Is there a free or inexpensive way to transfer funds ONLINE from an account in one bank to another bank?

I have accounts in two different banks for various reasons. I hate going to the banks to make deposits to transfer funds. Is there a way I can do this online for free or cheap? I do it through paypal sometimes but it takes forever that way. I withdraw it and then deposit it into another account but is there a faster way online?

2 Answers

  • 1 decade ago
    Favorite Answer

    Are your banks in the same country?

    If they are - the best way is to get their "internet banking" products set up. Most banks have this, unless you live in the 3rd world, or Australia (haha.. they have online banking there, for sure - it's just very paper intensive to get set up (high security and all!)).

    All you'll need to do, is go into your bank for one last time, and fill out the forms. If your bank is very clever, you should be able to go to their website and register online.

    As with banks (and as it always should be) getting money into them is easy - getting money out of them requires secutiry protocol.

    So be sure to set up both banks' internet banking - otherwise your online experience will be truely one way only.

    For read only solutions, where you can see money from both banks in one place, try (free online personal finance tool, for Americans) if you are american.

    If you aren't american, and you have accounts in more than one country, they try joining - it's damn hard to join, and it's by invitation only, but once you are there, you'll wonder why you every took a credit card overseas, or ever even sent a TT.

    Anyhow - hope that helps. I could help more if you mentioned the banks you are with --- but hey, this is an online space, so I wouldn't expect you do do that!

    All the best.


    PS: $10.00 sounds very expensive - you should be using the ACH payments method - which should cost you about 20c or less per payment (but they are only processed overnight). If you are doing wire payments (like Fedwire, etc) expect to pay up to $50 per payment, but they should be there within 12 hours/same business day).

    Good Luck!!

  • 1 decade ago

    Ask your bank! Mine does "wire transfers" between domestic banks for a $10 fee, if that fits your definition of inexpensive. Paypal charges you something like that. right?

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