You can transfer money from one bank to another via an electronic transfer. Both accounts could be yours, or one could belong to someone you’re paying. You can also transfer money from a bank account to an investment account, prepaid card or peer-to-peer payment account (e.g. Venmo), among other destinations. This is what’s known as an electronic transfer. It’s generally free, and it’s very easy to set up.
Here’s how to transfer money from one bank to another:
- Log into your online account on your bank’s website.
- Navigate to “Account Services & Settings” (or something similar).
- Select “Manage External Accounts,” then “Add External Account” (or something similar).
- Enter the account number and routing number.
- Click “Continue” and follow the prompts.
- Choose a transfer amount and frequency.
- Send the money.
The specifics may vary a bit by bank. And there are lots of different reasons for wanting to transfer money from one bank account to another. But it’s worth pointing out that using multiple bank accounts can be a helpful budgeting tool. If you want to limit your non-necessity spending to a certain amount, for example, you can set up a monthly transfer for that amount from the account where you receive your paycheck to another account that’s designated for fun.