Transferring money to individuals
#1
Forum Regular
Thread Starter
Joined: Jun 2015
Posts: 39
Transferring money to individuals
I know there have been posts that have touched on this topic before - but I was curious as to how people here manage to transfer money to individuals within the US without either (a) it taking forever to get to them via manual check; or (b) you having to pay a hefty wire transfer fee each time.
My bank (HSBC) only seems able to fulfill an individual transfer by mailing out a manual check, which takes a week to send out - plus clearing time when the other person (my wife) lodges it with her bank.
I started looking into using Paypal, but I'm not sure that's much better on speed of transfer.
Any hints and tips gratefully received! :-)
My bank (HSBC) only seems able to fulfill an individual transfer by mailing out a manual check, which takes a week to send out - plus clearing time when the other person (my wife) lodges it with her bank.
I started looking into using Paypal, but I'm not sure that's much better on speed of transfer.
Any hints and tips gratefully received! :-)
#2
Re: Transferring money to individuals
I use usbank and their mobile banking app allows you to send money to individuals via their phone number. They get a text on their phone telling them to log in to get the money transferred to their account by ach.
https://www.usbank.com/mobile/pay-a-person.html
https://www.usbank.com/mobile/pay-a-person.html
#3
Re: Transferring money to individuals
I don't know about HSBC, but the big US banks now enable transfers by e-mail.
When someone sends me an e-mail with a payment, and I have pre-registered the e-mail address with Wells Fargo, and linked it to an account, the confirmation from Wells that I have received a payment (and it has been credited to my account) typically arrives in my inbox before I get the e-mail from the person sending me the payment!
Unlike SirEccles money-by-phone, I don't need to log in and receive, process, or accept the payment. When I go to my WF accounts on-line, the money is already there.
When someone sends me an e-mail with a payment, and I have pre-registered the e-mail address with Wells Fargo, and linked it to an account, the confirmation from Wells that I have received a payment (and it has been credited to my account) typically arrives in my inbox before I get the e-mail from the person sending me the payment!
Unlike SirEccles money-by-phone, I don't need to log in and receive, process, or accept the payment. When I go to my WF accounts on-line, the money is already there.
Last edited by Pulaski; Aug 28th 2015 at 4:57 pm.
#4
Re: Transferring money to individuals
I use usbank and their mobile banking app allows you to send money to individuals via their phone number. They get a text on their phone telling them to log in to get the money transferred to their account by ach.
https://www.usbank.com/mobile/pay-a-person.html
https://www.usbank.com/mobile/pay-a-person.html
#6
Re: Transferring money to individuals
I sent some money from my UK account to my US account using Transferwise on Friday afternoon and it was in my account Saturday morning, Chase don't charge me a fee using Transferwise either whereas when I used WorldFirst they charged me $15 a time.
#8
Re: Transferring money to individuals
I frequently transfer money between Chase, BoA, and Wells Fargo. Same bank transfers have always been instant, bank-to-bank are 2 to 3 days at most. All have been electronic. Setting them up on business accounts took longer as I had to confirm two small transfers before I could have them as a trusted account (but even then it was 5 days at most for the first transfer and 2-3 days after that).
#9
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Joined: Mar 2010
Location: Oakland County, Michigan
Posts: 846
Re: Transferring money to individuals
BoA does a similar thing with email addresses/phone numbers if both parties bank with BoA. Otherwise you use their regular transfer scheme which takes 3 working days and costs $3.
#10
Re: Transferring money to individuals
It's not just (within) BoA - I have received money into my Wells Fargo account e-mailed from someone's account at BoA.
#11
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Joined: Mar 2010
Location: Oakland County, Michigan
Posts: 846
Re: Transferring money to individuals