How You Can Transfer and Send Money With Checking Account

Checking accounts became significant as soon as banking systems were set up. They make paying online and transferring money from one account to another easier. You can instantly send money with a checking account by sharing the recipient’s account information. 

What Will We Talk About Here?
  • You can send money using account number either by logging into bank’s online account or visiting its physical branch.
  • Methods to send money to your account when you are living abroad can be a bit different. You can use services like Money Gram or PayPal to make the transaction in this case.
  • Creating a checking account is free of cost in most cases but some banks may ask you to make a deposit initially as a form of security. Typically, this will be around $25.

…and Much More!

How You Can Send Money With Checking Account Online

Easy money transfers have become the need of the time. We all wish to do it in the shortest period and send money to our friends or relatives regardless of how far away they are. 

Checking accounts make this job a whole lot easier!

FYI! A checking account is simply a bank account that lets you deposit money and make withdrawals any time.

Such accounts are crucial when it comes to emergency financial situations. They are most important in building relationships with banking institutes and maintaining a good banking history.

Consequently, a stable and active checking account can help you get approval for personal loans on good terms if needed.

Checking accounts also makes accessing money easy because they operate well online. You can deposit, take money out, and send money to others easily.

How Checking Account Works

The next important thing is to understand how checking accounts work. Luckily, they are simple and allow you to deposit or exchange money anytime.

If you have a checking account, you can withdraw money at an ATM, make electronic debits, and write checks to others when necessary.

Note! Usage of checking account is quite flexible which means that your money is almost liquid. You can utilize it any time you wish without going through long, confusing procedures.

The primary difference between a checking and savings accounts is that the latter limits how much you can withdraw.

The savings account also has transaction limits, whereas a checking account lets you take out as much money as your deposits allow.

How To Send Money With Checking Account

Now we come down to the most crucial section of the article, i.e. how can you send money with a checking account?

There are many ways to perform this task and different modes as well. Let’s look at the three most commonly used methods of sending and receiving money through checking accounts.

Send Money Using Account Number

You can send money using the account number by logging into the bank’s online account or visiting its physical branch.

When you are transferring money online, you have to tap on “send money” and then enter the amount that you wish to share.

Ensure you provide the correct information for the recipient’s account, or you might send it to the wrong person.

Once you have entered the recipient’s account number, you can finalize the money transfer.

However, check that you have sufficient funds before sharing money, or the transfer will be cancelled.

Attention! ! It is easier to share money within the same bank. This only requires you to provide the account number. On the other hand, if you have to send money to a different bank, you have to enter both, the account number and routing number.

Keep in mind that whether you are sharing within the same bank or in a different bank, it would require you to link the two accounts together. Otherwise, the transaction would not be successful.

Send Money To Bank Account

Transferring money to a bank account is quite simple as long as you have enough funds to make the transaction.

Only a few banks allow you to overdraft and pay back the money later. All banking services do not offer this feature.

Note! It is never a good idea to overdraft. This is because your bank may allow you to perform this action but it will almost always charge a high fee for doing so.

It is, however, a different story if you own a reliable credit card that lets you take out money from the credit limit and refund later. This action often does not incur extra charges.

You can also use a cheque to send money to your bank account. This method is often utilized in businesses where customers make cheques to take to their bank and deposit the funds there.

The process is instant and fool-proof. However, it can take up to 3 weeks for the money to be transferred.

When living abroad, methods to send money to your account can be different. In this case, you can use services like MoneyGram or PayPal to make the transaction.

Send Money Online From One Bank Account To Another

Sharing money online is one of the easiest ways, especially since some excellent internet services have been introduced.

This eliminated the need to get in a long queue when depositing or withdrawing money from your bank account.

Online banking systems let you transfer money just by using the internet. This is possible with all debit cards and good credit cards as well.

You have to share your PIN and the recipient’s account number. You might also have to enter the recipient’s email ID when using services like PayPal or Payoneer.

If you transfer using a debit card, the funds will be deducted from your account immediately.

In the case of credit card use, the bank will pay on your behalf, but you have to pay back the money later on, typically with an APR amount.

