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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. 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. Or you might have one bank account with a high APY, where you want to keep most of your money, and another.
This answer was first published on 05/28/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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Eric Schaefer, Financial Advisor
@EricSchaefer
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Yes and yes!
Many banks will allow you to link another outside bank account through an "ACH" or "EFT". I have my bank accounts at Bank of America, and through their site I was able to link an outside bank account. I would call their technical support team and tell them your intention, they will happily help you link the accounts. The link should be active in 3-5 business days and transfers will occur 1-3 business days after each request.
If you are writing a check, you can make the check payable to yourself and endorse the check for deposit. While this is often a faster method of transfer now that mobile banking allows check deposits, it can be a pain and has more room for error. I would steer you towards electric transfers once you have that link set up.
This answer was first published on 08/18/15 and it was last updated on 02/15/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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Chris Winkelmann, Investment Advisor, Bridgewater Asset Management
@ChrisWinkelmann
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You can write a check payable to yourself (correctly titled and endorsed) and deposit it in your other account. Be aware that it may take several days for the funds to show up and clear--it is not always immediate, depending on your bank's policies.
In addition, if your intent is not to use the other bank account any more, be aware that withdrawing all the funds may not automatically close it, and you may be subjected to mimumum balance charges.
This answer was first published on 08/19/15. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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wilbertbattles719, Member
@wilbertbattles719
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I'm having trouble trying to link my bank account to another bank account and I'm not able to make the link because it says my username and password are incorrect that's not true
This answer was first published on 04/19/21 and it was last updated on 05/10/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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Sharon Moller, Member
@smoller
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Of course you can, especially since they're both yours.
This answer was first published on 03/07/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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Important Disclosures
* WalletHub is committed to transparency and editorial independence. The information about the following cards has been independently collected by WalletHub: U.S. Bank Visa® Platinum Card, BankAmericard® credit card, Fifth Third 1% Cash/Back Card, and Citi Simplicity® Card
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