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How to transfer money from one bank account to another, transferring money to other bank accounts.

March 16, 2022 | 5 min read

It’s taco night, 10 friends show up, but nobody brings cash... Your sister blows a tire on her way back to college... You find $40 in a bank account you haven’t used in ages...

There are plenty of reasons for needing to transfer money––and plenty of ways to get the job done. From old-fashioned checks to new-fashioned apps and online bank transfers, there’s a way to transfer money that will suit your timeframe, budget and other needs.

Whether you’re looking for how to make bank-to-bank transfers between your own accounts or how to transfer money to someone else’s bank account, wire transfers can be a common method. A wire transfer is an electronic transfer of money. These bank transfers can usually be done online or you have the option to go to a branch and request the transfer in person. You also typically have the option to transfer money by writing a check and depositing the money into the other bank account. And finally, another popular way of sending money is with money transfer apps that connect to your bank account and allow you to quickly transfer money to friends and family.

Transfer money from one bank account to another

If you need to transfer money between two of your own accounts at different banks , the process is typically free, and you can do it with your online banking account. But first you’ll need to “link” the accounts, which can take about a week. Every bank varies a bit, but these are generally the steps you’ll need to go through:

• Once you’re logged in, select "link accounts," "add an account," "add external accounts," or something similar.
• You’ll be asked to provide the routing number and your account number for the other bank. You can find these numbers on your bank account page online or on your checks; the routing number has 9 digits and the account number is typically the longer number. If you don’t have checks, your bank can help you locate both numbers.
• From there, you’ll have to prove that the other account is yours, usually by providing a username and password or by confirming small “test” transfers between the two banks. Each bank handles this process a little differently, so just follow the instructions as closely as you can.

Transferring money from a checking account to a prepaid card online is also usually free. The steps are similar to those above. In this case, you’d be asked to provide the bank name, account number and routing number of your prepaid card to create an external account.

Instead of sending one-off transfers, you can also set up recurring bank transfers to help make saving a no-brainer. You choose the amount and the frequency, and automatic transfers can do the rest for you. Some banks allow you to set up bill pay, too. You can save yourself some work by paying your bills with an online transfer or even set up automatic bill pay.

Online bank transfer apps

There’s an ever-growing list of money-transfer apps, including  Zelle  and many others. They all tout unique features, so visiting their websites may help you pick one that best meets your needs.

Apps can be a good idea if you’re looking for low (or no) fees, convenience or an alternative to carrying cash. Essentially, they give you a fairly quick and easy way to send money.

With Zelle, for example, you’d download the app to your device, follow enrollment instructions and enter information such as the email address or mobile number of the person you’re paying and the amount you’d like to send.

According to Zelle , if you and the recipient are both enrolled, sending or receiving money should take just minutes. 1

When using apps to transfer money online to a bank account, always be sure that you’re paying the person you intended, as transactions can’t usually be reversed. On the flip side, only accept payments from people you know and trust. While problems are rare, hackers and scammers are always on the prowl for weak spots. So anytime you’re sending money online, slow down, double check your digits and keep your apps up-to-date.

Down to the wire: bank-to-bank wire transfers

Wire transfers have been helping people move money around for quite some time. Some wire transfer services have been around since the 1800s. These companies allow customers to transfer funds quickly by dropping off or picking up cash at any of its locations worldwide.

Like all things, wire transfers come with pros and cons. On the upside, they can be fast and don’t require you to jump through too many technical hoops. On the downside, they typically involve fees, which vary depending on whether you’re transferring money to someone’s bank account or setting them up to receive cash.

You can also usually wire transfer money between banks. To do so, you’ll need to have some information on hand, including the recipient’s account number along with their bank’s name and routing number . But there are often fees for these types of wires too. 2

If there’s a word of caution about wire transfers, it’s this: Once the recipient collects the cash or it's deposited into another account, the money is essentially "gone," so be sure you know exactly who you’re sending money to and that all of the information you provide is accurate.

Transfer money by check

Sometimes, a slightly slower, no-tech method of payment is all you need. If you’re paying yourself, you can simply write your own name next to “Pay to the Order of” on your check and deposit it in your account. You may even be able to skip a trip to the bank by using the mobile deposit feature on your bank’s app or visiting a nearby ATM.

To pay others by check, put their full name or company name on the payee line. If you’re not sure about the payee, you can make a check payable to "Cash." Just remember that anyone will be able to cash it, so keep it safe until you’re ready to hand it over.

If you don’t have checks, your bank can usually print a  cashier’s check  or counter check for you on-demand. Cashier’s checks are guaranteed funds with payee information printed on them. Counter checks work like regular checks, drawing money from your  checking account  when they clear. Keep in mind, a bank might charge a fee for a cashier's or counter check.

Knowing how to transfer money from one bank to another is a handy skill to have, especially when you have lots of options. Whether you need to send money to a bank account instantly or enjoy the simplicity of writing a check, you have choices.

So next time the whole crew shows up for taco Tuesday, you’ll have ways to safely transfer the money you need.

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How to transfer money from one bank to another: 4 ways

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Zelle and Venmo aren’t the only ways to transfer money from one account to another — whether it’s to another account you have or someone else’s. The ability to transfer funds between accounts at different banks is a useful way to help you get money where it needs to be , and there’s more than one way to do it.

Transfer costs and speed are important considerations when choosing the best transfer method, and the two are often linked. Getting money where it needs to be in the quickest way can also be the most expensive method.

Key takeaways

• There are multiple ways to transfer funds between accounts at different banks, including wire transfers, mobile apps, email money transfers and writing a check.
• Consider speed, cost and recipient account information when selecting a method for sending money.
• Some third-party companies may offer more cost-effective and speedy options than banks.

What are bank-to-bank transfers?

A bank-to-bank transfer, also known as an external transfer, is the process of getting funds from an account at Bank A to another at Bank B. External transfers that are electronic or utilize the internet can expedite getting money to someone else by eliminating the need to physically move cash between banks.

Things to consider before transferring money

When choosing a method to send money to another person:

• Think about speed: Determine how quickly the money needs to arrive at the other bank.
• Compare fees: Sometimes a wire transfer might be needed for sending large amounts of money quickly, but it likely won’t be free. Other methods, such as Zelle, can be both fast and free.
• Know the recipient’s account information: You’ll probably at least need the recipient’s name, routing number and account number for some methods. But for Zelle, you only need the person’s phone number or email address.
• Look out for transfer limits: Even though federal restrictions on savings withdrawals have been lifted, your bank may restrict the number of transactions in these accounts, and exceeding your bank’s withdrawal limits could result in a fee.

After deciding on speed, cost and what sending options you have, you’re ready to make a money transfer.

Here are four ways to transfer money from your bank to another institution.

1. Wire transfers

A wire transfer is one of the fastest ways to transfer money electronically from one person to another through a bank or a nonbank provider such as Wise, formerly TransferWise.

For a domestic wire transfer, you’ll need the routing number, account number, the name of the recipient and possibly the recipient’s address. A domestic wire transfer can be set up online or at a branch or office.

Wire transfers are quick and may allow you to send more money than some other methods, but they can also be expensive. Domestic wire transfer fees averaged $26 in Bankrate’s November survey of banks.

Keep in mind your bank might have a weekday deadline for wire transfers, and they can’t be sent on weekends or bank holidays .

2. Third-party mobile apps

Banks aren’t the only option for sending money. PayPal, MoneyGram, Western Union and other third-party companies are also considerations.

PayPal customers don’t incur a fee when moving money from PayPal to their bank accounts. Fees for international transactions typically are higher, and an exchange-rate fee may apply on transfers made in a foreign currency.

Apple Pay, Google Pay, Samsung Pay Cash and Venmo are other ways to send money to others using an app. Transfers can take seconds or a few days, depending on the method selected. Standard transfers are typically free, while an additional charge may apply for instant transfers.

3. Email money transfers (EMTs)

Your bank’s app or online portal might offer a service, such as Zelle , that allows you to send money electronically to someone else using their email address or cellphone number.

Typically, these built-in services are free and instantaneous, though there may be a limit on the total amount you can send.

4. Write a check

A traditional way of transferring money between banks is by writing a check and depositing it either at a bank branch, online, through a mobile app or by mail. A money order can be used instead, though some bank’s websites and/or apps lack the capability to deposit a money order. Funds can also be transferred using an official check , also known as a cashier’s check, and deposited the same way a standard check is. A fee may apply for the purchase of an official check or money order.

What are the benefits of external bank transfers?

External bank transfers allow you to transfer funds between banks or send funds to another person without having to visit a branch or ATM.

An external transfer can be useful for moving funds, for example, from a high-yield savings account held at an online-only institution to a checking account at a brick-and-mortar bank. Having a checking account at a brick-and-mortar bank provides access to a branch — an important consideration for some consumers — while an online bank allows them to earn higher yields on savings that a traditional bank may not offer.

Money can also be transferred from a checking account to a bank or credit union that offers multiple savings accounts , or buckets, allowing consumers to set distinct savings goals.

Transferring your money to yourself at a different bank

Many consumers have accounts at more than one bank and sometimes need to transfer money from one account to one at a different bank.

Some options are setting up an external transfer or using a service such as Zelle. Some lower-tech options are writing a check to yourself or withdrawing cash from one bank and depositing it into another.

Bottom line

An external transfer is a quick and easy way to move funds from one account to another. It’s important to research transfer options to know how much they cost and how long it can take for the funds to get where they need to me. If you frequently need to move money between accounts urgently, setting up a practice transfer can help you familiarize yourself with the process and alleviate the stress you may experience when needing to transfer funds quickly.

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How To Transfer Money From One Bank to Another

Adam B. Frankel is a MarketWatch Guide team contributor and portfolio manager. When he’s not managing money in the stock market, he teaches financial topics and other core concepts at local schools from elementary through high school.

David Gregory is a sharp-eyed content editor with more than a decade of experience in the financial services industry. Before that, he worked as a child and family therapist until his love of adventure caused him to quit his job, give away everything he owned and head off to Asia. David spent years working and traveling through numerous countries before returning home with his wife and two kids in tow. His love of reading led him to seek out training at UC San Diego to become an editor, and he has been working as an editor ever since. When he’s not working, he’s either reading a book, riding his bicycle or playing a board game with his kids (and sometimes with his wife).

