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6 Simple Steps to Transfer Money

6 Simple Steps to Transfer Money

The procedure of sending money from one bank account to another is usually very straightforward and simple. Regardless of whether you are using Western Union or any other platform, the basic steps remain the same. This is because most major banks utilize the ACH network to send money to each other.

Below are the steps for sending money from one bank account to another

1. Go to the online account

Log into your credit or bank account’s online platform. This should be the financial institution or bank with the account that you would like to transfer money from. Once you have logged in, locate the section in your account that allows you to send money. The button is usually labeled as send money, transfer money, or something similar.

2. Link the two bank accounts

To transfer money to and from different bank accounts, you are required to link the bank accounts of both the sender and the receiver. You need to add the information about the second bank account. Search for a button usually labeled external accounts, add an account, or something like that, and click it.

3. Have the details of your bank account nearby

You need to have the information for your bank account near you because, at this stage, you should be looking at a page asking you to fill out a form concerning the information of the receiving bank account. You will normally locate these numbers typed at the base of the paper check linked to your bank account, in the online financial service linked to your second bank account, or within a bank statement. After you have identified the numbers, fill out the form with the necessary information and submit it.

4. Verify trial deposits

The majority of the banks will send a sequence of minute trial deposits between the two bank accounts before you start to transfer money between the accounts. This is to make sure that everything is accurate and functioning between the two bank accounts before you begin to transfer large amounts of money. The trial deposits normally take a couple of business days to conclude, and this is a normal procedure for most bank transfers

5. Double check your online money transfer limit

Your financial institution may require you to set an online money transfer limit; normally, it’s $5000.However, sometimes the banks set the limit for you. If the transfer amount exceeds the limit, you need to request the bank to authorize it.

6. Initiate bank transfers

After the trial deposits are successfully completed, you can begin to transfer money between the linked bank accounts. Ensure to check whether your bank charges a fee for sending or receiving cash before you transfer money between the accounts. Normally when you ask to transfer the money, you will be requested the date you want the transfer to happen as well as the amount of money you would like to send.

The above is a list of the steps you need to follow in order to successfully transfer money between accounts.



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