Transferring money means moving funds from one bank account to another, one person to another or your bank account to you. You may need to move money around to help a family member or friend who lives in a different place, cover funds coming out of a certain account, for business purposes, living expenses, travel or retirement.
There are several ways to transfer money, including through a wire, ACH transfer, mobile app, personal check, cashier’s check, or money order. Let’s learn more about some ways to transfer money.
ACH and wire transfers from a bank’s website
Wires can be a way to transfer money quickly, though they may come with an associated fee. Wires require you to provide the recipient’s name and bank account number to complete the transfer. Wire transfers are direct, often immediate, and can be sent internationally.
An ACH transfer is an electronic transfer from one bank account to another. ACH transfers must pass through the Automated Clearing House network.
Most bank websites, like Citi.com, allow for ACH transfers. Common ACH transfers include direct deposits from an employer, bill payments, utility payments and person-to-person transfers. ACH transfers are typically free or low cost, but can take a couple of business days to complete.
Mobile app
Mobile apps can be a convenient, accessible way to send and receive money.
While some mobile apps allow users to send and receive money for free, others charge a fee, especially for instant transfers. Please keep in mind that these apps may not be secure and can be susceptible to hackers and scammers. Always make sure you’re aware of whom you’re sending money to or who is sending money to you.
Personal check
Personal checks are another convenient way to send money.
If you’re sending funds via personal check internationally, be aware that the recipient may have to pay a check-cashing fee or cover any exchange rate costs. They may also have difficulty finding a bank that will cash a check written in USD. You must also have enough money in your bank account to cover the check amount and prevent the check from bouncing, which may incur fees.
Cashier’s checks
A cashier’s check is drawn from a bank’s funds and, therefore, guaranteed by the bank. They’re usually a preferred form of payment for things like down payments or security deposits.
Cashier’s checks can often be used if personal checks are not accepted. You can obtain a cashier’s check from your bank for the amount of the check plus a fee.
Money orders
Money orders can be a good option if you're sending money internationally, particularly to places where banking isn’t easily accessible. If you want to send a money order, you must request it in person, indicate the payee and amount and pay for the value of the money order as well as any associated service fees.
Money orders can also take longer to clear than other ways of sending money, such as electronic transfers.
Disclosure: This article is for educational purposes about banking products. It is not intended to provide legal, investment, tax, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should refer to the disclosures financial institutions provide for various products and consult a qualified professional.
