Transferring money from one bank to another bank is a service offered by every financial institute. There are 3 main methods to send money, with each having a difference in cost and timings.
Method 1: Transferring money via the Automated Clearing House (ACH)
Money can be sent from one bank to the other by the Automated Clearing House (ACH) service banks offer. This service has two categories: debit and credit payments. If money is transferred between banks, it is considered a debit payment, which is done in a very quick manner. ACH payments procedures are extremely common and can be used for different forms of direct deposit paychecks, online bill payments, and money transfer between different accounts. This method requires contacting your bank via telephone and telling them about your wish to make a payment through their ACH service.
Method 2: Sending money through wire transfer
Wire transfers between banks are fast and secure. You can get a wire transfer done by contacting your bank, who will guide you then. The bank guides on the procedure for this and discusses their chargers. Wire transfers are slightly more priced than other bank transfer methods. You may be asked to visit the bank for the wire transfer. Wire transfers are done on international banking levels as well.
Method 3: Paying through third party services
Many services have opened which aid in transferring money to other accounts. The most common services are Western Union and PayPal. You will need an account in these services to transfer the payment. PayPal is a web-based company, which allows their users to send and receive funds. If both your and the recipient have accounts set in PayPal, money is sent instantly between the banks. Western Union is a bank which requires an account as well by the sender. The recipient does not require an account there.