Transferring Money Between Bank Accounts
Online transfer of money from one bank to the other is a simple method unlike in the past when customers had to rely only on the traditional banking system. Money from one bank to the other often took a longer time in the traditional banking system. Currently, the process takes place through the internet and does not take more than 2-3 working days.
These transfers can be made between the savings account, current account as well as investment accounts. You may have to pay a fee for this service in some banks. In some other banks, this service may be free of charge. In that case, all that you need to have is an online account access of the sending bank. Let us check the essential steps for online money transfer.
Access your online account - For sending money to another bank, you need to access the online account of your bank by with the help of your login information. You have to look for the link through which you will set up the money transfer from one bank to the other. In most cases, you would find such information on the 'side bar'. On other occasions, you may find it under categories such as 'money transfer'.
Enter details correctly - Once you locate the page of money transfer, enter the details of the bank account where you want the money to be transferred, or in order words, the receiving bank account. You need to provide information on the sending bank's account number, the type of account in which you are sending the money and a routing number. it is important to get these details correct. This is because a wrong entry means your money will be sent to the account of a stranger.
Go through the terms and policies - You should go through the terms and agreement on the money transfer policy of the bank. As mentioned earlier, for every transfer some banks charge a nominal fee. If you miss out on that, they will put the sum on hold instead of transferring it. So, be clear in order to avoid confusion at a later stage.
Wait for the bank verification - One way of verifying is through the instant security question. Here the receiving bank sends a security question or personal information for checking the authenticity and it is important to answer these questions correctly. These questions were answered to you when you were setting up the online account with the sending bank.
Double check the details - Once the bank verifies the accounts, you are then expected to complete the process of verification. You will come across a section on the sending bank's website called 'bank-to-bank' transfer. Now you should enter the amount you wish to transfer and click 'ok'. Cross check all the information and finally click on to the 'done' button.
Email confirmation - After the process is done, you will get an email confirmation. In case you do not receive it, immediately call up the bank and fix the problem.