Article summary
When you need to move your money where it matters, it’s important to know what options you have. You can transfer money to another person’s bank account in a variety of ways.
Whether you’re sending money to support relatives, paying a tradesperson, or giving a birthday gift to a friend, you have plenty of options.
In this article, we’ll look at how to transfer money to another person’s bank account, and the different ways you can do it.
In this article
- How to transfer money to another person’s bank account
- Other ways to transfer money to a bank account
- How long does it take to transfer money to another person’s bank account?
- What information will I need to complete a bank account transfer?
- FAQs and guides
How to transfer money to another person’s bank account
It’s easy to transfer money to another person’s bank account. There are a number of ways to do it, and not all of them require you to have your own bank account. This means that, no matter your banking situation, there could be a method to suit you.
Money transfers through your bank to another account
One way to transfer money to another person’s bank account is by using a bank-to-bank transfer or bank wire transfer. They each have their own pros and cons:
- Wire transfers can be more expensive than bank-to-bank transfers (potentially $15-$35 per transfer or more). But this method usually offloads transfer fees on to the sender, rather than all parties. Wire transfer times can vary, with international transfers often taking one to five days compared to domestic ones, which can resolve on the same day.
- Bank transfers can vary in speed and cost but are generally slower than wire transfers. Costs can increase when transferring money internationally but usually remain lower than wire transfers.
For more information, be sure to check out our bank transfers vs wire transfers guide.
Money transfers through specialist non-bank companies
Money transfer companies can provide a range of convenient ways for you to move your money. They offer multiple payment options, plus international money transfers, and may provide competitive exchange rates and transfer fees.
Payment apps
Payment apps can allow users to send money to bank accounts too, and there may be a transfer time of up to 1-3 business days on some of the more popular apps. They can impose transfer limits, however, so may not be suited for larger payments. Additionally, not every bank will accept every payment app, so transferring money in this way might require you to use multiple apps.
Other ways to transfer money to a bank account
While the world is becoming increasingly digitalized, and money transfers are often made through online systems, not everyone has the capability (or desire) to make payments like this. For those who prefer or require more traditional methods, there are plenty of options available.
Cash
For many, cash is king, and just because your receiver requires payment into a bank account doesn’t mean you need to send money digitally. You might be able to make cash payments in person at your bank.
But banks aren’t the only entities that offer this option – money transfer companies often have physical locations where you can make cash transfers too.
Checks
Checks are another way to make money transfers to bank accounts, but they can come with some downsides. Most notably, even though a check can be cashed from home with a mobile now, your receiver will physically need it. This means you’re at the mercy of sending it via post, which could take significantly longer than any of the other money transfer options mentioned.
Money orders
If checks, cash or electronic payments aren’t right for you, money orders could be a viable alternative. They’re available for purchase from stores like Walmart and the US Postal Service. They cost a small fee to purchase and have a limited transfer amount (usually around $1,000). They must also be purchased in person and can take a relatively long time to send, cash and clear.
How long does it take to transfer money to another person’s bank account
How long it takes to transfer money to another person’s bank account can vary, based on some of the following criteria:
- Where your receiver is based, such as in the US or internationally.
- Who they hold their bank account with.
- Holidays, weekends and operating hours.
- Any delays due to incorrect information.
- Security checks, or intermediary banks for international money transfers.
- Your chosen method of money transfer.
Some money transfer companies can give transparent breakdowns, and certain transfer methods may provide better results. If speed is vital, then it’s best to do your research and look at all the available options.
What information will I need to complete a bank account transfer?
While the information you need can vary depending on your chosen method of money transfer, there are a few things to bring that should cover all bases:
- Your receiver’s full name and address.
- Their bank name, routing number and account number.
- The reason for your money transfer, source of funds and payment amount.
- If international, the country of your receiver.
- Your own bank details.
If you’re ever in doubt, most services should have guides on what to expect and what information to gather.
FAQs and guides
- Transfer money to another bank account
- How to send money without a bank account
- Can you do a wire transfer online?
- Can I wire money from my bank?
