There comes a time when you need to send money to another person. Whether you want to send money to your loved ones abroad, pay the babysitter, split a bill with your pals at a local restaurant, or pay your child’s school fees. Whatever the reason, there are better ways to send money to bank account same day.
Sometimes you may be forced to transfer money from one bank account to another. However, the process of moving money around should not be that hard. There are many ways you can use to transfer money. You can transfer money between accounts in different banks or between accounts within the same bank. Sending money electronically is more efficient and cheaper, however, you can still get the best offers from the best money transfer companies. You can also transfer money from checking account to prepaid card online.
Ensure you have enough money in your account before transferring money. Because when you transfer fund without confirming, you may end up been charged overdraft fees.
Important Facts To Know Before Send Money To Bank Account
As you may know, you can send money to another country in less than 24 hours. Technology advancement has made our life easier. You can now send cash in the comfort of your home. With the emergence of online money transfer companies, it is now more secure to send money across borders, and you can do it almost instantly. However, transferring money within a very tight time frame means higher fees.
What Are Same-Day International Money Transfers?
A same-day money transfer is a process that enables people to send money abroad within 24 hours. This process is not different from other overseas money transfer methods; however, it is much quicker compared to other regular transfers. Some providers offer instant transfers but at a higher cost. Due to poor exchange rates and high fees.
What Are My Options For Same Day Overseas Transfers?
- Money transfer with cash pickup: Western Union, MoneyGram, and WorldRemit are some of the companies that offer cash pickups. This process allows money to be available for pickup in less than 15 minutes in many locations around the world.
- Bank transfer: Major US banks have made it easy to send international money transfers. Transfers within 24 hours are only possible for some countries and currencies. The rest could take up to five days to arrive.
- Online money transfer: Some money transfer companies can send money to your recipient’s bank account within a very short time. The only downside is that processing time can take more than 24 hours to complete depending on the destination.
How Does a Same Day Money Transfer Work?
The methods of sending a same-day transfer may vary depending on transfer service.
- In person: If you are using MoneyGram and Western Union, you can send money abroad by going to your nearest agent location. Your recipient can then collect the money at any branch in their country of residence.
- Companies like WorldRemit provides same-day cash pickups: All you need to do is visit their website and learn how you can initiate the transfer online using your credit card, debit card, or bank account. Before you initiate the transfer online, ensure that your funds will be sent in time.
- At a bank: Some banks offer same-day transfers. They allow you to initiate a transfer with some banks at any branch, through their online banking portal.
What Information Will I Need?
Many Companies which offer bank to bank transfer, will ask you to specify your recipient’s account number, bank name, and SWIFT code. For cash pickups, you’ll be required to send your transfer tracking number so that the recipient can pick it up at a specific location.
How Do I Compare Same-Day Money Transfers?
- Exchange rates: Choose the strongest rates, however, it is important to know that high fees may be attached.
- Transfer options: If you’re sending your money for cash pickup abroad, see if there are many agent locations near your recipient.
- Pickup methods: Some companies provide fast cash pickup, while others will deposit your money directly into the recipient’s account.
- Fees : Many providers will charge you a set fee, others will charge a certain percentage of your transaction, and some will not charge you when you transfer a large sum of money.
- Transfer methods: You can initiate the transfer or visit any branch.
- Customer support: When dealing with same-day money transfer companies, choose those with a good reputation. For example, the ones that provide professional and customer-friendly support.
Send Money To a Bank Account
Many banks have taken advantage of online technology and are inventing different methods to connect to your money. Today, you only need a website or mobile app to have access to your money. All this can be done wherever and whenever you want. Even nowadays you can easily Send money from prepaid card to bank account if your card is linked with your bank.
1. Send Money Within The Same Bank
It’s now easier than ever to send money to bank account same day within the same bank. It doesn’t matter if you’re sending cash to someone else at the same bank or transferring cash between your own accounts. This process is done internally within the bank’s network and servers.
Most of these transactions are free because they are done within the same bank. The process is usually quick and can be completed overnight. However, you’ll be debited for the money you transfer and your recipient will be credited for the money transferred.
Ways to make transfers within the same bank:
- Mobile banking app
- ATM to the linked account
- Bank or wire transfer by phone, in person, or online
- Third-party mobile payment
Information you might need:
- Recipient’s bank account number
- Recipient’s name
- Transfer amount
2. Send Money To Other Banks
Sending money to other banks is not the same as sending money within the same bank. This is because the process can only be completed on external networks and must employ additional security measures. The process can take up to 5 business days.
Most banks prefer the Automatic Clearing House (ACH) network for automated bank transfers. This is a quick and safe way to transfer money. Below is how the method works:
- You initiate a direct payment or direct deposit transfer with your bank. Your bank will then make an ACH entry of the request.
- ACH operators who are also known as the Clearing House or Federal Reserve will receive batches of ACH entries. They will then sort them into one of these categories; business, individual or other. And make them accessible to the receiving institutions.
- Requests are bundled into batches and transmitted to ACH operators at different intervals throughout the day.
- Here, the receiving institutions complete the transfer and credit the recipient’s bank account.
