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Finance

How Can I Transfer Money From One Bank to Another?

Whether you need to send your own cash to a bank account overseas or need to pay your client, you probably feel that transferring money from one bank to another is a massive hassle!

So what’s the best way to transfer money from one bank to another? How do you ensure you do so as fast as possible without having to pay huge fees?

This guide will show you some of the easiest methods for domestic and international bank transfers.

Are you wondering, how can I transfer money from one bank to another?

Here’s what you need to know:

Consider Digital Banking

It’s likely that you store your money in a bank that focuses more on in-person services and only has online banking as a secondary service.

However, the best route is to opt for a bank that makes digital banking its priority. These banks offer easier solutions for transferring money from one bank to another with little hassle.

You can expect most transactions to only take up to 24 hours. Larger transactions can take up to a week and you might have to confirm the transaction over the phone.

Digital banking also has many other great features for sending payments. For example, many digital banks allow you to hold multiple currencies. This is great from an investment perspective but also great for sending money to international clients in their local currency.

Multiple currencies can also help you with cash flow problems. If your US Dollar is depreciating but your Swiss Francs are appreciating, you can convert a few Swiss Francs to Us Dollars to send to your clients.

However, the fees won’t be large and you’ll be met with helpful customer service agents willing to help with your transfer. You can read more on what makes a great digital bank.

Payment Authorization Services

Another option is to use a payment authorization service to send money. These services work as a middleman and transfer money from your bank to another recipient’s account on the payment authorization service.

The recipient can then transfer the money to their own bank account as they please. These services also work at fast speeds and are ideal for both domestic and international transfers.

In most cases, fees for financial transfers using these services are very low. One disadvantage comes with sending large transactions. You can expect to fill out lots of paperwork to authorize the payment.

Digital banks beat payment authorization services for sending these larger transfers.

How Can I Transfer Money From One Bank to Another? Now You Know

Are you still asking how can I transfer money from one bank to another?

Now you know the answer to the best way to do this. While there are numerous methods you want to save time and money when sending payments from one bank to another.

Through digital banking, you can send small and large transactions. You can also hold multiple currencies for sending to international clients.

Payment authorization services also work well though these aren’t suited for larger transactions.

You can find more financial tips on our blog.

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