Transfer Money From Cash App to Bank Account

Your Go-To Guide on How To Transfer Money From One Bank to Another

• How To
• Fastest Way To Transfer Money
• How Long It Takes

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Transferring money from one bank to another has never been easier, thanks to the rise of online banking. But some options might be faster than others, and some might be more expensive than others as well. As bank policies can vary from institution to institution, it pays to take the time to check with your bank about what specific policies apply to your account and how long the transfer may take.

How Do I Transfer Money to Another Bank?

There are numerous ways to move money from one bank to another, including the following:

Online Transfer Between Linked Bank Accounts

This option is for transferring money between bank accounts that you are the owner or co-owner of — not for transfers to other people. When you're transferring money between linked accounts at the same institution, you can easily transfer the money online or within the bank's app. If you're transferring money to linked accounts you hold at different banks, here are the steps:

Step-By-Step Guide

1. Log in to the bank account you want to transfer from Bank I and locate where to enter the banking information for the account you wish to transfer funds to Bank II.
2. Add the routing number, account number and type of account for the account at Bank II.
3. Once, you have entered the transfer information, Bank I will need to verify that the account at Bank II is actually your account. Often, Bank I will ask your permission to make two small deposits into your account at Bank II.
4. Once you see the deposits in the account at Bank II — it may take one to two business days — log back into your account at Bank I and enter the deposit amounts in the correct place.
5. You are now ready to transfer funds between the linked accounts.

Wire Transfer

If you're planning to send a large amount of money, a wire transfer may be best. You can send money via wire transfer nationally or internationally. However, you will typically pay a fee for this service unless you have an account that offers free wire transfers. You can initiate a wire transfer by contacting your bank or a wire transfer company like Western Union.

Write a Check

Another way to transfer money from one bank to another is to write a personal check and mail it to the person who you want to pay. Once the check is received, the person can endorse the check and deposit it into his or her bank account. You also may be able to request that your bank mail the person a cashier's check.

Cash Withdrawal and Deposit

Another option is to withdraw the amount of cash from your bank account that you want to transfer to a different bank. Be aware that some banks, including Wells Fargo, do not accept cash deposits from people who are non-account owners.

Person-to-Person Apps

P2P apps, aka money transfer apps, allow you to transfer money from your bank to another person's bank using only the person's phone number or email address. But the recipient might have to set up an account using the P2P service.

Popular money transfer apps include:

• Venmo
• Zelle
• PayPal
• CashApp

With Venmo, for example, you can pay anyone via their email address or phone number as long they have an active Venmo account and have verified their email address and phone number. The process is usually easier if you've already made at least one transfer to the individual because you can simply use the information you've already stored to initiate a new transfer.

What Is the Fastest Way To Transfer Money?

The absolute fastest way to transfer money among bank accounts is to make an online transfer between accounts within a single bank. For example, say you have a checking and a savings account at the same bank. You can probably make instantaneous transfers between them for free.

When sending money to another person banking with the same institution or at a different bank, you can use a money transfer app, such as Zelle, to send money to that person within minutes — in some cases, it could take up to two business days — as long as each bank supports the money transfer app. Most money transfer apps offer free bank transfers but charge fees if you want to speed up the delivery or make a transfer from your credit card.

If not, a wire transfer is the most rapid option, although it can be one of the most expensive. Outgoing wire transfer fees are typically between $30 and $75, with international transfers costing more. Cutoff times for wire transfers vary based on the type of transfer and the specific requirements of individual banks, so be sure to check with your financial institution before you make a transfer.

How Long Does It Take To Transfer Money From One Bank to Another?

Times vary for different types of bank transfers. Here's an approximation of how long various types of transfers can take:

Types of Transfers and Times:

• Online transfer, same bank: immediate
• Online transfer, different banks: two to four business days
• Wire transfer: typically one day or sooner
• Cash withdrawal and deposit: immediately if made by cutoff; otherwise, next business day
• Check deposit: typically one to five business days, although a portion might be available immediately
• P2P apps: variable; might be available immediately to recipients with their own app accounts

Final Take

Transferring money between banks isn't difficult, but some options may not be available if you aren't an account holder, such as depositing cash in someone else's account or transferring between linked bank accounts. When trying to transfer money to someone else's account, you can use a money transfer app, a wire transfer or write a check for the person to deposit. Some banks will allow you to make cash deposits directly into someone else's account, but you'll need the name of the person's bank and their bank account number.

John Csiszar contributed to the reporting for this article.

Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. Her articles have been featured in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.

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Transfer Money From Cash App to Bank Account

Source: https://www.gobankingrates.com/banking/banks/how-to-transfer-money-one-bank-to-another/

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