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! :-)

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

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! :blink:

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. :)

Re: Transferring money to individuals
 

Chase do something similar.

Re: Transferring money to individuals
 

I've only used it once, so it may do that next time.

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.

Re: Transferring money to individuals
 

Paypal works very quickly, and is free for friend to friend transfer.

Re: Transferring money to individuals
 

:confused:
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).

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.

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.

Re: Transferring money to individuals
 

Useful to know... I thought the email option was only for where both parties were BoA. I may never need my checkbook again :)