Learn five ways to transfer money between banks, along with the benefits of each method and their potential costs and security issues

Key Takeaways

• Methods for transferring money from bank to bank include wire transfers, automated clearing house transfers, peer-to-peer payment apps, personal checks and cashier’s checks.
• There may be fees to send money with a wire transfer, cashier’s check, digital-payment app or expedited ACH transfer.
• To ensure a smooth transfer from one bank to another, make sure you have the correct information for the recipient, including their routing number and account number if needed.

Understanding how to transfer money from one bank to another will ensure your funds get where they need to go. Common reasons for transferring money between bank accounts include sending money to a family member, paying bills electronically or moving money from your savings account to your checking account . Below, we at the MarketWatch Guides team explain five ways to transfer money from one bank to another.

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How to send money from one bank to another.

There are multiple ways to transfer money from one bank to another. The five methods of transferring money to another bank are:

Wire Transfers

Ach transfers.

• Peer-To-Peer Payment Apps

Personal Checks

Cashier’s checks.

We’ll break down what you need to know about five methods in terms of cost, speed, convenience and security.

Wire transfers allow you to send money to domestic or international accounts. A bank is the intermediary between the sender and the recipient, and it’s responsible for confirming that the sender has the funds. The sender gives the bank the information needed to complete the transfer, including these details:

• The recipient’s name
• Their account number
• The name and routing number of their bank
• The amount you’re sending

For an international transfer, a third-party bank might facilitate the transaction. International wire transfers are also generally done using the Society for Worldwide Interbank Financial Telecommunication network. SWIFT acts as a secure messaging system between banks.

While wire transfers let you send larger amounts of money than some other payment methods, some financial institutions limit the amount you can wire in a single transaction.

How Long Does a Wire Transfer Take?

Wire transfers have the advantage of speed — they can typically be processed on the same day or the next. This speed often comes at a price, however, as there are no federal laws regulating the fees a bank can charge for this service.

The cost to send a wire can range from $0 to $50 depending on the bank, whether the wire is domestic or international and whether you’re sending money in U.S. dollars or a foreign currency. Some banks also charge you for receiving wire transfers, commonly charging more for incoming international wires.

You can also send wire transfers through money-transfer providers, which often have lower fees than traditional banks and online banks . Western Union, MoneyGram and Wise are examples of money transfer providers.

Is A Wire Transfer Safe?

The speed of a wire transfer can be a benefit or drawback. It’s one of the fastest ways to move money, and you usually can’t cancel a wire transfer once the recipient’s bank accepts the money. This makes it a preferred payment method for fraudsters. Only wire money to someone you know, and make sure you have proof that they are who they say they are.

An ACH transfer moves money from one bank to another through the automated clearing house network. It’s one of the most common types of money transfers used by banks and credit unions. ACH transfers are used for transactions including payroll direct deposit, government tax refunds and automatic online bill payment services.

You don’t typically pay fees to make ACH transfers, so there’s usually no charge to set up a recurring transfer or receive your paycheck via direct deposit.

How Long Does An ACH Transfer Take?

ACH payments can clear in as little as a day. But some transactions, such as debits, can take up to three business days depending on factors such as the time of day you initiated the transfer. Same-day ACH transfers are also possible, but you’ll usually need to pay an additional fee for them. However, an ACH transaction won’t go through if the sender doesn’t have enough funds or the information about the recipient doesn’t match what the sender provided.

Is An ACH Transfer Safe?

ACH transactions are federally regulated and aren’t as susceptible to hacking as some other types of payment systems can be. The main risk of fraud with ACH payments is having a scammer trick you into sending money.

Notify your bank immediately if you were a victim of fraud and were duped into sending money or providing information that allowed money to be sent from your account to an unauthorized party. Under the Electronic Fund Transfer Act, a financial institution must investigate the situation promptly, report its findings to you within three business days after finishing the investigation and, if applicable, refund the money to you within one business day of its decision.

ACH Transfer Reversal

You can only have an incorrect ACH transfer reversed under the following conditions:

• It was a duplicate transaction.
• The payment was made for an incorrect amount.
• The payment was made to the wrong account.
• A debit was processed earlier than planned.
• A credit was processed later than planned.

Money Transfer Apps

Peer-to-peer or P2P payment apps, such as PayPal, Venmo, Zelle, Cash App and Google Pay, are popular ways for people to send money to each other or pay small businesses. To make a payment through one of these money-transfer apps, you’ll have to set up a free account that links to an eligible bank account or credit card.

Cost and Speed

It’s generally free to send and receive money through digital-payment apps that are connected to bank accounts, but payments made with credit cards may incur fees.

Depending on which app you use, it can take up to three business days for the recipient to get the funds in their account. You can make same-day payments with some P2P apps for an additional fee that may vary based on a percentage of the payment.

Transfer Limits

These payment services may limit how much you can transfer in one transaction or within a certain time frame. This is to help minimize the risk of a thief draining your account. For example:

• Venmo limits you to spending $299.99 per week in a personal account until you complete its identity-verification process.
• Bank of America limits people with personal accounts to sending up to $3,500 through Zelle in a single transaction.

Since your payments can be transferred almost instantly, in most cases, there’s no way to cancel a P2P payment once it’s been made. The same security issues also apply when it comes to the potential for being scammed, so it’s important to only transfer funds to a verified person or business.

A personal check is a traditional way of transferring money from your bank account to someone else’s. There’s no fee to write or deposit a check. However, most banks or retailers will charge you for the blank checks themselves, which can cost 3 cents to 25 cents each depending on the features and style you want. There are also costs for envelopes and stamps to mail checks.

How Long Does It Take a Personal Check to Clear?

A potential downside to paying with a check is that it can be slower than other types of transfers. In addition to the time it takes to receive a check in the mail, it can take up to two business days for a check to clear, depending on the policies of the recipient’s financial institution and the day and time they deposit the check.

Many mobile banking apps allow you to deposit a paper check by taking pictures of the front and back of it, saving you time compared to going to a bank or ATM in person to make the deposit.

Are Personal Checks Safe?

There’s some risk of a personal check being lost, either in the mail or by the recipient. But checks have one advantage over faster types of money transfers: You can cancel them if they haven’t cleared. To stop a check, contact your bank immediately. Some banks will charge you a one-time stop-payment fee, which could range from $20 to $40.

With a cashier’s check , the bank or credit union guarantees the funds, making it as good as cash. This is different from a personal check, which is backed by the account holder’s funds and could bounce. Since cashier’s checks are backed by a financial institution, they’re considered a safe way to transfer large sums of money. Some banks offer this service to account holders  for free, while others charge up to $20.

How Long Does a Cashier’s Check Take to Clear?

Cashier’s checks deposited in person at a bank typically have the funds made available by the next business day. A longer hold can be placed on all or a portion of the check if the recipient deposits more than $5,525 worth of checks in one day or the bank has reason to suspect the check may not be valid.

Can Cashier’s Checks Be Reversed?

A risk with a cashier’s check is that since the funds have already been drawn from your account and given to the bank that issued the check, you won’t be able to get your money back if your check is lost or destroyed unless you’ve purchased an indemnity bond from an insurance company.

Unfortunately, an indemnity bond can be expensive and difficult to find, and it may require a credit check. The cost may be a percentage of the check amount or a minimum flat fee.

Are Cashier’s Checks Safe?

There’s a risk of receiving a fraudulent cashier’s check, as criminals have increasingly sophisticated printing techniques that can mirror a valid cashier’s check. For example, if you’re selling an item, a buyer may want to pay you with a cashier’s check. You hand the item over, and only later do you learn from your bank that the check isn’t valid. In that case, you’re out the money as well as the item, and the buyer has vanished.

If you receive a cashier’s check, it’s important that you know it’s from a trusted source. Never hand an item over or send money to someone you don’t know in exchange for a cashier’s check.

What Are Bank-to-Bank Transfers?

A bank-to-bank transfer moves money from one bank account to another electronically. If you’ve ever deposited a check , sent someone a Venmo or Zelle payment or received an ACH deposit, you’ve been part of a bank-to-bank transfer.

Bank-to-bank transfers are done for a variety of reasons. Your employer may offer a direct deposit option for your paycheck, you might want to wire money to someone in another country or you might want to simply shift money between your own accounts at different banks.

Tips for Smooth Money Transfers

Here are some best practices for making secure and efficient money transfers:

• Only use a reputable bank or money-transfer service to move funds between banks.
• Make sure your money is coming from or going to a reputable source.
• Double-check that all of the required information for the electronic transfer is correct to avoid delaying the transaction or preventing it from being completed.
• Use your bank’s mobile app or a no-fee P2P mobile app to avoid paying for a cashier’s check or a wire transfer.
• If you can wait to receive your funds, don’t pay for a same-day transfer.

The Bottom Line: How To Transfer Money From Bank to Bank

The best way to transfer money from one bank to another depends on the amount you’re looking to transfer, how much the transfer costs and how fast the money needs to be received.

Wire transfers and P2P payments tend to be the fastest methods, but you have little recourse for getting your money back once the funds are sent. Cashier’s checks are a preferred method for transferring large sums of money but can get lost or damaged. Personal checks can be a slower way to transfer money from bank to bank, but they offer the ability to stop payment before the funds are deposited.

FAQ: Transferring Money From One Bank to Another

What is the easiest way to transfer money from one bank to another.

One of the easiest ways to transfer money from one bank to another can be using a payment app like Zelle or Venmo since it just takes a few clicks within the app to send and receive money. But if you aren’t comfortable with mobile banking, a personal check might be the easiest way to send money to someone.

Can I transfer money from one bank to another bank?

Yes, you can transfer money from one bank to another. There are many ways to do this, including using your bank’s website or mobile app, a personal check, a cashier’s check, a wire transfer or an ACH transaction. There are pros and cons to each method, and some come with transfer fees. Check with your bank to see which method might be best for you based on these considerations.

How much money can I transfer between banks?

The amount of money you can transfer between banks depends on bank policies and how you transfer the funds. The maximum amount allowed in an ACH transfer varies by bank, and personal checks and certified checks don’t have maximum limits. If you deposit checks, a bank might delay processing any amounts over $5,525 in a single day.

*Data accurate at time of publication

Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.

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How to Transfer Money From One Bank to Another

Bank-to-Bank Transfer

External transfer fees, apps and online payment tools, writing old-fashioned checks, frequently asked questions (faqs).

