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Sometimes it's necessary to transfer money, either to someone else or between two personally owned accounts. Transferring money is usually not very complicated, but it's important to have the right information available so that the money end up in the right place. This page is a guide on how to transfer money.
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Sometimes it's necessary to transfer money, either to someone else or between two personally owned accounts. Transferring money is usually not very complicated, but it's important to have the right information available so that the money end up in the right place. This page is a guide on how to transfer money.
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Introduction
- If you want to transfer money, there are several options to choose from. They will differ in speed, charges, exchange rates and security.
Step 1: Between Bank Accounts
- One of the easiest way to transfer money in the U.S. is by a transfer from one bank account to another.
- This is a simple procedure if you are transferring money between two of your own accounts in the same bank. You can use the bank's phone service, visit the bank in person or transfer money online.
- Sometimes you will need to transfer money to another person's account, or between two of your own accounts in different banks.
- To transfer money between different banks in the U.S., you will need the account number, bank and routing number of the recipient's bank. If it's a checking account, the routing number is usually the first nine numbers printed on the checks, although you should verify this with your bank.
- Transferring money between foreign accounts is more complicated. Ask for bank for advice and the recipient for guidance. Different banks use different codes and procedures, but you will often need a routing number and BIC (SWIFT) code besides the account number and bank name.
- It usually take several days to transfer money to a foreign bank account.
Step 2: Wiring Money Abroad
- A quick option to transfer money abroad is to wire money.
- In the U.S., you can wire money to several Latin American countries through the post office by the service Sure Money (DineroSeguro).
- You can also use a money wiring agency such as Western Union. Money wiring through the Western Union can be done online, by phone or in person, but the recipient need to pick up the money in person.
- Use a reputable service so that the money gets where it's intended to.
Step 3: Online Services
- You can also transfer money online through a Web site which specializes in money transfers.
- PayPal is a quick and secure option to transfer money.
- Other popular Web sites include Moneybookers.com and InterchangeFX.
- Don't use any unfamiliar Web sites to transfer money, as they could be fraudulent.
Step 4: Other Options
- There are several other ways to transfer money.
- Although a less secure option, you can send checks and money orders through the mail. If sending them abroad, consult your bank and the recipient's bank first; as not all checks and money orders will be accepted abroad.
- Money orders can be purchased through the post office or a bank. If you send a money order, make sure to write the recipient's name out. There is a limit on how much money you can send through money orders.
- International checks can be purchased through your bank.
- You can send cash through regular mail, but this option is not very safe and some countries do not allow it.
- To send large sums of money abroad, it's best to use a foreign exchange broker, as they will give you the best exchange rates.
- If you are closing an account and want to transfer a large sum of money within the U.S. to another bank, consult your bank for options.
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