.

The bank that’s going to receive your transfer may assist you to set up the transaction.

Once the accounts are connected, however, you’ll be able to make future transfers into that external account without re-entering your routing number and account number every time.

Most bank transactions you need to make in daily life, such as signing up for a direct deposit for your salary or utilizing online bill pay, are kinds of electronic funds transfers (EFTs), where money is transferred back and forth via electronic payment networks.

One of the most frequent kinds of transfers happens on an electronic money transfer network called the Automated Clearing House (ACH) (ACH).

With an ACH payment, banks make payments on behalf of clients, validating accounts and confirming amounts, transferring money within one to three business days.

They handled most ACH bank transfers and other EFT payments without any additional costs for consumers, but be careful to check with your bank to be sure.

Peer-to-Peer Transfers

There are numerous payment applications available now—Venmo, PayPal, CashApp, Zelle and others—that assist send money back and forth between individuals via peer-to-peer (P2P) transactions.

These applications offer a quick method to transfer money to friends or relatives or make payments to small companies, sometimes for no charge or for a modest fee that represents a tiny percentage of the entire transaction value.

Make sure you understand the costs, time and restrictions of any P2P program before using it to send money. 

Bank-to-bank transfers

These days moving money from one bank to another is fairly simple. You have numerous choices, which will depend on speed, your bank and your own taste.

Here are some procedures to follow to transfer money from bank to bank:

➢ Determine how soon the money needs to go to the other bank.

➢ Compare the fees. Sometimes an alternative like a wire transfer may be required for transferring big sums of money fast, but it likely won’t be free. Other times, a technique like Zelle maybe both be quick and free.

➢ Get the recipient’s account details. You’ll probably at least need the recipient’s name, routing number and account number for most methods.

Now it’s time to select your approach. After you’ve chosen the speed, cost and what sending choices you have, you’re ready to transfer this money.

Third-party businesses

Your bank isn’t the only way to transfer money. PayPal and other third-party businesses are other alternatives to explore.

Sending money from a connected bank account or PayPal Cash are two methods to avoid transaction costs in the U.S.

Western Union and MoneyGram are additional ways to transfer money

Keep in mind that foreign transaction costs are usually higher. Also, you will be charged an exchange rate on transactions made in foreign currencies.

Email money transfers

Your bank may offer a service that enables you to transfer money using an email address or mobile phone number. Zelle or Popmoney are some of the prevalent services.

In most instances, you’ll be able to transfer this money straight from your bank’s app. This may be a fast alternative for transferring money to another individual.

However, it makes sure you understand the speed and your bank’s sending limitations.

Apple Pay, Google Pay, Samsung Pay Cash and Venmo are additional methods to transfer money to others.

Low-Cost Ways to Transfer Money

In the technology-driven world, we live in today transferring money via cash, cheque, bank draft, or money order may seem like it’s going the way of the dinosaur.

While these conventional techniques may seem less popular when there are quicker technological means for moving money across accounts, states, and even countries, it doesn’t imply that the old ways are not still viable choices.

1. Zelle

One of the newest participants in the payment landscape is Zelle, established in 2017. The business is a United States-based digital payments network operated by the private financial services corporation Early Warning Services.

To use the service, customers (with money in a U.S. bank account) enrol their email and a U.S. mobile phone number using the Zelle app or via their bank’s Zelle electronic site.

Next, the individual sending the money provides the desired postal address and U.S. cellphone number of the receiver, who must also have a bank account in the United States.

After the money is received, the receiver gets a notice with instructions for completing the payment. Zelle does not charge fees to send or receive money.

Also, occasionally the bank or other financial institution costs consumers for giving access to the service.

2. PayPal

PayPal transfer from one person another

PayPal may be an inexpensive way for sending money. It enables people and companies to transfer money online from one PayPal account to another.

It’s free to transfer money via PayPal, but it charged the receiver a fee to cash the payment.

For transactions up to $3,000, the fee is 2.9 per cent, plus $0.30 per transaction.

Fees drop somewhat for bigger transactions, and there are no fees for transferring to friends or family members, provided that money is coming from a bank account.

Foreign transaction fees are around 1 per cent more and remember you’ll be charged an exchange rate on transfers made in international money.

3. Western Union or MoneyGram

Western Union and MoneyGram offer comparable services that enable you to transfer money to a different city, state, or country.