The Balance / Ashley DeLeon

Online banking makes transferring money between bank accounts easier than ever. You can move money from one bank to another electronically using a variety of tools. Each method has pros and cons, but they all get the job done.

If you’re an owner of both bank accounts, a basic bank-to-bank transfer is a good option. You can set up the transfer with the sending or receiving bank, and the funds arrive at the destination after two or three business days. The timing ultimately depends on which banks you use and whether you are moving money internationally or domestically.

Many banks allow you to make free transfers between connected accounts, but it's a good idea to check with both banks, just to be safe.

Before you can complete a transfer, you need to link your accounts. That process can take about a week, so be sure to establish the link before you need to send money.

How to link your accounts :  

• Log in to the account you plan to send money from, and look for an option to “add an account,” “add external accounts,” or “link accounts.” You might find those options (or something similar) in your bank’s Customer Service or Transfers menu.
• Provide the other bank’s routing number and your account number at that bank. If you don’t have that information, get those numbers from a check, from that account's online banking account, or from a representative at your bank.
• After submitting that information, you may need to verify that you own the external account. You typically do this by providing a username and password for that account or by confirming small “test” transfers between the two banks.

This method is easiest if both bank accounts are in your name. To transfer funds to somebody else, you may need to use a third-party payment provider (such as PayPal) or a wire transfer. Ask your bank what the best solution is.

As online banking has gained in popularity, fees for sending money to external accounts have become less common. Many popular banking institutions offer the service for minimal charges or free if you meet certain criteria. Here’s a small sampling of those institutions:

• Capital One 360
• Discover Bank
• Navy Federal Credit Union
• Synchrony Bank
• Wells Fargo

This is not an exhaustive list, as many credit unions and banks also offer similar services for free. Check with local institutions for details.

If your bank doesn’t offer bank-to-bank transfers or if you need to send money to somebody else, person-to-person (P2P) payment tools may provide what you need. To set up your accounts, link your bank account to the app or service using your checking account and routing numbers the same way you link accounts from separate banks. For example, if using PayPal, the funds you send come out of your bank account. PayPal then moves funds to the recipient's PayPal account, and the recipient then can spend the money via PayPal or transfer it to a bank account.

Numerous options are available:

• PayPal is one of the most popular services. It may be the easiest to use since its popularity means both senders and recipients are likely to have active PayPal accounts. There is no charge to transfer money to friends and family if you fund the payment from your bank account. But funding transfers with a debit card, credit card, or PayPal credit may result in fees. Businesses may also have to pay PayPal to receive payments from customers.
• Most banks offer free or inexpensive P2P transfers through Zelle , Popmoney , or similar vendors. Those services are often added to your checking account automatically. Look for "personal payments," or something similar, while you're logged in to your account.
• Venmo is a popular tool owned by (and similar to) PayPal. Transfers into a Venmo are free unless you're using the "cash a check feature," and transfers out are free unless you're using a credit card (a 3% charge).
• Google Pay is similar to the services above, and you can link it to (or use it to pay for) Google products and services.

Not in any rush to move the money? Sometimes technology is more trouble than it’s worth. Maybe you’ve got a few bucks sitting around in an old bank account, and you just want to move that cash to your new bank. It might not be worth the effort to punch in all the routing and account numbers and sign up for a new app just for that.

If you’ve got checks, writing one to yourself is a simple solution. Just enter your own name down as the payee, and deposit the check into your new account. You can take care of the whole thing without leaving the house if you deposit the check with your mobile device.

If you don’t have a check, ask your bank to print one for you. Even if you’re nowhere near a bank branch, there’s rarely any difficulty getting a check made payable to you (the account owner) and mailed to your home address on file with the bank.

You can use your bank’s online bill payment service to make a payment to yourself.

If you use a credit union that’s part of the shared branching network, you can walk into almost any participating branch in the country and request a check. Moving funds from one credit union to another might be especially easy—and something you can complete in one trip—if they’re both part of the network.

How long does it take to transfer money from PayPal to a bank account?

Transfers from PayPal to a bank account can settle within a day or they can take up to three days. You can also pay a fee for an instant transfer that settles within 30 minutes.

How do you transfer an IRA to another bank?

IRA funds cannot be transferred from one bank to another as easily as cash from a checking account. You must open a rollover IRA account and arrange for an IRA rollover from your current account. Failure to properly transfer IRA funds could result in penalty taxes.

Venmo. " Fees ."

PayPal. " Instant Money Transfer ."

Internal Revenue Service. " Rollovers of Retirement Plan and IRA Distributions ."

How to Transfer Money From One Bank to Another

Online banking simplifies sending funds between accounts at different institutions.

How to Transfer Money Between Banks

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Transferring money between accounts is simple, but make sure you follow the right steps.

Some consumers prefer to have more than one checking or savings account because of handy features that a bank may offer. You might choose to have your funds in one bank for checking, while you use another institution solely for your savings because of higher interest rates.

You will need to determine the best method to transfer money between your accounts or to send money to someone who banks at a different financial institution from yours.

Consumers have many options to move their money from one bank to another – these are usually free and do not take more than a couple of business days.

Steps for Transferring Money Between Banks

Transferring your money between accounts at different banks is simple, especially because many digital options are readily available for free.

You can move money from one bank to your other one online in a few steps:

• Log into your bank's website or connect via the bank's app.
• Click on the transfer feature and choose transfer to another bank.
• Enter the routing and account numbers for the account at the other bank.
• Make the transfer.
• Your bank may require verification that you are the owner of the other account. The transfer likely will take one to two days or maybe more if verification is needed.

If you are transferring money, be mindful of whether your bank requires minimum balances because you could drop below and owe a fee, says Greg McBride, senior vice president and chief financial analyst at Bankrate, a financial data company.

Several U.S. banks offer the Zelle platform, which allows money to be moved from one bank to another for free and usually within minutes. Zelle only requires that you know the recipient's mobile phone number or email address. The amount you can send through Zelle depends on your bank, but the amount you can receive is unlimited, according to Zelle.

How to Fill Out a Deposit Slip

Ellen Chang Sept. 11, 2023

What Are Alternative Ways to Transfer Money?

If you're sending a large amount of money, you may want to use a wire transfer at your bank. You'll need the recipient's account and routing numbers. You and the recipient will likely incur fees.

Wire transfers take place in less than 24 hours but do not occur on weekends or on bank holidays.

Other methods of sending someone money can be quick or free.

"You can write a paper check to yourself or a friend/family member or use a third-party service to send money," says Leslie Tayne, a Melville, New York, attorney specializing in debt relief. "Using PayPal, Zelle, Venmo , Apple Pay and Square's Cash App are all no-cost options when sending money from your bank account to another's bank account."

How Is a Bank-to-Bank Transfer Different From Other Transfers?

A bank-to-bank transfer, also called an external transfer, allows you to send funds electronically from your bank account to an account at another financial institution. That's different from an internal transfer, which shifts funds between your accounts at the same bank.

You can set up recurring external transfers, but note that some banks set transfer limits per transaction, day and month.

Peer-to-peer payment apps , wire transfers and paper checks are other ways to transfer money between bank accounts. Looking at speed, cost and transfer limits can help you choose the right method for your needs.

Be Aware of Regulation D When Transferring From Savings

Activity in your savings account is governed by the federal Regulation D. The federal government has loosened its Regulation D limits on the number of withdrawals allowed from a savings account each month, but some banks and credit unions are still enforcing the limit of six withdrawals a month.

Check your bank's rules before you attempt to make a transfer. Transfers count as one of the kinds of withdrawals that are limited.

"While the limits were removed, banks can still charge fees for excessive withdrawals from savings accounts," Tayne says.

Always Be Careful When Transferring Funds

Make sure you double-check all the account numbers, cellphone numbers and email addresses before you transfer money, especially when you use apps like Venmo, because there are no safeguards in place to return your money if you send it to the wrong person.

Contact the company you used to send the funds if this occurs – maybe the unintended recipient will be honest enough to return your funds. One way to avoid making a mistake when you are sending money to someone with a long email address is to copy and paste the recipient's address instead of typing it.

You Can Get Your Paycheck 2 Days Sooner

Ellen Chang and Casey Bond Jan. 18, 2024

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How to transfer money to another bank 

Sarah Sharkey

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Updated 11:29 a.m. UTC Nov. 13, 2023

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Transferring money between banks can be quick and easy once you know how to do it. You can use digital methods that are almost instantaneous or you can go old school and whip out the paper checks. You could even physically withdraw and deposit cash. 

What is a bank-to-bank transfer?

A bank transfer is a transaction that moves money from one bank account to another. Moving money between accounts at the same bank is an internal transfer, like moving money from your checking to your savings . 

A bank-to-bank transfer involves accounts at, well, different banks. 

How to transfer money from one bank to another 

The exact process will vary based on the transfer method you choose, but here are the basics. 

1. Pick a transfer method

Digital methods include electronic funds transfers (EFTs), wire transfers and peer-to-peer transfers. These methods are considered safer and quicker than traditional methods, but physically moving money around is still an option. (And, yes, you can write a check to yourself.)

2. Access your account

If you’re using checks, you can simply take out your checkbook and grab a pen. 

If you’re using a digital method, you log onto your account via the bank’s mobile app or webpage and look for the “transfer” feature. From there, you’ll be asked how much you want to send and where you’re sending it to.

3. Know the destination and the amount

In digital money transfers, you’ll need to input the routing number and the account number of the destination. Both numbers are typically long, with routing numbers being nine digits and account numbers ranging from 10 to 17 digits. 

Financial institutions publish their routing numbers freely but account numbers are generally private. You’ll have to look up your own account number at the other bank or ask the recipient for it. 

If your recipient doesn’t have a bank account, you could send a wire transfer or check to a physical address instead. You’ll need to know their legal name and address.

4. Follow through

Double check all the details. The final step may be hitting the “enter” button or driving across town to deposit the check at the other bank. Some digital transfers allow you to set a specific date for the funds to be sent so you can time things out if you wish.

Different Ways to Transfer Money

There are two main methods of transferring funds: digital and physical. 

Electronic funds transfer

An electronic funds transfer (EFT) can facilitate a transfer of funds between two bank accounts. EFTs must be initiated through a computer, smartphone or electronic terminal, such as an ATM. 

