What Are the Different Ways to Transfer Money between Banks?

Nicole Madison
Nicole Madison
Records of an international wire transfer.
Records of an international wire transfer.

There aren't a lot of different ways to transfer money between banks. In most cases, a person who wishes to accomplish this will have to wire money to do so. Businesses can, however, use automated clearing house (ACH) payments to withdraw or deposit money from one bank to another. This does transfer funds, but it isn't what most people mean by transferring money from one account to another. An individual can also transfer money between banks by using a check or by withdrawing cash from one bank account and physically taking it to the other account for deposit.

Some banks allow for electronic transfers.
Some banks allow for electronic transfers.

Unfortunately, there are few convenient ways to transfer money between banks. If you want to transfer money between two accounts at the same bank, you can usually do so in person, online, or by phone. To transfer money between two bank accounts at different institutions, however, you usually have to arrange a wire transfer instead. This will typically require you to travel to your bank and provide necessary information to move the funds to the other bank. You will likely have to pay a fee for a wire transfer as well.

Writing a check and depositing it into another bank account is one way to transfer money.
Writing a check and depositing it into another bank account is one way to transfer money.

To accomplish a wire transfer, you will typically need a variety of information specific to both bank accounts. For your own bank account, you will have to provide a representative of your bank with your name and account number. Usually, banks have wire transfer forms that are used to start the process. You may also have to present identification and pay your bank's wire transfer fee.

Some people manage their money better when they write a check from one account and deposit it in another the traditional way.
Some people manage their money better when they write a check from one account and deposit it in another the traditional way.

You will also have to provide information about the receiving bank in order to transfer money between banks via a wire transfer. Typically, you'll have to provide the name of the receiving bank, the account holder's name, the account number, and the bank's routing number. Once you've provided the necessary information to complete the transfer, the bank completes the process for you.

An individual may transfer money between two different accounts at the same bank in person.
An individual may transfer money between two different accounts at the same bank in person.

In addition to wire transfers, you can also transfer money between banks using ACH transactions, checks, and physical withdrawals and deposits of the money you need to move. Though these methods are not typically referred to as transfers, they do provide a way of moving money from a bank account at one institution to an account at another. ACH withdrawals and deposits are typically initiated by businesses, but anyone can write a check or physically withdraw and deposit money.

Nicole Madison
Nicole Madison

Nicole’s thirst for knowledge inspired her to become a SmartCapitalMind writer, and she focuses primarily on topics such as homeschooling, parenting, health, science, and business. When not writing or spending time with her four children, Nicole enjoys reading, camping, and going to the beach.

Nicole Madison
Nicole Madison

Nicole’s thirst for knowledge inspired her to become a SmartCapitalMind writer, and she focuses primarily on topics such as homeschooling, parenting, health, science, and business. When not writing or spending time with her four children, Nicole enjoys reading, camping, and going to the beach.

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    • Records of an international wire transfer.
      By: Alterfalter
      Records of an international wire transfer.
    • Some banks allow for electronic transfers.
      By: Lusoimages
      Some banks allow for electronic transfers.
    • Writing a check and depositing it into another bank account is one way to transfer money.
      By: oneblink1
      Writing a check and depositing it into another bank account is one way to transfer money.
    • Some people manage their money better when they write a check from one account and deposit it in another the traditional way.
      By: JJ'Studio
      Some people manage their money better when they write a check from one account and deposit it in another the traditional way.
    • An individual may transfer money between two different accounts at the same bank in person.
      By: JackF
      An individual may transfer money between two different accounts at the same bank in person.