They charge a fixed fee for the transfer that depends on the speed of the transfer, the location you’re transferring money to, and the amount of money being transferred.

If you’re making an overseas or international transfer, you’ll additionally be charged an exchange rate. These money transfer providers rarely offer a competitive exchange rate.

However, it results in a hidden fee if you send money abroad. Also, one of the major advantages of these services is that they are both extremely reliable and convenient. 

4. Cash

Though this may be considered the “old-fashioned method” with sending money, using cash may be very useful in certain situations.

For times when time is not the most essential concern, just withdrawing cash and physically taking it to another bank to deposit into an account is totally free!

In most instances, the many cases the deposited money is available for withdrawal immediately. Keep in mind that mailing cash via the mail is discouraged.

If the letter is lost, there is no way to recover the money.

5. Personal Checks

Writing a check and depositing it into another account, giving it to another person, or sending it by mail to a recipient in a distant city or state is another cheap choice—especially if your bank provides free checking.

Things become a little harder when mailing cheques overseas. Sending a check abroad that’s written in American dollars can frequently result in delays in cashing the check so that the bank can verify the deposit.

Also, other banks may not even accept international checks.

The receiver of the check may additionally have to pay a charge for cashing it and cover the conversion rate to have the money converted into the local currency.

This technique is safer than cash for sending by mail since you may cancel a check if it doesn’t reach its destination.

6. Bank Drafts, Money Orders, and Cashier’s Checks

With actual transfers that are being made in foreign currencies, you may buy bank drafts and money orders in the place’s currency you’re transferring money to.

They may get inexpensive money orders via any post office offices. These money orders will typically be less costly than those bought via a banking institution, costing anywhere between $3 and $9.

Money orders got via a bank typically cost around $10.

They usually use money orders for lesser sums than bank drafts. Because of this, the cost of buying a bank draft is typically greater than for purchasing a money order.

Though these types of money transfers may take more time. However, they are a more affordable option than services like wire transfers.

Also, they are traceable in case they don’t arrive at their destination.

7. Email Money Transfers

Some financial organizations, particularly some of the bigger Canadian banks, provide an email money transfer service. This type of money transfer works like an electronic check.

It did not physically transmit the money via email. However, the email started the transaction, and the email informs the receiver that the funds are available.

You don’t need the receiver’s bank account number, but they usually need a security question to identify the recipient before they may collect the money.

Be careful that you only accept email transfers from individuals that you know so that you’re not falling victim to a phishing scam.

Transferring cash via email money transfer usually comes with a small fee of a few dollars.

However, it makes it a cheap alternative if it’s accessible to you.

Receiving money by this means is usually free. This service is also very dependable and quick, usually only requiring a few days to appear in the recipient’s account.


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Online Transfer of Money From one Bank to Another

Online Transfer of Money From one Bank to Another

Online transfers are a handy method to move money from one bank to another.

Check with your institution before setting up a transfer to know when to expect money to arrive and whether there are costs.

Steps to Make an Online Transfer of Money:

1. Establish a connection between the two accounts you have at separate banks — the one that will transfer money and the one to receive it.

2. Link the two accounts: Log in to the first bank’s website or mobile app and choose the option for making transfers.

There may be an option for internal transfers, transferring money in between two accounts inside the same bank — from checking to savings, for example.

You want the external option, which allows you to transfer money out to a different bank.

3. Provide external account details: Have the second bank’s routing number and your account number ready.

You may typically obtain this information via a bank statement or printed paper check.

Discover More Steps on the Online Transfer of Money:

4. Confirm the new account: After you provide the information, the first bank will usually want to verify that you have access to the second bank’s account.

They may prompt you to provide your login and password, which the first bank would then validate. 

5. Set up transfers: Once the account is verified, you may set up transfers from the sending bank’s website. Choose the sending and receiving accounts, then enter the amount to be sent and the date for the transaction to occur.

From there, you can typically see when the day the money is anticipated to be accessible in the receiving account.

You’ll also want to select whether you want to make a one-time transaction or a regular transfer (once a week, for example) (once a week, for example).

After you’ve made your selections, choose the option to submit them.

Using Bank Transfers to Increase Savings Returns

Bank transfers are frequent for individuals who have a checking account at one bank and a high-yield savings account at another bank.