Send Money From Your Bank Account
A bank transfer is sending cash from one bank account to another. This Process is quick, free, and more secure than paying in cash or withdrawing.
Make A Bank Transfer
When it comes to a bank transfer, you have many options to choose from.
Below are some common bank transfer methods:
- Online bank transfers: You just need to log into your online account and choose a payment option. Follow the simple steps on the screen and make sure you enter your correct details. Many banks offer smartphone apps that have the transfer money option.
- In-branch bank transfers: With in-branch, you can directly pay the person you owe money to, as long as you have money in cash.
- Telephone transfers: Here, you just need to call your bank’s telephone banking service and talk to the customer service representative. They will assist you and talk you through the whole process. Sometimes you may be assisted via an automated recording.
Information That You Need For Send Money
When you decide to transfer money, ensure you have the correct details of the recipient or the organization you are sending money to.
Below are some of the details you need:
- The correct name of the recipient or business you’re transferring money to.
- The exact day you want to make payment.
- 6-digit sort code of the account you’re sending money to.
- A payment reference to indicate that the money came from you. It usually contains your name or recipient’s number.
- You may be required to have the name and address of the bank you’re transferring money to. This will enable them to check if the sort code is correct.
- 8-digit account number of the account that is receiving money from you.
How Long Does It Take For The Money To Be Transferred?
Transactions made using faster payment methods may sometimes be received instantly from your account, however, you may sometimes need to wait for up to 2 hours. This process is available round-the-clock and can be used in online banking, over the phone, or in-branch.
Most banks will allow you to send at least £10,000. Others have higher limits.
Avoiding issues with bank transfers
- Double-check all the details and figures.
- When transacting through telephone banking service, ask the person on the other end of the line to repeat each and every number and letter to you.
- Ask the individual on the other end to repeat names and figures to you.
- Beware of going overdrawn to avoid expensive fees.
Send Money Between Bank Account
- Ask a teller to transfer. The easiest way to transfer cash is to go to your local bank and transact the amount you want to your preferred destination. Make sure you have the correct account information. The bank teller will show you how to fill out the bank slips at the counter. Ensure you check balance before you make any transaction. This way, you’ll be sure that you have enough money to transfer.
- Call to transfer funds. Sometimes due to time constraints, you may be forced to call your bank and see if they can allow you to transfer money between accounts. Ensure you have your account numbers before you make the phone call.
- Transfer between accounts online. Online banking is easy and can save you time. If your bank has this option, ensure you register so that you can be able to send money online instantly between accounts. You only need to sign in, create your username, and password. Check the “transfer money” option or something similar.
Also, there is a drop-down box. Choose the account you want to transfer money from and the account you want to receive the money. Enter in the amount you want to send and select the date you want the transaction to take place.
Make the Online Money Transfer Process Enjoyable
The Internet has made it possible to send money online instantly anywhere in the world. Due to technological advancement, the world has become a global village. You don’t have to be in the same area or country with the person you’re sending money to or receiving money from. You only need internet and a service provider to transfer cash across the world safely and securely to your preferred destination.
With many companies inventing new ways to send money online, competition is getting stiffer. This means that the prices will keep going down as the companies continue to outdo each other. When businesses are competing, the customer wins.
However, even with its great benefits, online money transfer has come with its own set of challenges. There are so many risks involved, therefore, you ought to be careful when making choices.
For example, you need to select money transfer platforms that have a good reputation. Otherwise, you’ll end up losing your hard-earned money or end up been charged exorbitant fees for the services. Be careful when handling the online money transfer process to reap its full benefits.
a) Plan Beforehand
If you take enough time to plan for the money transfer, you’ll have increased your chances of minimizing transaction costs. Planning beforehand will give you enough time to compare the available options from different money transfer sites and other service providers. This way, you can get the best deals that will save you time, money, and hassle. As discussed above, Sending money electronically is more convenient.
b) Know your options
If you’re sending money online for the first time, take your time to learn the transfer options available and weigh them. You may want to choose a reputable international bank that has its branches across the world. This will make it easier for you to transfer money. You can also select electronic money transfers that are convenient and appealing.
If you go to the internet, you’ll find so many online money transfer websites that you can take advantage of. Some of these companies offer free transfers to certain countries and minimal charges for sending money abroad.
c) Keep an eye on the fees
If you’re not careful enough, you may end up been charged high fees. This may greatly reduce the amount of money you want to send, defeating your intended purpose.
As a company that is sending money, it’s always good to consider transferring larger denominations. Smaller denominations are way more expensive as per percentage.
Also, you need to compare conversion rates as this can hugely affect the amount that the recipient gets. You need to stay up-to-date with current exchange rates. This will ensure that you get a better offer from your preferred money transfer company.
The new technology and innovative services have created new possibilities to send money to bank account same day, pay your bills, or reimburse a friend by following a few simple steps. Transferring funds within the same bank are quick and free, however, transferring money to an international account may vary from one company to another. Also, this may take days to reach the recipient, depending on the process you use. Try to compare different money transfer services and find out which service provider works best for you.