An external transfer might take up to three business days because banks often use intermediaries to manage the transaction. You may be able to expedite the transfer, depending on your bank and your account status. 

Wire transfer

Most wire transfers can be sent and received on the same day. If you’re sending a significant amount of money and you’re on a deadline, a wire transfer is a great option.

Perhaps their biggest downside is that it often comes with a fee.  Before choosing a wire transfer provider, scope out the fee structure. 

Peer-to-peer transfers

Peer-to-peer payment platforms make it easy to send money to friends, family and even the person you just met on the street. It’s instantaneous and you can make your transaction history public or keep it private.

Popular platforms include Venmo, PayPal and Zelle. Each has a slightly different process. But you’ll only need the recipient’s email address or phone number to send them funds. 

Paper checks

Paper checks can still get the job done if you want to transfer money. Instead of setting up the details online, you’ll simply write a check with the appropriate information. 

If using paper checks to transfer funds between your own accounts, you can finish the process quickly with the help of a mobile check deposit feature. Or you can make your way down to the bank branch to complete the transaction. 

This is the least secure way to transfer money. You could simply withdraw cash from your account either in person at a brick-and-mortar branch or via an ATM, then deposit it in your other account or hand it to the recipient. 

What to consider when transferring your money to a different bank

Transferring money to a different bank comes with some pitfalls, which can be mitigated if not avoided.

The first thing to consider is the cost of transferring funds. “The transfer fees between banks can vary,” said Mark Stewart, CPA at Step by Step Business. “A quick research can reveal to you how much you will be charged to transfer from ‘Bank A’ to ‘Bank B’ so that you can be fully aware of account activities.”

How quickly you need the funds to be in the other account is another thing to keep in mind. Sometimes, the normal speed of “up to three business days” for an external bank transfer EFT may not be fast enough for your needs. Explore all of your options to strike the right balance in speed. 

The third thing to consider is a doublecheck. Take an extra minute when filling out any forms to double check the numbers. Otherwise, the funds might end up in the wrong account. 

“You must ensure that you are transferring money to the right account because if the transfer goes to the wrong account, you may not get a swift refund response from the receiving bank, especially if you are not their customer,” said Stewart. 

A quick review can help you avoid a potential hassle or even save you from losing the funds altogether. 

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Frequently asked questions (FAQs)

Yes, it’s typically free to transfer money when you use an electronic method or a free check that came with your bank account. If opting for a wire transfer, however, you’ll likely encounter fees.

The best way to transfer money between banks varies based on your goals. If you are looking for a quick transaction, a wire transfer might be the right move. But if you want to avoid fees, setting up an EFT might be the right choice.

Yes. You can transfer money to yourself at an account you hold in a different bank.

If you want to make an external bank transfer, you’ll need the account number and the routing number associated with the other bank.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Sarah Sharkey is a personal finance writer who enjoys diving into the details to help readers make savvy financial decisions. She covered mortgages, insurance, money management, and more. She lives in Florida with her husband and dogs. When she's not writing, she's outside exploring the coast.

Jenn Jones is the deputy editor for banking at USA TODAY Blueprint. She brings years of writing and analytical skills to bear, as she was previously a senior writer at LendingTree, a finance manager at World Car dealerships and an editor at Standard & Poor’s Capital IQ. Her work has been featured on MSN, F&I Magazine and Automotive News. She holds a B.S. in commerce from the University of Virginia.

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How to Transfer Money Between Bank Accounts

Last Updated: April 19, 2024 References

This article was co-authored by Hannah Cole . Hannah Cole is an Enrolled Agent and the Founder of Sunlight Tax. As an Artist and Tax Specialist with over 10 years of experience in freelance taxation, Hannah specializes in doing taxes for self-employed creative people and small businesses, setting up a business as a creative person, and personal finance issues in creative work. She has her Enrolled Agents license, which is a tax expertise and representation credential issued by the IRS. She has been hosted to speak about taxes for artists by institutions including the Harvard Ed Portal, the Boston Foundation, the New York Foundation for the Arts, RISD, and Cornell University. Hannah received her BA in Art History from Yale University, MFA in Painting from Boston University, and studied accounting at Brooklyn College. There are 7 references cited in this article, which can be found at the bottom of the page. This article has been viewed 186,180 times.

Sometimes you need to move money around from one bank account to another. Generally, the process is not difficult. You can transfer money between accounts within the same bank or between accounts in different banks. Before transferring money, confirm that you have enough money in the account to cover the transfer. If you don’t, then you’ll probably be charged with overdraft fees. If you are transferring funds into another person’s bank account, be careful. Generally, you should avoid doing so.

Transferring Money Between Different Banks

• For example, you shouldn’t send money to a family member in distress unless you have spoken to them and can confirm their identity. If you are elderly and don’t hear that well, then ask another person to speak to your family member.
• Never send money to someone claiming to be with the IRS. The government will never ask that you pay in this way. [1] X Trustworthy Source Federal Trade Commission Website with up-to-date information for consumers from the Federal Trade Commisson Go to source
• Avoid sending money to people you have only met online, no matter how close you feel to them. This is a common scam.
• Don’t give out your account information to someone you don’t know. They can use that information to access your bank account. If someone asks for your routing and account numbers, say “No.”
• Don’t pay for goods or services by transferring money directly into someone’s bank account. Instead, insist on paying with a credit card or with PayPal.

• Get the recipient bank’s routing number and account number, which you can find on a check.
• You must link the accounts. If you use online banking, then look for an option that says “external accounts” or “add an account.” [3] X Research source
• After the accounts are linked, you can send the money to the other account. The transfer must be processed by the next business day.
• Check with your bank about whether you are a charged a fee to send money this way.

• Go to the bank account that you want to receive the money. Link up the account with the account that has the funds.
• Request the money. This type of transaction can take up to two or more business days.

• You will write your name three times on the check: in the “make payable to” field, on the signature line, and on the back where you endorse the check.
• You might also be able to use a mobile check.

• Check if your credit union is part of the Shared Branching network. Visit https://sharedbranching.org/ to check. If it does, you can go into any branch in the country and request the check.

• You need to have your bank account number, which you can find on your bank statement or check. You’ll also need the recipient’s full name and bank account number, bank name and address, as well as the bank’s transit number. In the U.S., the transit number is a nine-digit code. [8] X Research source
• You can also wire money using Western Union . Find your nearest branch by looking in the phone book or online. To send to another bank, you will need to know the recipient’s bank name, Bank Identifier Code (BIC), International Bank Account Number (IBAN) if any, and the account numbers. Save your MTCN number, which is the tracking code. [9] X Research source Western Union wires can take a couple of hours or a few days, depending on the circumstances.
• Always confirm the identity of the person you're sending money to. Phishing scams are becoming more common and more sophisticated, and it's not always easy or possible to get your money back in case of a mistake or a scam.

• Click on the “Send & Request” tab. You will have to enter the email address or phone number for the person who will receive the money.
• Enter the amount and transaction type.
• Confirm your payment details.

Moving Money Between Your Personal Accounts in a Bank

• You can say, “I’d like to move $50 from my checking account to my savings.”
• Always check your balance ahead of time so that you will be sure to have enough money to transfer.

Simply identify yourself and state what you want : “Hi, I’m Melissa Jones and I want to move some money from my savings account to my checking. Do you need my account number?”

• Look for a link that says “Transfer Money” or something similar.
• There is usually a drop-down box. You can select the account you want to send money from and then select the account to receive the money.
• Enter in the amount and then the date you want the transfer to take place.

Community Q&A

• If you transfer funds electronically to someone else, always review your financial statements. Check to see that no unauthorized transfers have been made and beware of scams. [10] X Research source Thanks Helpful 0 Not Helpful 0

You Might Also Like

• ↑ https://consumer.ftc.gov/scams
• ↑ https://wallethub.com/edu/ach-payment/11932/
• ↑ https://www.thebalance.com/best-ways-to-transfer-money-between-bank-accounts-315466
• ↑ https://blog.mint.com/how-to/how-to-transfer-money-between-accounts-at-different-banks-1013/
• ↑ https://www.nerdwallet.com/blog/banking/how-to-wire-money/
• ↑ https://www.westernunion.com/us/en/send-money-in-person.html

About This Article

To transfer money between bank accounts at different banks, log into your bank account, then provide the routing and account numbers for the external account you’re sending to or receiving from. You can also call your bank or visit in person to transfer money this way. If you need money transferred quickly, you may want to ask your bank to do a wire transfer, which can move money within a few hours. Just be prepared to pay a fee for this expedited service. To learn how to transfer money using PayPal, scroll down! Did this summary help you? Yes No

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8 Best Ways to Send Money

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Editor’s note, March 5, 2024: Google Pay will be shutting down in the U.S. on June 4, 2024. Users can transfer any balance out to their bank account using the app before that date (or use the website version after that date). Those who want to tap to pay in stores will still be able to use Google Wallet, but Google will no longer have a peer-to-peer transfer option.

When you send money online, the best way to do so depends on how and where you want to send it. We compared fees, speed and other features to identify the best domestic and international money transfer services. Many of these services are available online and through apps, and some are in-person options.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the options that work best for you.

» LEARN: How to avoid P2P scams and what to do if you can’t

How to send money online, on mobile or in person

Jump to each of our picks for the best ways to send money to friends and family:

Bank wire transfer

Walmart2walmart, western union.

Here's a rundown of the best ways to send money to friends and family.

Why it’s our pick:

Delivers large amounts ($10,000 or more) from one bank to another within hours or minutes.

Sending a wire transfer through your bank might be the best way to send a large amount quickly; P2P apps limit how much you can send (generally $1,000 to $10,000 per transfer) and delivery can take multiple days. 

Bank wire transfers generally are delivered within hours or minutes.

There’s a steep fee for transfers. Based on an analysis of big banks, the median domestic wire cost for sending is $25, and $15 for receiving (see what most banks charge ). 

The cost could be worth it if you need to send a lot of money within minutes.

» Interested in transferring money by wire? Learn how to wire money

Receive a bonus when someone uses your referral code to sign up and send money.

No fees to send or receive money.

Cash App lets you send and receive money for free with cash from your linked bank account or debit card. 

You can create your own $Cashtag, or username to make it easier for people to find you and send you payments. 

Cash App offers a bonus when someone signs up with your referral link and sends at least $5 from their new account. 