If you establish a new savings account, you may connect your current checking account for automatic transfers.

This also works for online bank clients, who frequently need to connect their current bank accounts to finance their online accounts.

These people prefer to receive the advantage of higher rates while having the convenience of maintaining their current accounts.

Limits to Savings Withdrawals

You may usually make as many transfers into savings accounts as you’d like, but there are certain things to consider with getting money out.

We deem online withdrawals from savings accounts handy transactions according to the Federal Reserve.

If you have over six convenient transactions in a month, some banks may impose an excess withdrawal fee for each transaction above that limit.

This charge is usually about $5 per extra transaction.

Sending Money to Others

If you don’t own the account you want to transfer money to, you may need to investigate alternative options. Many banks provide online bill pay services.

Therefore, make a check or electronic payment to a merchant or vendor on your behalf.

If you need to transfer money to another person fast, you may also use a peer-to-peer payments service, such as Venmo or PayPal.

And if you need to transfer thousands of dollars fast, it may make sense to wire the money. These services are not always free.

However, the money typically reaches the receiver considerably quicker, often in as little as a few minutes.

Transferring money from one bank account to another does not have to be a hassle. Moving money may be simply another online banking convenience.

Bank-to-Bank Transfer

bank to bank Transfers

If you’re an owner of both bank accounts, a simple bank-to-bank transfer is a suitable choice. You may set up the transfer with the sending or receiving bank.

However, the money arrives at the destination within two or three business days.

The time ultimately depends on which banks you choose and if you are transferring money abroad or locally.

Many banks enable you to make free transfers between linked accounts, but it’s a good idea to verify with both banks, just to be sure.

Before you can execute a transfer, you need to connect your accounts. That procedure may take approximately a week, so be careful to create the connection before you need to transfer money.

How to Connect your Accounts

1. Log in to the account you want to transfer money from, and search for an option to “add an account,” “add external accounts,” or “link accounts.”

You may find those choices (or something similar) under your bank’s Customer Service or Transfers menu.

2. Provide the other bank’s routing number and your account number at that bank. If you don’t have such information, get those digits from a check, from that account’s online banking account, or from a person at your bank.

3. After entering that information, you may need to verify that you control the external account. You usually accomplish this by giving login and password for that account or by confirming modest “test” transactions between the two banks.

This approach is simplest if both bank accounts are in your name. To send money to someone else, you may need to utilize a third-party payment source (such as PayPal) or a wire transfer. 1 Ask your bank what the best option is.

External Transfer Fees

As internet banking has grown in popularity, fees for transferring money to external accounts have become less frequent.

As of May 2020, several major financial institutions provided the service for free. Here’s a tiny sample of those institutions:

➢ Barclays

➢ Capital One 360

➢ Chase

➢ Citi

➢ Discover Bank

➢ Navy Federal Credit Union

➢ PNC Bank

➢ Synchrony Bank

➢ Wells Fargo

This is not a comprehensive list, since many credit unions and banks also provide comparable services for free. Check with local institutions for information.

Apps and Online Payment Tools

Apps and Online Payment Tools for transfer

If your bank doesn’t provide bank-to-bank transfers or if you need to send money to someone else, person-to-person (P2P) payment technologies may supply what you need.

To set up your accounts, connect your bank account to the app or service using your checking account and routing codes the same way you link accounts from different banks.

For example, if using PayPal, the money you send come out of your bank account. PayPal subsequently transfers cash to the receiver’s PayPal account.

However, the recipient then may spend the money through PayPal or transfer it to a bank account. 

How to Transfer Money Between Accounts at Different Banks

As a personal finance writer, I’m frequently addressing inquiries from friends and family about fundamental financial concepts.

When someone is setting up a savings account for the first time, they’ll frequently question, “How do I really transfer the money from my checking to my savings?”. 

It sounds like such a simple idea, yet moving significant sums of money nearly always requires jumping through some hoops.

You can’t simply phone up your bank and ask them to transfer the cash, and actually withdrawing and then depositing the money is an unneeded bother. 

If you want to transfer money across bank accounts, whether they’re your own, or you’re transferring money to someone else, here are the easiest methods to do it.

How Do Banks Transfer Money?

