How To Transfer Money From One Bank To Another

Gone are the days when paying in cash or handing over the money personally was a common practice. Now the hustle bustle of today’s life has made this impossible for a busy business personality, trader or even a lay man to be present at the time of payment. On the contrary, people want to save time and energy by choosing alternate ways of transaction. There comes the banking sector that is making it possible for you to transfer your funds with the least effort.

However, sometimes this banking transaction system also becomes very tiring especially if you are transferring money from one bank to another. You can avoid the inconvenience if you are aware of the right procedure. This can be as easy as ABC only if you know how to remit your money with the slightest effort.

Instructions

  • 1

    Deposit Cash into the Desired Account

    First method is a two-step procedure. You will have to go to the branch of your bank where you maintain an account and withdraw the required amount of money. Then you will have to go to the other party’s bank and deposit these funds in a relevant account.

    Though, you will have to make two transactions through this method but still you will be able to save a lot of time.

  • 2

    Deposit a Check into Desired Account

    If your banking system supports it, you can also write a cheque and deposit it directly into the other party’s bank account. This is a single step method of transaction and you will have to visit only one branch.
    However, you may face a delay in the transfer of funds as banks need time to verify your cheque. So you better avoid this method if immediate delivery of funds is required.

  • 3

    Wire Transfer

    Another easy way to transfer money from your bank to another bank is wire transfer. Though, it may cost you a bit but it is very quick and effective. Your receiver will have the money in his account without any delay.

    All you need is to visit you bank and request for the transfer. You can also do it by just calling your branch manager. In this case, he will ask few questions for safety and if you prove your identity then he will make the transaction.

  • 4

    Online Account

    If you have an online account then it is the best and the most convenient way to transfer money. You will have to log into your account by providing pertinent information, choose the relevant bank, put the account number of the other party, enter the amount and transfer the money.

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