You don’t need to have a bank account to use Cash App. If you have a Cash Card (Cash App’s debit card), you can make deposits to it to fund your Cash App balance.

Money you receive will show up instantly in your app balance, but it takes one to three days for the money to show up in your bank account if you choose to transfer. 

You can cash out instantly to your debit card but you’ll pay a 0.5%-1.75% fee.

You’re limited to sending and receiving a maximum of $1,000 per 30 days. 

To increase your limit, you’ll need to provide more personal information such as your full name, date of birth and last four digits of your Social Security number. 

If you send money using a credit card, you’ll be charged a 3% fee. (For more information, see our Cash App review .)

Why it's our pick:

Instant transfers to a debit card for a smaller fee than what other P2P payment services charge.

Transfer money for free using a QR code, the recipient’s name, phone number or email address.  

Cash out instantly from the in-app wallet to a debit card for a 1.5% fee. 

Cash out for free to a bank account, which takes one to five business days. 

The maximum you can send is $5,000 every seven days. 

Bank accounts and debit cards can fund transfers, but credit cards and prepaid cards cannot.

Google Pay may refund you for purchases that you believe are fraudulent, which isn't a given for all money transfer apps and services.

High transfer maximum.

More than 400 million active accounts worldwide.

PayPal offers free transfers in the U.S. when you fund with a bank account or PayPal balance. 

Paying with a credit card — and unlike other providers, a debit card — costs a fee: 2.9% of the sending amount plus 30 cents. 

Bank account transfers are free.

Depending on your currency, the maximum amount you can send per transfer ranges from $10,000 to $60,000. But if you're sending that much money, doing so through a federally insured bank provides more safeguards for your balance, such as Federal Deposit Insurance Corp. (FDIC) insurance .

Transferring money to bank accounts for free takes one to three business days. 

You can also pay for an instant transfer to a linked debit card. 

You can send or receive money on the website or mobile app on iOS and Android, or at PayPal.Me, where you create your own link that family and friends can use to pay you. (Read our PayPal review .)

Highly rated app for iOS and Android.

Free, easy, socially engaging money transfers.

Venmo’s app ratings are strong from both Android and iOS users.

It’s free to send and receive money when you link a bank account, debit card or prepaid debit card. 

Using a credit card costs 3% of the transaction. 

After you’ve verified your identity, you can send up to $60,000 per week.

Your and your friends’ transactions will pop up — without amounts — on a news feed. 

If you prefer privacy, you can change your settings so that only your friends or only you and the other user you’re paying or receiving money from can see them. 

Money you receive shows up instantly in your Venmo balance, but cashing out to a bank account takes one to three business days. 

You can also transfer funds to a debit card, typically within 30 minutes, for a 1.75% fee. (For more details, read our Venmo review .)

Convenient option for sending cash to and/or from a Walmart store.

Walmart is a convenient option to transfer cash, especially if you and/or your recipient are near a store: You can send money from a Walmart store for pickup at a Walmart.  

Walmart partners with several money transfer service providers, so you can also send money from any MoneyGram, Ria or Western Union location for pickup at any of the thousands of U.S. Walmart stores, where a recipient can pick up the money within minutes. 

You can also send money from a Walmart for pickup within minutes at a Western Union or MoneyGram location (Ria locations aren’t a pickup option).

The maximum you can send in a day is $1,000, and prices start at $2.50. (For more about Walmart financial services including information on the FTC lawsuit against the company, read our Walmart Money Center review .)

Extensive worldwide network of locations so you can send money internationally.

Many ways to send and deliver money.

Western Union offers a sizable range of transfer options. 

On the provider’s price estimator tool online, you’ll see more than a dozen combinations of sending channels, payment methods and delivery options. 

Send money from the Western Union website or its mobile app using a bank account, debit card or credit card — or send from a nearby agent location using cash.

The transfer giant’s physical network covers over 200 countries and territories and hundreds of thousands locations globally.

Transfers are expensive — especially compared with most of the P2P apps on this list, which offer free ways to send and receive money.

Only some options include same-day or next-day delivery. 

Some online transfer options at Western Union can take several business days for delivery. (Read our Western Union review .)

Note that in general, when you make a transfer abroad, you generally encounter two costs: 1) the fee for sending money (also known as the outbound or upfront fee) and 2) the foreign exchange fees, or the markup on the exchange rate that financial institutions use when transferring money among themselves. Consider both fees to find the best deal.

» COMPARE: See our picks for best ways to send money internationally

Delivery tends to be within minutes.

Already integrated with over 1,000 financial institutions, connecting more than 100 million people.

With Zelle, you can send and deliver money within minutes between bank accounts at different financial institutions. 

You might already be using Zelle's service through your bank’s website or mobile app. More than 2,000 banks and credit unions use the service which means that 150 million-some customers can use Zelle within their bank's website or mobile app. 

If your bank isn't part of the network, Zelle is also available as a standalone app.

You'll need a U.S. bank account to fund and receive payments. 

Zelle doesn't charge any fees, though any of its partner banks can decide to. 

Although limits vary by bank, some of the largest banks set daily transfer maximums from $2,500 to $5,000.

Zelle is not made for buying or selling things, and you’re not protected for those transfers. 

In addition, if you send money to the wrong person or transfer the wrong amount, you might be out of luck. 

Protections are limited to when someone steals your Zelle account or password and uses it to send money.

» MORE: 3 ways to get your income and other money faster

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What to know about the best ways to send money

Several different options for sending and receiving money are available. Depending on the money transfer service provider, options can include:

Sending money from an app (generally funded by a bank account, debit card or credit card), a bank account, a debit or credit card. 

Receiving money in a bank account, an app balance, mobile wallet or as cash at an in-person pickup. 

Some money transfer services are free but others charge fees.

» Curious about the latest transfer service? Learn about FedNow

The amount you can send may be limited. Each provider generally has a certain amount you’re limited to spending. There may be per-transaction, daily or monthly limits. Some providers allow a higher limit if you verify your identity, which may require sharing personal information such as your Social Security number or individual taxpayer identification number (ITIN).

Delivery time varies. Some providers offer instant transfers with money showing up in the recipient’s account immediately or within minutes or hours. Other options may include delivery within a day or up to a few business days.

For app-based money transfer services, you can generally cash out to your bank account. Cashing out, or transferring your balance, to a bank account or debit card can take a few business days. You may be able to opt for an instant transfer but it might cost a fee.

You can avoid money transfer and P2P payment scams by following best practices. Note that you should always take precautions when using person-to-person (P2P) services to ensure you’re sending money to the right contact. In most cases, you’re not guaranteed a refund if your money goes to the wrong recipient. Read about how to avoid P2P scams.

If you’re sending money abroad, there are some key terms it’s helpful to understand. When sending money to a different country, if currency exchange is involved there may be more fees than with a domestic money transfer.

Definitions: Money Transfer Rates

There are three rates that determine how much your money transfer will cost and how much money your recipient will receive.

Exchange rate: An exchange rate is the price of one currency in relation to another currency. For example, if you want to convert U.S. dollars to euros, you would check what one U.S. dollar is worth in euros.

Midmarket rate: The midmarket rate, also called the interbank rate or interbank exchange rate, is the exchange rate that big banks use to swap currencies among one another.

Exchange rate markup: Most providers use an exchange rate markup when pricing your transfer. They give customers an exchange rate that’s the midmarket rate plus an additional percentage, or markup, to make a profit on the transfer. The higher the markup, the less your recipient gets in their currency.

General advice for international money transfers

1. Know how exchange rates work (and how to find the best). One of the ways money transfer providers make money is through exchange rate markups. Most transfer providers won’t give you the exchange rate you’d find on a currency exchange platform like the one at Bloomberg.com or Reuters.com. Those sites just tell you the price of one currency in relation to another, but they are a helpful starting point to know what the best rate looks like this minute. When you check the exchange rate for an international transfer with services like Western Union, focus on the exchange rate markup by looking at the foreign currency amount. The higher it is, the lower the markup is, and the more money your recipient receives.

2. Compare total transfer costs across multiple providers. There are two types of costs: upfront fee and exchange rate markup (see above). Find the provider that has the lowest fee combined with the best exchange rate you can get. Usually online nonbank providers offer cheaper transfers than banks.

3. Avoid paying with a credit card. It’s an option for some providers, but there might be a higher upfront fee and your credit card issuer may tack on costs such as interest and cash advance fees. A transfer paid by bank account directly tends to be a much cheaper (and much slower) transfer. If you need money delivered quickly, use a debit card, which will also incur a lower fee than using a credit card.

» Looking for a bank that's useful when you go abroad? Check out NerdWallet's best banks for international travel

METHODOLOGY FOR DOMESTIC TRANSFERS

To determine the best domestic transfer services, we examined the following features for 14 providers: fees, delivery speed of cash or money to recipient’s bank account, user reach (where transaction data were available), sending amount limit and security measures. Priority went to those providers that offer no-cost transfers, have established histories and maintain high security standards. We excluded single-bank P2P services since they usually limit users to a given bank.

Note: All transfer amount limits given assume users have verified their identity as each app requires. There are also initial amount limits when first using the app.

Providers surveyed: Apple Pay , Cash App , Meta Pay (formerly Facebook Pay), Google Pay, MoneyGram , PayPal , Ria , Samsung Pay, Venmo , Walmart2Walmart , Western Union , Wise , Xoom and Zelle .

METHODOLOGY FOR INTERNATIONAL TRANSFERS

We analyzed seven providers that work in the U.S., mostly focusing on major players in the international money transfer industry, based on market research, experts, cost analysis and U.S. internet traffic.

Countries surveyed: Germany, India, Mexico and the United Kingdom.

Providers surveyed: MoneyGram , OFX , Remitly , Ria , Wise , Western Union and Xoom (owned by PayPal).

Fees and exchange rate markups mentioned are based on the analysis linked below.

How we rate money transfer providers

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Estás ingresando al nuevo sitio web de U.S. Bank en español.

Knowledge base, how do i transfer money between my u.s. bank accounts, to transfer money using online banking.

• Select Transfers from the top of the page, then Transfer money.
• Choose which account to transfer funds from and which account to send them to.
• Enter the amount to transfer, change the frequency (if applicable), and change the date (if applicable), then select Next .
• Review the information. If correct, select Send transfer .