Every major bank uses the Automated Clearing House (ACH) technology to transmit money. When your company delivers your paycheck through direct deposit, they’re using the ACH.

It developed the ACH in the 1970s as a quicker alternative to checks and a cheaper option than wire transfers. It’s an electronic mechanism that sends money in enormous quantities overnight.

Besides being quicker than many other conventional transfer methods, the ACH is typically more secure than wire transfers and other forms of electronic payment since the self-regulating NACHA backed it.

Western Union Options for Inexpensive Overseas Transfers

Need to transfer money abroad? It may be a difficult procedure, and it’s sometimes tempting simply to pick an extensive business that you’ve heard of – Western Union, for example.

Western Union is one of the most established suppliers for international payments, with many locations across the globe and several currencies on their list.

Here are some alternatives to Western Union in case you’re seeking to transfer money overseas. Take a peek through, and discover the one that’s perfect for you.

1. Wise

Founded in 2011, they found Wise out of dissatisfaction with the conventional method of transferring money overseas.

By maintaining local bank accounts in locations across the globe, Wise wiped out all the costly international costs that come up with transferring money across borders.

Because they took out much of the expense of transferring money overseas, Wise could give clients the mid-market exchange rate – the actual rate, and the one you’ll discover online if you’d Google it.

So the currency rate you’ll see on Wise includes zero margins or spreads concealed in as an additional charge to their customers.

The only charge if you transfer money with Wise is one modest percentage cost, always disclosed upfront so you know your actual transfer before you click send.

And for individuals who often spend their time in various nations, Wise also provides a borderless multi-currency account.

It’s a free account for both people and companies with no monthly fees which allow you to store money in dozens of currencies, transfer money to scores of countries across the globe.

2. MoneyGram

money gram transfer to another

It established the business currently named MoneyGram International in Minneapolis in 1940 as Travelers Express, although it has been branded MoneyGram since 1998.

Like Western Union, MoneyGram has physical locations all over the globe. Traditionally, clients would go and receive their money from a local bank.

These days you can still do that, but MoneyGram now provides methods to make a transfer online.

The costs vary with MoneyGram. They vary on the amount being transferred, how you pay, and where your money is going.

Also, you’ll need to be careful as this is a popular way for transfer providers to add in extra profits without being upfront with consumers.

Transfers with MoneyGram may be extremely fast if you use a debit or credit card, and their pickup sites are a handy alternative if you simply need to transfer cash someplace and the receiver doesn’t have a local bank account.

They also have a large global presence, covering an amazing number of locations.

3. Xoom

Xoom was established in 2001 and was gained by PayPal in 2015. It allows you to transfer money from the US to dozens of foreign nations.

You may make the transfer online, and send your money directly to a bank account, or – in some locations – request cash collection or even delivery.

So, in such situations, the recipient doesn’t absolutely require a local bank account, which may come in useful.

The conversion rate and fees vary based on a variety of variables, and you may face an additional cost if you pay with a credit or debit card. But if you’re in the US, then Xoom is definitely a popular choice.

4. WorldRemit

WorldRemit was established in 2010 and is headquartered in London with offices worldwide.

They established it up as an alternative to using banks for international transactions when creator Ismail Ahmed encountered the problems first-hand of transferring money to his relatives in Africa.

Customers may now send to over a hundred nations across the globe, with half their transactions presently travelling to African countries.

Like with MoneyGram and Xoom, when transferring to certain countries you may choose a cash pickup, and mobile wallets and airtime top-up are also options.

Bank to deposit is an alternative. It provides you with a variety of options in many nations.

WorldRemit is supposed to offer competitive exchange rates and, fortunately for you, they should show you their currency rates upfront.

This means you’ll have time to compare the rate you’re receiving to an online currency converter before you make a payment, just to make sure you’re happy.

5. Bitcoin

Bitcoin transfer from on bank to another

Yes, you read it correctly. You may send money abroad using Bitcoin. You’ll need to have some bitcoin, however. So this isn’t always the fastest choice unless you and the receiver are both up to speed with cryptocurrencies.

That Nevertheless, the actual procedure of sending the money isn’t difficult. You just need to have enough Bitcoin yourself, and then you may transfer it to your receiver.

They’ll then need to withdraw it in their local currency – or of course, they may leave it in Bitcoin.

