Bank transfers are becoming increasingly popular, both because they’re quick and cheap and because many banks now have their own mobile apps that make it easy to make money transfers from almost anywhere in the world. But some essential factors impact how to transfer money from one bank to another. So look at the most critical factors.
Type of Account
According to the experts at SoFi, “A checking account at a small, local bank is less secure than a business account because it’s easier to withdraw money from.” So if you’re sending more than $10,000 and/or your account has large sums of cash in it regularly, then your funds will be safer with an institution specializing in business accounts.
Timeliness
Some banks will allow you to transfer money from one account to another within minutes, while others might take several days or longer. While some people may not mind waiting a few extra days for their funds to arrive, others may need immediate access to their money and should ensure they know how long it’ll take for their bank transfers to complete before making a transfer.
Customer Service
Customer service is the essential factor in determining how secure a bank transfer is. No matter how advanced your security features are, they will be useless if you can or can’t access them. If you have ever had to deal with an unhelpful and slow-moving support team, you know just how frustrating it can be to have your transfers held up for days.
Online Banking Security
Online banking security is critical when dealing with large sums of money or sensitive data. Ensure that all online transactions use HTTPS:// and don’t save passwords.
Fees
Some banks may charge a fee for each incoming or outgoing bank transfer. It’sIt’s worth shopping around to find banks that offer free bank transfers. Many big banks in Canada, such as TD Canada Trust and RBC Royal Bank, do not charge fees for sending money from one account to another within their own institution.
Country of Origin
The origin of your bank will play a role in determining how secure your transfer is. If you’re sending money from one country to another, banks in both countries have likely established agreements to ensure safe transfers between them.
Reliability of the Network
When sending money via bank transfer, it’s essential to consider whether or not your recipient’s bank is reliable. For example, suppose you send money through a bank with a poor reputation for reliability. In that case, there’s a greater chance of problems occurring with your transaction than if you sent funds through a highly-reputable institution.
Conclusion
A bank transfer can be convenient for sending money, especially if you don’t want to write a check or pay someone in cash. Considering these factors before initiating a transfer can help ensure your money is safe and secure from start to finish. Online Banking is safe and secure if you follow the instructions of your banking partner. So start looking for the best reliable online banking platforms to get started with convenient banking.