Money transfers
How to Transfer Money Between Banks
Educational information only: This article is general information for learning. It does not replace personalized money, tax, legal, debt, or banking guidance.
Moving money is simple when the accounts are yours and the details are correct. It becomes risky when someone pressures you, asks for a wire, or tells you that sending money is the only way to solve a problem.
Quick answer: Compare standard bank transfers, wire transfers, transfer apps, checks, and international remittance services by speed, cost, limits, protection, and scam risk.
Common transfer methods
| Method | Common use | Watch for |
|---|---|---|
| Bank-to-bank transfer | Moving money between your own accounts. | Processing time, limits, and correct routing details. |
| Wire transfer | Large or time-sensitive transfers. | Fees and difficulty reversing errors or scams. |
| Payment app | Sending to friends or small personal payments. | Wrong recipient, scams, and limited purchase protection. |
| International transfer | Sending money across borders. | Exchange rates, fees, delivery time, and required disclosures. |
| Check | Non-urgent payments where paper is accepted. | Clearing time and fake check scams. |
Before sending money
Confirm the recipient
Use a trusted contact method, especially for large transfers or changed payment instructions.
Check every digit
Routing numbers, account numbers, email addresses, phone numbers, and names must be correct.
Understand the fee
Some methods are free but slower. Others are faster but charge fees.
Pause if pressured
The Federal Trade Commission warns that scammers often pressure people to wire money quickly.
Red flags
- Someone you have not met asks for a wire transfer.
- A stranger sends a check and asks you to send part of the money back.
- A caller claims to be from a government agency and demands payment by wire or app.
- A seller, landlord, recruiter, or romantic contact says wire transfer is the only option.
If you sent money to a scammer, contact your bank or transfer company immediately and ask whether the transfer can be reversed.
Sources
Frequently Asked Questions
The safest method depends on the amount, speed, recipient, fees, and whether you are transferring between your own accounts or sending money to someone else.
Wire transfers can be hard to reverse, especially if money was sent to a scammer. Contact the bank or transfer company immediately if something is wrong.
Check the recipient, account details, fee, transfer speed, limits, and whether anyone is pressuring you to send money quickly.