Transferring money means moving funds from one bank account or person to another. You might send money to someone else or move it between your own accounts. There are plenty of reasons to transfer funds – from helping a family member to making sure you have enough money in an account to cover an upcoming payment or expense.
There are several ways to transfer money, including through a wire, ACH transfer, mobile app, personal check, cashier’s check or money order. Let’s learn more about some ways to transfer money.
ACH and wire transfers from a bank’s website
Wires can help you transfer money, though they may come with an associated fee. They require you to provide the recipient’s name and bank account number to complete the transfer. Wire transfers are direct, can be immediate and sent internationally.
An ACH transfer is an electronic transfer from one bank account to another. ACH transfers must pass through the Automated Clearing House network.
Most bank websites, like Citi.com, allow for ACH transfers. Common ACH transfers include direct deposits from an employer, bill payments, utility payments and person-to-person transfers. ACH transfers are typically free or low-cost but can take a couple of business days to complete.
Mobile app
Mobile apps can also be an accessible way to send and receive money.
While some mobile apps allow users to send and receive money for free, others charge a fee, especially for instant transfers. Please keep in mind that these apps can be targeted by scammers. Always make sure you’re aware of whom you’re sending money to or who is sending money to you.
