7 Low-Cost Ways to Transfer Money

Many of us have several bank accounts these days. Perhaps we opened one when we were in college, and it remains balanced. Maybe another was available for employment. As a joint account with a spouse, yet another. Another was offering a one-year CD at a really nice discount. In any case, you could at some point be curious about how to move money between banks.

Transferring money with actual cash, a cheque, a wire transfer, a bank draft, or a money order may seem antiquated in today's technologically advanced world. Even while there are speedier technological means to move money across accounts, states, or even countries, the old-fashioned techniques are still viable possibilities, even though they might seem less popular. Furthermore, there are low-cost alternatives to transfer money, and the most cost-effective option may change based on your specific situation.

Many other transfer options, such as wire transfers to another bank, state, or nation, can be set up with the assistance of a bank teller. You'll need the account number you want to send money to and the bank's routing number if you want to transfer money to an account at a different financial institution. Money transfers to other financial institutions are sometimes accompanied by fees.