To transfer money using the U.S. Bank Mobile App

• Select Pay bills & transfer  from the bottom of the dashboard, then Transfer money .
• Enter the amount to transfer, change the frequency (if applicable), and change the date (if applicable), then select Transfer to complete it.

Additional information

Transfer requests submitted on weekends, holidays, or after cutoff time, will be processed on the next business day. 

To freely explore our digital banking services without using your own account, visit our Digital Banking Simulators page. If you'd like a step-by-step tutorial on how to use a specific service or feature, check out our Digital Explorer page.

Not as simple as it seems: How to use JetBlue Travel Bank

Whenever you cancel a JetBlue flight, the refund — if you're eligible — is credited to your Travel Bank account. This is essentially a holding account that keeps the value of canceled flights for one year. You can use these credits to book a new flight within a year.

On paper, this is pretty simple: The funds accumulate, and you can redeem them for flights when the time comes. In practice, though, the process is a bit more complicated. TPG readers have reached out to the Points and Miles team to discuss mishaps they've had finding Travel Bank funds and using them to book flights.

Since 2020, many travelers have racked up Travel Bank funds from flights canceled due to the coronavirus pandemic . Because of this, we want to give you the lowdown on using them so you know what to expect when redeeming your funds.

Things to know about the JetBlue Travel Bank

Before we dive into using the JetBlue Travel Bank, let's discuss a few of the program's nuances. We'll cover how Travel Bank funds are allocated, their validity and other bits of "good to know" information.

Related: How to earn points in the JetBlue TrueBlue program

Travel Bank funds are distributed per flyer

The biggest annoyance with JetBlue Travel Bank is how funds are distributed. After you cancel a paid flight , refunds are issued to each traveler individually, even if they're all on the same record locator.

This causes a massive headache for families that travel together . In 2020, TPG's Nick Ewen canceled a JetBlue reservation that included flights for himself, his wife and his daughter. When rebooking, each family member was given a refund to their respective Travel Bank accounts despite being on the same reservation.

You can only use one Travel Bank per reservation. So when it came time to rebook, Nick had to rebook each family member separately and combine all reservations into a single record locator over the phone.

Things get even more confusing when it comes to canceling flights on a combined record locator. Nick had to cancel the rebooked flight due to the coronavirus pandemic. He couldn't do this online as the JetBlue website gave him an error stating that the ticket didn't match his Travel Bank balance. Again, he had to call in to cancel the flights.

This can be incredibly inconvenient if you're booking travel for a friend or even a co-worker. The traveler gets the Travel Bank credit, making it challenging for the person that booked the ticket to get a refund.

Related: 10 things families should know when flying JetBlue

Funds are valid for 1 year from the date of issuance

Typically, Travel Bank funds can be used within one year from the date of issuance. So if you cancel a flight on Dec. 1, you must use the credit by Dec. 1 of the following year. Unfortunately, there is no way to extend this credit.

Related: What to do if you can't use your airline credit by its expiration date

You can only use Travel Bank funds for flights

Unfortunately, you can only use your Travel Bank funds for a new flight's fare and taxes. You cannot use it to redeem for assigned seating, priority boarding , checked bags or other ancillary fees. This is likely because these add-ons are refunded to your original form of payment when you cancel a flight.

You can, however, use your Travel Bank credit to book a flight for someone else.

Accessing your Travel Bank funds

You can view your JetBlue Travel Bank funds on the airline's dedicated Travel Bank website . This is automatically linked to your TrueBlue account when you cancel a ticket associated with your frequent flyer number. JetBlue will email you instructions on how to sign in to your account.

If you cancel a ticket for someone who isn't a TrueBlue member, they will receive an email with credentials to log in to their Travel Bank. Remember, even if all travelers are on the same record locator, they will receive their own Travel Bank refund.

Related: TPG Lemonade session: JetBlue TrueBlue

Once signed in, you can view your Travel Bank balance and when your funds expire. You can also click the "Account Statement" link to view a list of recent Travel Bank transactions.

Related: What is JetBlue elite status worth in 2022?

Booking flights with Travel Bank funds

Once you have access to your JetBlue Travel Bank account, using available funds is relatively simple. Head to the JetBlue website and sign in before booking a flight. Search for a flight as you usually would and enter your passenger information.

On the payment screen, select the "Travel Bank" option located above the credit card entry field. You'll be prompted to sign in to your Travel Bank account if you're not a TrueBlue member.

Once signed in, you'll get the option to use as much or as little of your credit as you'd like. Note that you can only use credits to cover the fare and its associated taxes and fees (as discussed). Seat selection fees and other add-ons are not eligible. Click the "Apply Travel Bank Credits" button to apply the funds to your purchase.

And that's all there is to it: You've successfully used your JetBlue Travel Bank funds. It's easy enough once you have the hang of it, but bookmark this page just in case you need a refresher.

Related: Why you should wait to change or cancel your flight if you want your money back

Bottom line

JetBlue's Travel Bank program is a little tricky to use, but hopefully, this guide helps you navigate it better.

Keep in mind that these funds are accessible under a separate login from your JetBlue account. And that even if multiple travelers are under the same record locator, each traveler is allocated refunds to their own Travel Bank account.

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How to transfer make my trip wallet balance to bank account?

          www.makemytrip.com is one of the most popular flight, hotel, bus, cub booking site in India. In this blog we describe about ‘how to transfer make my trip wallet balance to bank account’. Because of people search this topic many times.

Suppose you have booked a flight ticket through MMT website or mobile application. For some reasons your flight has been cancelled or you have cancelled your ticket. In that condition you will get the refund. But the airlines refund the amount to your makemytrip wallet. Because of you have booked the ticket through makemytrip website.  

While airlines sent the refund amount to your MMT wallet, MMT will inform you through email and text. But they don’t send the amount to your bank account. They save your money for future booking in make my trip wallet. To get the money in your bank account you need to do some action in your make my trip account.

To know ‘how to transfer makemytrip wallet balance to bank’ you don’t have to worry. We discuss the process in this blog.

How to transfer makemytrip wallet balance to bank account: Here is the step by step process of transferring MMT money to your bank account. We discuss this process using ‘make my trip’ mobile application. You can also go through www.makemytrip.com website using same process.

STEP 1: Go to ‘makemytrip’ mobile application and open the application.

STEP 2: After opened the application you will see an option ‘wallet’ on the right bottom of the page. Click on that option.

STEP 3: In this page you are asked to login/sign up. You have to enter the mobile number which you have used at the time of ticket booking for which you have received refund in MMT wallet. After entering the mobile number click on ‘continue’. You can also login with your user Id and password directly from the home page.

STEP 4: In this page an OTP will received on your mobile number which you have entered on the above step. Enter the OTP and click on ‘submit’.

STEP 5: Now you are login to your MMT account and you are in the makemytrip wallet. You will see here ‘My cash balance’ ‘reward bonus amount’ and the transactions of my wallet. The ‘My cash balance’ is the amount which you can transfer to your account by which you have made the payment at the time of ticket booking.

You will also find an option ‘Transfer my cash to original pay mode’ under the ‘Quick Actions’. Click on this option.

STEP 6: In this step you will find the details from where you the ‘My cash’ amount earned, where the amount will be transferred. Another option ‘slide to transfer Rs. ….. to respective payment mode’ will also found   on the bottom of the page. Slide the option from left to right.

STEP 7: Now a massage will be displayed on the screen and it says that ‘Congratulation! Successfully transferred amount …… to your bank account’. To reflect this amount in your bank account it takes 10-12 days. The confirmation massage will also be received on your mobile and email.

This is the procedure ‘how to transfer MMT money to bank account’. If you have not received the amount within the given period contact MMT customer care. The MMT customer care number will be found on the email sent to you.

If you are interested on the live demo of the process then watch the following video. It will help you to better understand the process.

Posted by how to online

You may like these posts, post a comment.

Right now that option is not there can you please help me

try it on desktop

My refund money in wallet shows it transferred to bank but i checked my bank status , no amount is credited, also i dont remamber I actually applied for transfer to bank, if I really did , its been almost 3 months :(

Can't even transfer through website... There is no option

these peoples are looting and cheating.

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PAY & TRANSFER FAQs

Get answers to the most common questions about wire transfers.

• Overview & setup
• Send & receive wires
• Sending wires
• Receiving wires

Am I eligible to send and receive a wire transfer?

You may send and receive wire transfers for all checking accounts except for Chase Secure Checking and Chase First Checking.

How much money can I send through an online wire?

The maximum wire amount depends on the available funds in your account and any limits established by the bank. After enrolling in wire transfers, you'll see your daily transfer limit, before being prompted to add a recipient.

How can I check the status of my wire?

To check the status of a wire you sent, sign in, then follow the next steps.

On Chase.com: 

• "Pay & transfer"
• "Wires and global transfers"
• "Payment activity"

On the Chase Mobile ® app:

• "See activity"
• "Wires & global transfers" 

Please call us at 1-800-935-9935 if you don't see your wire. Business banking customers, please visit Chase for Business . 

Can I cancel a wire?

Domestic: For same-day wires, you don't have the option to cancel. For future-dated wires, you have until 11 :59 PM ET the day before the send date. 

International: If you send a wire transfer from your personal account, you have 30 minutes after you authorize the wire to cancel it. To cancel a wire transfer, look for it in your Wire activity and choose "Cancel" in the Action column. You'll only see "Cancel" next to a wire if you're able to cancel it. 

Note: Recovery of your money is very unlikely if you send money by mistake or due to a scam. Once you send a wire, you can't cancel it. 

Why was my wire returned?

A wire can be returned for several reasons:

• The wrong account number was provided to the recipient bank
• Wire is missing bank or country-specific information (e.g. statement of payment purpose for an international wire)
• If any information in the "Message to recipient bank" field conflicts with bank records (e.g. wrong account number or name)
• Recipient name provided doesn't match recipient bank's records

Your wire may be returned with a lesser amount for several reasons:

• Recipient bank and/or intermediary bank has deducted processing fees
• The exchange rate at the time of the return wire was different than the exchange rate of the initial wire

If your wire was returned, call us at 1-800-935-9935 to find out why. We accept operator relay calls.

I sent money to the wrong account. What can I do?

You can go to your Wire activity and see if canceling the wire is an option in the action column. Otherwise, call us at 1-800-935-9935. We accept operator relay calls.

I believe I was scammed when I sent a wire transfer. What can I do?