What does it cost? Well, it depends on precisely how much bitcoin is worth, both when you put in your money and when the receiver withdraws it.

So the value of the transfer relies on two distinct exchange rates:

➢ Your currency to bitcoin.

➢ Bitcoin to the recipient’s currency.

It may also be difficult to deal with the banks. Many of them aren’t keen on working with cryptocurrencies. This is because of money laundering issues and laws owing to the intentional secrecy element built into bitcoin.

In addition, once you make a transfer via bitcoin, you can’t reverse, which is unsettling for some.


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Other Amazing Western Union options

There are other amazing ways to transfer money from one person to another through the western that you might not be aware of. Read on!

1. Ria Money Transfer

Ria has been operating since 1987 and now operates in over 140 countries globally. As well as deposits into the recipient’s bank account, pickup alternatives are available, and there’s even a home delivery service in a few nations.

They allow you to make online transfers from a limited set of countries including the US and the UK, and you can send money via an agent location in quite a few others, particularly in Europe.

From these nations, you may transfer money to a lengthy list of additional ones.

Ria has a wide number of agent locations throughout the globe, so it may be a nice choice if you’re seeking to transfer cash rather than straight to a bank account.

Fees depend on different choices, and currency rates vary too.

2. XE

Best renowned for its online exchange rate listings, Canada-based XE also provides XE Money Transfer, via which you may transfer money from one of many nations to many others.

Like with their well-known stated mid-market exchange rates, the rates they charge are changed regularly throughout trading hours.

However, you’ll want to be aware that the rates XE provide consumers aren’t the same mid-market rates they display on their main site.

XE states that personal customers and small to medium companies cannot access these mid-market rates.

There are personal and business alternatives, so XE caters to a range of diverse consumers.

It’s a sibling business of Ria – they’re both parts of the bigger American corporation Euronet Worldwide.

3. Remitly

Seattle-based Remitly offers a different strategy, focusing focused on transfers to various nations in Asia and Central or South America. Their coverage is more restricted than many other international transfer providers.

But if your route is accessible with Remitly, you may be in luck.

Transfers with Remitly may be extremely quick, and first-time customers receive a discounted rate. Normally, the fee depends on the nations between which you’re transferring.

Also, the amount, and how soon you need it done – they provide an expedited option if you’re in a hurry.

If you’re trying to save money, Remitly adds that you receive better exchange rates for slower transfers.

Which implies that the exchange rate changes based on your transfer.

So, before you commit, make sure you verify the exchange rate you’re given with exchange rates online to be sure the bargain you’re receiving is worth it.

4. Skrill

Skrill is a London-based business that’s been operating since 2001. It handles not only foreign transfers.

However, Skrill also provides a method of making digital payments, so you may have used it while purchasing anything online.

It provides quick transfers of money across Skrill’s system of ‘mobile wallets’, thus the recipient may need to join up for Skrill to get hold of their money.

It’s tough to be exact about the cost since there are many potential costs at different phases of the procedure. It may pay to upload money into a Skrill account.

Also, to transfer the money, to convert the money into a new currency, and to take the money out of a Skrill account.

But for simplicity of usage, especially if you have an email address but no bank information for your payee, this may be a handy alternative.

One thing to be a bit more careful about, however. Skrill promotes no-fee international transactions.

But before you get too enthusiastic, be sure to verify their exchange rate against the exchange rate you’ll discover on Google to determine whether the bargain you’re receiving is truly as good as it appears.

5. OFX

Australian business OFX – formerly known as Oz forex, established in 1998 – allows you to transfer money from many nations, including most of the European and English-speaking ones, to a great many places across the globe.

As well as providing foreign transfers directly to customers, it also provides its services to certain other international transfer providers, including MoneyGram and institutions like ING in Australia.

Like many providers, they advertise excellent exchange rates on their website but remember that the rates you receive on your transactions may be different.

Always make sure you know what rate you’re being given before you decide to utilize them.

OFX allows consumers to perform helpful things like plan regular payments, and wait for favourable changes in the exchange rate.

With a minimum transfer value of GBP 100, it isn’t designed for small-scale transactions. But if what you need is to transmit bigger sums of money or to conduct business transactions, it’s a significant player.

6. Transfast

Based in New York, Transeast is another popular alternative, with which you may transfer US or Canadian dollars to nations and currencies across the globe.

