Bank Transfer Tips: What to Know When You Transfer Money from One Bank to Another

By Two Monkeys Travel - Contributor December 17th, 2019 Posted in Travel Blog One Comment

Because sometimes you need to move some money from one account to another or you just need to pay the rent and you’re not in your country, transferring money is actually way easier than you believe. It doesn’t matter where you are at the moment you can send money wherever you want in the world without leaving the comfort of your home or hotel. 

What to know When You Transfer Money from One Bank to Another
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There are many digital options you can choose to transfer your money and all you need is to find the method and company that suits you best. Transferring money from one bank to another has never been easier and is becoming the favourite method of many individuals who usually get stressed out during the holidays due to monthly payments. If you’re wondering why and how to transfer money, here are a couple of things you should consider: 

What to Consider as a Beginner

What to know When You Transfer Money from One Bank to Another
Photo by Vitaly Taranov

If you’ve never transferred money before, there a couple of valuable information you need to consider. It might sound silly, but at first, you should have a solid grasp of how much money you have in your account before planning to make the transfer. In case you don’t have sufficient funds the transaction cannot go through. But, even if it does you must pay an overdraft fee. If you don’t pay this fee on time it can get even more expensive, a reason why you should be aware before agreeing to make a transfer. Another thing you cannot overlook when you transfer money is the routing number of 9 digits for both the bank where you’re sending the money and yours. You can find your account number on the bottom of your check or through the online banking account.

The simplest way: Cash Transfer

What to know When You Transfer Money from One Bank to Another
Photo by Nick Pampoukidis

Banking nowadays rely very much on the digital world therefore the money is digital too, but this doesn’t mean you cannot transfer a bunch of cash. It doesn’t matter where you are at the moment you can always withdraw and transfer cash when you want to. If you’re wondering when or how can I send money to Colombia you only need to consider a couple of things. Moving cash from one place to another is actually very easy but you have to learn how to avoid ATM fees. To avoid them you only have to withdraw money in-person because every ATM including your bank may charge you with a transaction fee.

The Old-Fashioned Way: Checks Transfer

What to know When You Transfer Money from One Bank to Another
Photo by David Goehring CC BY 2.0

This old-fashioned method has still remained the simplest way to transfer money. All you have to do is to sign a check and deposit it at the bank you wish. Because now we can make good use of the mobile checks, we don’t have to take a ride at the bank to deposit one.

When you have to transfer money between accounts, the bank to bank transfer is the wisest thing you’ve chosen. All you have to do is to link the two accounts using the two account numbers and wait for a transfer that usually takes a couple of days to process.

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Written by Two Monkeys Travel - Contributor

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