If you suspect fraud or a scam, call us at 1-800-935-9935 immediately to file a claim. We accept operator relay calls.

Where can I send money and what currencies can I send?

You can send money to more than 90 countries and more than 40 different currencies. Federal regulations place some restrictions on where you can send a wire. Currency options are specific to the country to which money is being wired. 

To see your options, sign in and enroll in wires. Then, use our foreign exchange calculator to explore country and currency options. 

What is a guaranteed exchange rate?

For foreign exchange wires, an exchange rate will be shown in the send flow prior to authorizing your wire and will be guaranteed for 30 minutes. There will be a counter within the wire summary telling you how long you have until your rate expires and a new rate is locked in for another 30 minutes. We apply our exchange rate once you submit your transaction.

What's a SWIFT code?

A bank information code (SIC) or SWIFT code tells us which bank will receive your wire transfer. You need this code when you set up your recipient. If you don't know it, contact your recipient's bank, or go to: https://www2.swift.com/bsl/ .

Do I need an IBAN?

An IBAN (International Bank Account Number) identifies specific bank accounts at international banks. We don't use an IBAN. When someone outside the U.S. wires money, give them your account number and our SWIFT code (CHASUS33). 

How do I receive a wire?

To receive a domestic wire transfer, give the sender your account and Chase's routing number (021000021 ). To receive an international wire transfer, give the sender our bank identification code (BIC) or SWIFT (CHASUS33) and your account number. 

How long does it take to receive a wire transfer?

If you're expecting an incoming wire transfer, it can take 24 hours to reflect in your account after it gets to Chase. If you don't see your incoming wire transfer, reach out to the sender to confirm that it was sent, then call us at 1-800-935-9935.

Avoid wire scams. Learn to spot scammers in action.

Enroll in wire transfers then send money from the Chase Mobile ® app

If you don't have the app, scan this code

Need the help of a banker to send a wire transfer?

We're happy to help. Schedule a meeting at a branch today. Bring your photo ID and mobile phone. Sending a wire in branch or with the help of a banker may have a higher fee.

Other ways to pay & transfer

Use Zelle ® , pay bills online , deposit checks using your phone and more.

What Happens if You Overdraft Your Bank Account and Don’t Pay It Back?

A n overdraft is a negative balance in your bank account and can occur for any number of reasons. You might accidentally spend more than you have available in your checking account, for example, or forget to transfer funds before an automated payment gets debited from your checking account. Whatever the cause, an overdraft comes with a number of negative consequences, especially if you don’t pay what you owe right away.

Read on to learn exactly what happens when you overdraft a bank account, plus tips on how to repair the damage and avoid overdrafts in the future.

What Is an Overdraft?

An overdraft happens when you spend more than you have available in your bank account and the bank pays for the transaction anyway. Think of it as a form of credit, where the bank is lending you money to cover the transaction and you’ll need to pay them back. Having this feature can be convenient, since it allows you to cover payments or withdrawals, like subscription services or a utility bill, even if you don’t have enough funds in your account to cover them.

However, many financial institutions charge their customers hefty fees for this convenience. Depending on the bank, overdraft fees can run upwards of $35. You are expected to pay the fee, plus the amount that was overdrawn.

If you overdraft your bank account and don’t pay what you owe plus the  overdraft fee , you could face several unpleasant consequences, such as owing additional fees, your account being closed, and having the debt go to collections. Here’s a closer look at the potential fallout.

You Owe the Bank

The amount that was overdrawn, plus any fees, is what you owe the bank. You can repay your debt by transferring or depositing the owed amount into your account. Depending on the financial institution, you may have a certain amount of time to pay the bank back, such as within 30 days of the overdraft.

Pay the Overdraft Fee

Some banks charge a fee each time you overdraft, while others charge a fee for each day you overdraft. This is an important distinction: If your bank charges a fee for each overdraft and you inadvertently overdraft your account multiple times on the same day (which can happen if you have a low balance to start with), you’ll face multiple overdraft fees. For example, if your bank charges $35 per overdraft and you have three transactions in one day, you’ll owe the bank $105 in fees.

Your Account Could Be Closed

If you continue to overdraft your bank account and don’t pay it back, the bank may close your bank account to prevent any more withdrawals. You will still owe the amount you’ve overdrawn, plus any fees you’ve incurred. In some cases, the bank will send your debt to a  collection agency .

The Bank Can Sue You

Anyone you owe a debt to can take you to court to try to collect it. The bank can sue you or, if it turns the matter over to a collection agency, the agency can sue. If the court grants a judgment against you, the bank or collection agency can garnish your wages or to place liens against your property in an effort to collect the debt.

Difficulty Opening Another Account

Some financial institutions will report closing your bank account and your unpaid overdraft debt to ChexSystems, the reporting agency for banking. ChexSystems maintains a report of your banking activity, which banks and credit unions can use to determine whether to approve your application for a new checking or savings account. Having an overdrawn and closed account could impact your ability to open a new account, even if it’s at a different  bank or credit union .

How to Avoid Overdrafts

Overdrafts are an expensive nuisance. Here are some strategies that can help you avoid overdrawing your account in the first place.

Monitor Your Spending

Keeping an eye on how much you have in your checking account each day and knowing when bills are due can help you avoid spending more than you have available.

Set Up Low Balance Alerts

Many financial institutions allow you to sign up for customized banking alerts, either online or via your banking app. It’s a good idea to set up an alert for whenever your balance dips below a certain threshold. That way, you can top up your account to prevent the account from being overdrawn.

Check Your Account Statement Regularly

Looking at your account statement each month can help you spot patterns, like when your account balance tends to dip and, if you have an overdraft, when and why it happened. This can help you better monitor your account and adjust your spending.

Link Your Checking Account to Another Account or Credit Line

Many banks offer  overdraft protection , which allows you to link your checking account to a savings account within the same financial institution or, if you qualify, a credit line. That way, if you don’t have enough funds in your checking account to cover a transaction, the bank will automatically transfer money from your savings to cover the transaction. In the case of a credit line, the bank will borrow what it needs from your credit line.

Overdraft protection avoids overdraft fees, but may come with interest and other fees.

The Takeaway

Overdrafting your bank account and not paying what you owe could result in some negative consequences, like racking up even more fees, having your account closed, the debt going to collections, and difficulty opening a new bank account.

Even if you do all you can to prevent an overdraft, the reality is that it can happen on occasion. If you’re worried about the occasional overdraft, it may be worth looking for a bank that doesn’t charge overdraft fees.

This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at  https://www.sofi.com/legal/banking-rate-sheet .

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Americans lose millions of dollars each year to wire transfer fraud scams. Could banks do more to stop it?

By Anna Werner

Updated on: April 19, 2024 / 5:26 PM EDT / CBS News

Americans are losing millions of dollars every year to criminals who steal money from their bank accounts through fraudulent wire transfers . Some U.S. senators are now pressing major banks for answers about what they are doing to stop the scammers.  

In a letter to JP Morgan Chase, Citibank, Bank of America and Wells Fargo, first reported by CBS News, the Senate Banking Committee wrote, "Banks should make consumers whole for unauthorized transactions," including "fraudulently induced transactions" like wire transfers, where "a consumer was deceived or manipulated into initiating a transfer."  

That's what several Chase bank customers interviewed by CBS News said happened to them. New York City resident Jennifer Davis said she lost $25,000 to a wire fraud scam.

"I was horrified," Davis said. "I was horrified. I was devastated. This was stolen from me and this is a crime."

Andrew Semesjuk of Connecticut said he lost $15,000.

"Their job is to protect our investments," Semesjuk said. "Otherwise, what's the point of putting it with a bank?"

Florida resident Nikki Kelly said she lost $48,000 from a business account.

"My life has just basically been destroyed," said Kelly.

Chase told CBS News it does reimburse customers "for unauthorized transactions" if it decides a customer had no part to play in the transaction.

But in the cases of victims CBS News interviewed, Chase said it would not reimburse their money because Chase had determined their transactions were "authorized" — despite the victims reporting to law enforcement they were conned.

"They just left me high and dry," said Davis. "I don't understand."

Consumer experts say the problem is the federal law that protects consumers in other banking transactions, the Electronic Funds Transfer Act, or EFTA,  generally exempts wire transfers, meaning banks don't have to reimburse those losses.

The National Consumer Law Center argues that loophole in regulations should be closed to encourage banks to tighten their security procedures.

"If they knew that they were going to be on the hook and that they were going to have to reimburse consumers, I think they would have stronger security procedures," said NCLC senior attorney Carla Sanchez-Adams.

The Senate committee says in 2023, consumers lost more than $10 billion due to fraud, up 14% from the year before.

In a previous hearing on the subject, Senator Sherrod Brown, the chairman of the Senate Committee on Banking, Housing, and Urban Affairs, said consumers need better protection.

"It's on the companies. People should be able to have an expectation their money is safe," said Brown, a Democrat from Ohio.

The committee is asking the four banks to provide five years' worth of information, including how many people reported being victims and just how much money was lost.

In addition, senators are asking banks to explain what steps they take to prevent fraudulent wire transfers, and what percentage of consumers who complained may have had their transactions reversed and gotten their money back. 

They are also asking for descriptions of fraud and scam prevention training programs provided to employees who interact directly with customers.

A CBS News analysis of consumer complaints reported to the Consumer Financial Protection Bureau shows complaints about domestic wire fraud to JP Morgan Chase were more than four times higher in 2023 as compared to 2020, going from 88 complaints to 355.

All four banks declined to comment on the Senate Banking Committee's letter. 

Chase told us it continues to "make significant investments to protect customers from fraud and scams" and help them spot tactics used by criminals.

But in testimony before the Senate last year, Chase CEO Jamie Dimon said that it was "unreasonable" to ask banks to "subsidize" criminal activity and that the government and police should do more to stop and prosecute criminals who run wire transfer fraud scams.

Chase provided CBS News with the following statement and tips for consumers:

"Consumers should always be suspicious of people asking them for passcodes, access to their device, or money to prevent fraud. Banks won't make these requests or ask that you send money to yourself, but scammers will." – Chase spokesperson Scam prevention tips: Scammers can "spoof" phone numbers. The caller ID can say the call or text is from your bank even though it's not. They do this to trick people into providing their personal or financial information or to get them to send money Remember, even if your caller ID says a call or text is from Chase, it could be a scam. When in doubt hang up and call us directly If you want to be sure you are talking to a legitimate representative of your bank, call the number on the back of your card or visit a branch Consumers should protect their personal account information, passwords and one-time passcodes Banks will never call, text or email asking for you to send money to yourself or anyone else to prevent fraud Always double check who you are sending money to – once you send money, you might not get it back. To learn more about common scams and ways to protect yourself, visit:  www.chase.com/security .

