The capital that is spread over different financial organizations can be easily transferred from one bank to another using the most convenient method that is the online banking system. This method would be the easiest way to transfer money in the present busiest world.
Generally, these online transfers are free at many banks. But before your first transaction, you’re supposed to check whether it is chargeable for any non-home bank and for the maximum amount that can be transferred at once to avoid unexpected charges. The International transfers from local account to overseas are called Telegraphic transfer or widely known SWIFT.
How to transfer money from one account to another?
To transfer the money from one bank to another you are supposed to link up the accounts of both banks. It can be of different banks or the same bank but different branches. The money transfer process consists of a few steps,
- Link the accounts
- Account details
- Verification of the receiver’s bank account details
- Start the transfers
Link the accounts
To start the transfer from one bank to another, first, you must link up both the accounts, by logging in to the website of the bank from which you want to transfer the money. As you log in to the website select the option money transfers and enter the related information.
Account Details
Have the details of the account to which you want to transfer the money, like the personal account number, the bank routing number of the account to which you want to transfer the amount. This information can be found from the concerned bank’s mobile app or bank statement.
Verification of the receiver’s bank account
As the required information is entered the bank from which the money has to be transferred would verify the details of the account to which the money will be transferred. You are supposed to enter the username and password. To confirm the account the sender’s bank would ask to transfer a small deposit. This can take one or two days.
Start the transfers
As your account is verified by the bank, you can start transferring the amount by using the concerned bank’s website. You can choose the amount to be transferred and the date of the transaction to occur. By choosing “receiving and sending accounts” you can also see the expected dates on which the amount will be received. There is also an option to choose the type of transfer you would like to make, i.e., recurring or one-time transfer.
After all the options are chosen, click on the submit button and your online transaction is ready to be used.
Transaction of money from one bank to another is easy for the people who have checking accounts in a particular bank but would like to earn higher benefits from the other banks. If a new savings account is opened, they can automatically link the transfers to the existing account.
This can be utilized by the online bank customers, who often link their bank accounts to get high-yield to their online accounts as they are first opened. They try to get better benefits as they tend to maintain their existing accounts.
If you do not have an account to you plan to send money there are many other options. Nowadays almost all the banks offer online bill payments by sending an electronic payment to the vendors on your behalf. Peer-to-Peer payment services can be used to send money to other individuals quickly. If you want to transfer thousands of dollars quickly, it’s better to make sense to wire the money.
If the bank doesn’t charge transfer fees, transferring the amount from one account to another wouldn’t be a burden. Transferring funds from one bank to another using online banking is the most convenient method.
Bank Transfer in the UAE
Within UAE transfer, once your payee is confirmed by any local bank the payment will be transferred to another bank account within the next minute to eight hours. It takes two working days to transfer the amount if it is an international bank.
A new electronic image-based cheque clearing system is introduced by The UAE Central bank, which has reduced the cheque clearing time from five days to four hours. Emirates NBD to Dubai Islamic Bank took only half an hour to credit the amount when both the banks were within the operational hours.
Depending on the banks the transactions are quite fast approximately a couple of minutes between the same banks. But cross-bank transactions differ from the sender and the receiver banks. ENBD, HSBC, and RAKBANK out of which ENBD provides the fastest and easiest transactions and gives an option of free international transfer that can be credited in 30 minutes.
About the author
Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It's a commercial mortgage banking company. He has a "Doctoral Degree in Commerce" and two master's degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.
