What is a bank transfer?
Bank transfers are transfers of money between one account and another. The Consumer Financial Protection Bureau (CFPB) indicates that these transfers refer to funds sent between one financial institution and another. For this reason, they are also known as electronic bank transfers or remittances .
How do you make a transfer from one bank account to another?
There are several ways to transfer money from one account to another. Thanks to modern banking networks, it’s easy to send funds to another account within your own bank, to accounts at other banks, and to accounts in other countries. In a matter of minutes, you can make transfers safely and efficiently.
To choose the method that suits you best, we must first identify what type of transfer you want to make:
intrabank transfer
Intra-bank transfers refer to money transfers within the same bank. For example, if you have a checking account and a savings account, the easiest way to move funds between your accounts is with an intrabank transfer.
With this type of transaction, the money never leaves your own accounts, it just moves from one to another immediately.
Interbank transfer
If you want to send money from your bank account to a third party’s account at another financial institution, this is known as an interbank transfer. It’s a convenient method for sending money to family members or making payments to friends.
Zelle ‘s online service (site only available in English) is a free option to send money directly to your family or friends’ bank account, even if they use a bank other than yours. Many US banks are affiliated with Zelle and allow you to use the service from their app or website. The Zelle app is also available on its own, if you prefer to use it this way.
To complete an interbank transfer, you may need the following information from the recipient:
- full name,
- email,
- phone number,
- account number,
- route number.
..
International interbank transfer
International interbank transfers are one of the easiest ways to send money directly to a bank account in another country. They are also known as bank drafts or wire transfers.
The data you must enter to make an international interbank transfer is:
- recipient’s name.
- Recipient address.
- international bank account number (IBAN).
- route number.
- account type.
- Society for International Interbank Financial Communications (SWIFT) code of your recipient’s bank.
Depending on the country where you send the money, an international transfer can take between 1 and 5 business days. The cost of these transactions can range between $35 and $50 dollars.
Due to the high costs and delays of international transfers, many people prefer to use mobile applications to send money to their relatives outside the United States. Depending on the country of your recipient, these are some of the remittance companies that offer direct deposit to bank accounts, with fast service and low fees:
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Modalities to send money from one account to another
Due to the growth of internet banking and the popularity of mobile apps, there are many ways to send money from one account to another.
It is important to remember that some banks may charge for the transfer service. Your bank may also limit the amount of money you can send per day or month.
If you want to schedule recurring transfers or make instant payments, these are the methods available to process your shipments easily and securely:
From your mobile app
From your bank’s mobile app, you can process bank transfers in just minutes. The steps to follow vary from bank to bank, but generally include the following:
- Access your account with your username and password.
- Choose the transfer option to another bank.
- Enter the requested information (either the account number and routing number, or your recipient’s email or phone number).
- Send the desired amount.
From your online banking
The process for sending account-to-account transfers from your bank’s website is similar to sending via mobile app. To process your transfers online, you just need to follow these steps:
- Login to your account.
- Click on the bank transfer service.
- Provide recipient information.
- Send the money.
If you plan to repeat this transfer frequently, you can create a profile for the recipient. Many banking institutions also offer the option to schedule transfers in advance and indicate how often you want to repeat this same transaction.
Many people use automated transfers to transfer funds to their savings or investment accounts. This can be a great way to use available technology to reach your financial goals.
In person
If it is easier for you to process the money transfer in person, you can also visit your nearest bank branch. Once there, the bank representative will ask you for the necessary information to complete the process.
Some banks only make international transfers in person. If this is the case with your financial institution, remember to bring your identification as the banker will need to verify that you are the account holder.
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money transfer apps
There are also many mobile apps that allow you to send money directly to your beneficiary’s bank account. These apps are independent from banks and offer fast service that is usually free of charge. For these reasons, they are very popular for sending payments between friends, family, or informal services.
In most cases, these apps are only available in the United States. Some of the most popular are:
Cash App (only available in English): This application was known as the Square App, before changing its name to Cash App. It allows you to send and receive money, as well as connect to your bank account and offer the option to spend money directly from your account. your application.
Apple Pay : With Apple Pay, iOS users can send and receive money immediately, with a simple text message. The app is also set up with debit cards like your PODERcard and with credit cards.
Google Pay : With Google Pay, you can send and receive payments with other users of this service. You only need to know your recipient’s phone number to send transfers in just minutes.
Venmo (English only): The Venmo app is an easy way to send payments, receive money, and accept gifts electronically. On this platform, you can also make transactions in cryptocurrencies in addition to US dollars.
Bitcoin is currently worth more than Facebook, at least in market capitalization