–Nicole Busch contributed reporting.

Editor's note:  This story has been updated with additional information. 

• Consumer Complaints

Anna Werner is the consumer investigative national correspondent for " CBS Mornings ." Her reporting is featured across all CBS News broadcasts and platforms. Reach her at [email protected] .

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140 BMO customers say they lost $1.5M in transfer frauds, plan to sue bank

Bank says it works to detect cybercrime and prevent customers from being scammed.

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Elizabeth Bernas and her husband had planned to use the proceeds from their home sale to renovate their new house in Ajax, Ont., to pay for their children's university tuition and to go on a family vacation.

But before they could, they say someone accessed their Bank of Montreal account without authorization in late 2022 and withdrew more than $63,000 through a series of transfers that the bank won't reimburse. 

"We were shocked," Bernas said. "We almost dropped on the floor." 

BMO told Bernas it won't compensate them because it appeared the transfers were done on their device, there were no failed login attempts to the account, and a malware scan of the computer didn't show any irregularities, according to a letter from the bank CBC News has viewed. 

"We were just so depressed; sleepless nights," Bernas said. "We all want our money back." 

CBC News first reported on similar unauthorized transfers among BMO customers two years ago and has since heard from around another two dozen.

Now, more than 140 customers with similar experiences from across the country formed a group with the plan of filing a class-action lawsuit against the bank. Collectively, they've lost more than $1.5 million, according to organizer Lisa Wong. 

"We have people from all walks of life," she said. "We have new immigrants, we have professionals like doctors, engineers and we have business owners." 

"[BMO's security] is not protecting us against the growing, sophisticated cybercrime," said Wong, who lost $15,500, according to bank documents. 

Toronto teacher Joe Jacobs and his wife lost $20,000 when a cybercriminal seemingly accessed their line of credit, banking documents show. 

Now, they're responsible for the monthly payments, plus interest. In order to afford it, Jacobs says his family is renting out a room in their home and they've had to delay sending one of their children to university.

"It's really difficult," he said.

BMO spokesperson Jeff Roman says, like other banks around the world, BMO continually adapts to help customers stay ahead of cybercrime. 

"In the digital world we live in, these scams are fast evolving and are becoming more sophisticated , targeting millions of Canadians with malicious texts and phone calls," Roman said.

"We realize how difficult it is when a customer unfortunately falls victim to these criminals, and we provide support based on the specifics of their individual cases and circumstances." 

He says BMO is focused on detecting and preventing these situations when possible, but can't share details for security reasons.

Wire and e-transfer fraud growing 

E-transfer fraud in general is a "significant increasing concern," according to the Ombudsman for Banking and Investment Services (OBSI), the national organization that mediates some disputes between member banks and clients. 

OBSI spokesperson Mark Wright says e-transfer cases are typically difficult because the wrongdoer can't be located. 

Also, "in most of these cases, we are not able to recommend that the bank pay compensation to the consumer because our investigations show the consumer has unknowingly shared or given access to their confidential information and the bank has complied with its obligations," he said in an email.

How the fraud works 

CBC News spoke with about half a dozen clients who say their BMO chequing, savings and/or line of credit accounts were drained when fraudsters somehow got access and sent themselves money through e-transfers, global wire transfers and by setting themselves up as payees for bills. 

BMO told them they won't be reimbursed because their passwords were used correctly and, in some cases, one-time codes were sent and entered correctly and the IP addresses matched those of the client, according to emails from the bank. 

The customers filed reports with police and the OBSI, who sided with the bank. 

140 BMO customers plan to sue bank after alleged transfer frauds

Kenrick Bagnall, a former Toronto police cybercrime investigator who worked in the bank security sector, says he believes the customers' devices were infected by malware, which harvests digital credentials like passwords and IP addresses from a computer, tablet or phone.

Bagnall says cybercriminals often use social media to gain information about an individual, then send them a targeted phishing email based on their interests and recent activity, which if clicked on, can infect a device.

The malware — which can evade even advanced scanning programs — then bundles the stolen information into a package, which is sold on the dark web for between $50 to $200, depending on several variables, according to Bagnall.

Cybercriminals can then mirror the victim's computer and log into accounts. 

"It actually looks like the victim is logging in themselves when they're not," Bagnall said. "So, as far as the checks and balances and controls and the reasonable effort that the bank is putting in, from a security perspective, they're doing the right things."

'Blame the victim'

Wong says BMO should have done more to reduce the risk of its clients' money being stolen, should have flagged suspicious activity, stopped it and alerted customers.

Emile Landry, who lives in the Ottawa area, lost more than $22,000 in January through a series of wire transfers — a service he says he's never used in his 25 years of banking with BMO. 

"After the first money transfer, why did they not stop it and question it instead of letting all four go through and empty the accounts?" said Landry who, like Bernas and Jacobs, is part of the group planning to sue the bank. 

"At 80 years old… it hurts a lot. I had to get my son to lend me a few dollars."

BMO says customers can sign up for alerts, which warn customers if its system suspects unusual activity. 

But the co-founder of Democracy Watch, a government accountability and corporate responsibility advocacy group, says that sort of security measure should be automatic.

Duff Conacher suggests all banks should have customers set up maximum dollar amount for transactions and, if there's an attempt to exceed it, the customer must sign off. 

He says banks pushed consumers into online banking and so the liability should, at least in part, lie with banks. 

"The current system is a 'blame the victim' system as opposed to blame the institution that's responsible for setting up online banking and maintaining it and failing to maintain it in a way that ensures it's safe," Conacher said.

• CBC Investigates Despite ombudsman complaint, Manitoba woman not optimistic she'll get money back after bank fraud
• BMO customers out thousands of dollars unable to prove fraudulent e-transfers weren't their fault
• GO PUBLIC Banks deny compensation when hackers steal customers' money

Jacobs, the teacher, says it's not reasonable for consumers to be fully up to date on all things cybercrime and the changing vulnerabilities.

"The whole system is so vulnerable and people are so vulnerable to being hacked or to having their security compromised and yet it's a system that we're essentially forced to have to participate in," he said. 

"I just feel like the bank has to take a bigger role in providing security for their customers."

The Canadian Bankers Association, which represents Canada's largest institutions, didn't directly answer a question about whether banks should consider liability for these types of losses. Instead, spokesperson Maggie Cheung said Canadian banks "are committed to helping protect their customers from financial scams" and the organization works with its members to help customers detect and prevent scams. 

Roman, the BMO spokesperson, says the bank is determined to work with the government, the technology industry and other banks to help Canadians defend themselves against scams. 

Tips to protect yourself

Bagnall suggests "slowing down and being hypersensitive" when browsing websites or receiving emails. 

He also reminds people to be cognizant of what they share on social media and that long passwords equal strong passwords. 

Bagnall's five recommendations to both companies and individuals are: 

• Be aware of what data is stored where, and under what sort of security.
• Be aware of vulnerabilities — both digital and human.
• Educate yourself on current threats.
• Plan ahead by imagining a threat or problem. What would you do if you lost your phone, for instance? 
• Have a recovery plan in case disaster strikes. How will you get your data back, for instance?  
• GO PUBLIC Woman loses $340K in wire transfer scam — alleges 4 banks did little to stop it
• Alberta BMO customer on the hook after almost $10K disappeared from her account

ABOUT THE AUTHOR

Angelina King is a reporter with CBC Toronto's enterprise unit where she covers a wide range of topics. She has a particular interest in crime, justice issues and human interest stories. Angelina started her career in her home city of Saskatoon where she spent much of her time covering the courts. You can contact her at [email protected] or @angelinaaking

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Brazilian woman arrested after taking corpse to sign bank loan: ‘She knew he was dead’

Shock in Brazil after woman is arrested and charged with violating a corpse and attempted theft through fraud

When Érika de Souza Vieira wheeled her lethargic-looking uncle into a Brazilian bank, clerks quickly sensed something was amiss.

“I don’t think he’s well. He doesn’t look well at all,” remarked one distrustful employee as Vieira tried to get her elderly relative to sign off on a 17,000 reais ($3,250) loan.

Paulo Roberto Braga was indeed indisposed. In fact, the 68-year-old appears to have been dead.

Shortly after entering the lender in Rio late on Tuesday with her late uncle, Vieira was arrested and charged with violating a corpse and attempted theft through fraud, according to the Rio newspaper O Dia .

“She knew he was dead … he had been dead for at least two hours,” the investigating officer, Fábio Luiz Souza, told the breakfast news program Bom Dia Rio on Wednesday.

“I have never come across a story like this in 22 years [as a cop],” added Souza, who said visible signs of livor mortis left no doubt as to Braga’s state.

Footage of Vieira’s surreal and macabre alleged attempt to cash in on her relative’s corpse has gone viral on social media, with Brazilians voicing stupefaction at the scene.

At one point in the images – which bank workers began filming after smelling a rat – one suspicious employee comments on Braga’s pallid complexion. “That’s just what he’s like,” Vieira replies, before trying to place a pen in his limp hand once again.

Brazilian journalists shared their viewers’ bewilderment.

“It is just unbelievable. It seems like a wind-up, but this is serious,” the news presenter Leilane Neubarth exclaimed as she told viewers about the scandal on the network GloboNews. “She has gone into the bank with a cadaver – and has tried to get money with a human being who is dead.”

Another journalist, Camila Bomfim, was similarly stunned. “This is the last straw … This goes beyond all limits because there can be no doubt … about the difference between a living person and a dead person,” Bomfim said.

Ana Carla de Souza Correa, a lawyer representing Vieira, insisted it was not. “The facts did not occur as has been narrated. Paulo was alive when he arrived at the bank,” Correa told reporters, claiming there were witnesses who could prove that. “All of this will be cleared up,” the lawyer added . “We believe in Érika’s innocence.”

The police chief Souza said he was also investigating if Vieira was in fact the deceased man’s niece. “Anyone who sees that [footage] can see the person was dead,” he said.

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