Some More Information About Checking Accounts

So, this is all you should know about transferring money to a checking account. Before we wind up this article, there are some essential pointers you should be aware of when creating and using a checking account.

Let’s have a look at some of them!

How To Open a Checking Account

If you have previously applied for a credit card online, opening a checking account is as easy as that!

First, you must visit the bank of your choice and check out their terms and conditions and the charges involved in opening an account.

Note! You also have to check whether you need to make an initial deposit or not and what is the minimum balance requirement for the bank.

Once you have obtained all the information, you must provide the required identification documents and open the account.

This can be done online, but ensure you use a safe internet service that does not leak your personal information.

When your checking account is opened, getting the associated debit or credit card is always a good idea.

This makes it easier to share money online and helps withdraw cash at an ATM.

Expenses Of Keeping a Checking Account

Creating a checking account is cost-free in most cases, but some banks may ask you to make a deposit initially as a form of security. Typically, this will be around $25, so you don’t need to worry!

Some premium bank accounts may require you to pay a higher amount, even as much as hundreds of dollars. Moreover, you should make sure that there are no hidden fees or minimum balance requirements.

Attention! Banks that have a minimum balance requirement will charge you if your account balance falls below a certain value.

If you think maintaining a checking account can get expensive, remember there are other options to send and receive money.

You can always opt for reloadable prepaid cards to share funds globally.

How Long Does Money Transfer With Checking Account Takes

The time it takes to transfer the money depends on whether you share funds within the same bank network or a different one. In the case of the same bank, the transfer may take only an hour or even just a minute.

Bank transfer to a different network can take a couple of days. The transaction fees are also higher in this case.

Therefore, this transfer is unsuitable if you want the recipient to receive the money instantly.

How Checking Accounts Without Initial Deposit Work?

Although this is only possible with some banking systems, some will allow you to open a checking account without making any deposit at the start.

Luckily, these banks also do not have any cap on minimum balance requirements.

This means you can open an account with just a tiny amount of money and operate it with all its features and benefits. Some of the common banks that allow this include:

You might be interested in reading: Free Online Checking Account No Opening Deposits No Credit Check.

Best Options If You Wish To Open Free Checking Accounts

Many banks allow you to open a free checking account. Most of these banks do not use Chexsystems; therefore, it is easier to open an account there without scrutiny.

BBVA is one of the most reliable options for opening a checking account with unstable banking history.

You can also consider TD Bank, Empower Interest checking account, Chime Deposit account, Varo Bank account, etc.

Moreover, these banks also issue credit and debit cards that can help you withdraw money and share funds. Most standard electronic card services are MasterCard, Visa, and American Express.

Best Options If You Want Checking Accounts With Bad Credit

Poor credit history can make it quite difficult for someone to manage finances. Luckily, there are checking accounts for lousy credit that report to credit bureaus and can help you improve your relationship with banking institutes.

There is no need to worry since there are stores that let you shop with poor credit, but relying on banks is an excellent way to improve your finances over time.

You have to find out the right places that can be helpful in this case. Consider looking into BBVA, FifthThird Express Banking, One United Bank, American Credit Union, etc.

The Bottom Line

Checking accounts are easy to open and convenient to use as well. When you frequently transfer money from one account to another, such accounts simplify your work.
Unlike savings accounts, checking accounts ensure you are open to bank deposits and withdrawals.

This article will help you open your new account and use it to share funds. Best of Luck!

Frequently Asked Questions

Can Western Union deposit directly to a bank account?

Yes, Western Union can send money directly to a bank account. It offers an easy and convenient method to do so. The receiver’s bank account will get the funds immediately.

Can I transfer money from a bank account to a debit card instantly?

If your debit card is linked with the bank account (same issuer), transferring the money from the bank to the debit card is unnecessary because the funds will reflect automatically.

What app can I use my checking account to send money?

One of the most reliable apps that you can connect with your account is Venmo. It can then be used to pay bills, pay for businesses when you shop online or send gifts.

What app can I use to send money with the account and routing numbers?

Cash App and PayPal transfer services can send money instantly if your bank account is connected to the apps. You can do so with your bank account number and routing number.