A Brief Introduction To Online Money Transfer

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Online money transfer is a convenient and popular tool that many banks offer their customers these days. We are going to be looking at some of the features that are commonly offered with this service. We are also going to look at the basic mechanics of how it works.

You may have money in a savings account, but you need it in your checking account so that you can write a check, perhaps for a present. Thus, you need to transfer some money into your checking account from your savings account.

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People used to do this by going to their local bank branch and asking someone there to make the transfer. Another way to do this is to call the bank and request the transfer over the phone. When neither of these is convenient, online money transfer is probably the way to go. It is certainly cheaper for the bank than either of the alternatives.

Online money transfers are usually requested from the bank’s consumer web site. Once you are logged in, you can ask for a transfer. The bank will present you with a form to fill in the amount, where the money is coming from, and where it should go. Once you fill this in, the transfer should happen automatically. No bank personnel will be involved unless something goes wrong.

Most banks today will complete the transaction immediately, so that in this case the funds will be available in your checking account as soon as the transaction is complete. Be sure to read what the web site has to say about this, as there is always the possibility that the funds may not be available right away. There probably won’t be any charge for this, but as above, read what the bank web site says about fees.

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If you have accounts at different banks, you may be able to move money between them in a similar way. Since the Federal Reserve may be involved in the transfer, it is possible that it may be several days before your funds are available at the receiving bank. There may well be a fee for this kind of transfer.

Another variation would be to transfer funds from your account to someone else’s account. Not every bank can do this, but many can. You would certainly need to know the other person’s account number, and there may be other authentication required. You generally cannot transfer funds from someone else’s account to your account, for obvious reasons.

Well, that’s the basics of online money transfers. The details are different for different banks, so you would need to get those from the bank. I think it should be clear why this is much more convenient than the choices available in the past.

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