Both bank transfers and cash pickups are available, and you may select between a regular transfer and a quick one if you’re an active, confirmed user.

Unlike other companies, Transfast displays you the exchange rate it will offer you before you complete the transfer, so you shouldn’t receive any unpleasant surprises.

Rates are variable depending on whether you make the transfer online or use an agent location. If you’re moving out of the US or Canada, it may be worth a look – but be sure to double-check currency rates online before you commit.

7. Payoneer

Payoneer, another New York-headquartered firm, targets companies and professionals. Their goal is to make foreign transactions – historically, sluggish and expensive – simpler to deal with.

As well as transferring payments overseas, Payoneer gives its client’s local account information in different currencies, making it simpler to accept money from one place while you’re located somewhere another.

It may not be appropriate for you if you’re shipping to relatives or friends, but if you have foreign business worries, a Payoneer account could be something to explore, allowing you to treat overseas transactions more like domestic ones.

Because of the distinct service they offer, fees operate somewhat differently from most of those mentioned here, although they’re typically a percentage cut off the transferor a markup on the mid-market rate.

So make sure you carefully verify their exchange rate before you make your transfer.

8. Azimo

UK-based Azimo was established in 2012 and provides a method to transfer money from one of several dozen nations, primarily in Europe, to a huge number of others across the globe.

It’s an internet service, and to certain locations, it also provides a method to transfer money using a phone number, which may be useful if you have a limited quantity of information about your receiver.

Fees depend on where the transfer travels to and from, and how you make it. When you put your transfer up, see the exact amount that will be received, including the charge and the exchange rate they’ll apply.

Which Transfer Method Should You Use?

Azimo transfer from one person to another

There are many variables to consider while attempting to determine how to transfer money between banks, including:

1. How Long a Transfer Will Take

While some applications allow for quick transfers, which incur an extra fee (for example, Cash App charges a 1.5 per cent fee and Venmo costs 1 per cent up to $10).

Most bank transfer alternatives take several business days. Depending on how urgently you need the money, you may need to select the quickest transfer option.

2. How Much It Costs to Make a Transfer

If your bank account balance is low, or you simply don’t want to spend needless money, you may prioritize how much it costs to transfer money.

Different techniques may be more costly. For instance, wire transfers are typically the most costly choice costing from $25 to $45 depending on whether you’re transferring money inside the U.S. or overseas.

3e. Transfer Limits

Some of these options restrict how much you may send to your bank account each day or month. Being aware of these limitations is essential to ensure you can send or receive the full amount you require.

How Long Does it Take for the Money to be Transferred?

Payments made using Faster Payments will sometimes be received immediately after leaving your account. But can take up to two hours.

This option is available 24 hours a day and is typically used in online banking, mobile apps, over the phone or in branches. Most banks let you transfer at least £10,000, but some have much higher limits.

You can check your bank’s limit on the Faster Payments website

You could also use:

Bacs payments: These take up to three working days to clear. Find out more on the UK Finance website.

CHAPS: (Clearing House Automated Payment System) (Clearing House Automated Payment System). Payments will go through on the same day, as long the transfer is made by a certain time.

CHAPS payments often charge a fee. Find out more on the Bank of England website.

E-Payments: You can use providers such as PayPal or Google Pay to send money online if you’re uncomfortable sharing your bank details

What If There’s a Problem?

If you have a problem with a payment–for example, if the money doesn’t come–your first step is to contact your bank.

Your bank won’t be able to halt the payment if they have already made it. Keep a note of any communication you have with your bank while resolving the issue.

And make a note of the mistake, including the date they made it and the bank information you transferred the money to.

Your bank will start investigating within two working days of you notifying them about it – it doesn’t matter if the mistake didn’t happen lately.

After the bank investigates, it should refund your money within 20 working days. If it’s obvious, there was a genuine error, your bank will contact the bank you erroneously transferred the money to get your money back.

If there are problems–for example, if the person you mistakenly sent it too refuses to return it–your bank will let you know the outcome of their inquiry within 20 working days from the day you reported the error.

In conclusion, any of these high-tech payment and transfer alternatives may be done at little cost or for no charge at all. Check with your bank and read the fine print on any payment applications so you understand the costs and time limits for when your transfer will be completed.

CSN Team.

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