Understanding How Bank-to-Bank Transfers Work

United States By Christy Lowry Dec 19, 2023

When you need to send money from one bank account to another, a bank-to-bank transfer—also known as a money transfer—is a reliable way to do so. This process involves moving funds between two financial institutions, allowing you to send cash from your bank account to someone else’s. Whether you’re paying bills, settling debts, or simply moving money from your savings account to your checking account, here’s how a bank-to-bank transfer works and how to initiate one yourself.

Send money online

How to initiate a bank-to-bank transfer

  1. Visit your bank’s website. To start the money transfer, log in to your bank’s online portal or mobile app. Select the option for transferring money, which is usually labeled as “Funds Transfer,” “Wire Transfer,” or “Send Money.”
  2. Provide recipient details. Next, input the recipient’s account information. Make sure to double-check the recipient’s account number and the bank’s routing number to avoid any mistakes or delays.
  3. Verify and confirm. Review the information you’ve entered and confirm the transfer. Some banks may ask you to enter a one-time code they’ll send to your phone number for added security.
  4. Wait for processing. After confirming, your bank will process your money transfer. This can take a few hours to a couple of business days, depending on the banks involved.
  5. Look for notifications. You’ll receive a notification when the funds have successfully been transferred to the recipient’s account.

Costs and fees

Bank-to-bank transfers typically charge a fee for their services, so check your bank’s fine print before initiating a money transfer. This fee can vary depending on the amount and the destination.

Security measures

When it comes to handling your hard-earned money, security is a top priority. Many banks employ robust security measures, including encryption and identity verification, to ensure the safety of your money transfers.

How fast are bank-to-bank transfers?

The speed of bank-to-bank transfers can vary. Domestic transfers typically process faster, often within the same business day, while international transfers can take longer due to additional checks and regulations. Keep this in mind when planning your financial transactions.

Transferring money with Western Union

While bank-to-bank transfers are reliable, they aren’t the fastest way to transfer money internationally. That’s why millions of people worldwide choose to transfer money with Western Union. Our services connect you with loved ones and friends from around the world, making it easy to send money worldwide.

Western Union offers a wide range of options for sending and receiving money, both domestically and internationally. Our user-friendly mobile app allows you to send money and track transfers. You can also pay bills, review exchange rates, and locate agents—all on the go. Whether you’re supporting family members overseas, sending money to a friend in need, or just exploring the world, Western Union has you covered.