Let’s face it, we have all been there trying to access cash immediately. Maybe your nephew has a bar mitzvah in Israel, and you want to send money quickly. Or maybe you are trying to pay your rent on time but don’t have the cash on hand. You need to send money quickly but don’t want to go through the hassle of wiring money or using a money transfer service.
What if there was an easier way? What if you could use your checking account to send money instantly to anyone in the US?
This article will detail the steps needed to send money with a checking account number instantly.
What is a Checking Account?
A checking account is a bank account where you can deposit money and write checks to pay bills or make purchases. When you open a checking account, you will be asked to provide your Social Security number, driver’s license, and other personal information.
A checking account’s purpose is different than a savings account. In order to send money instantly with a checking account number, you need a checking account. You can read about the differences between a checking vs. savings account with ease.
While there are different types of checks, they all come from the same place: your checking account.
Types of Checks Associated with a Checking Account
Some of the different types of checks are:
1. Starter Checks
These are the checks that come with your new checking account hence the name starter checks. They have your name and address pre-printed on them.
2. Personal Checks
Personal checks are a type of check that is written by an individual from their personal bank account. These are the most common type of checks. You can use them to pay for goods and services or to send money to friends and family.
3. Business Checks
If you own a business, you will need to get business checks. These have your business information pre-printed on them.
4. Third-Party Checks
A third-party check is a check that is made out to someone other than you. For example, if you are paying your rent with a check, the check would be made out to your landlord.
5. Cashier’s Checks
A cashier’s check is a check that is guaranteed by the bank. It is typically used for large purchases or when you need to send money to someone and want to be sure that they will receive the funds.
6. Certified Checks
A certified check is a check that has been verified by the bank as being good. This means that the funds are available and that the check will not bounce. Certified checks are often used for business transactions. It is similar to a Cashier’s check, but there are some differences between Cashier’s Check vs. Certified Check to know about.
7. eChecks
One way to send money online instantly is with an eCheck. Wondering what is an eCheck? An eCheck is an electronic version of a paper check. You can use it to pay bills or send money to friends and family. All you need is the recipient’s name and bank account number.
Can I Use My Bank Account to Send Money Instantly?
Yes. Money transfers from financial institutions typically take several days to process. If you need to send money quickly, you can use your checking account to send money instantly. All you need is the recipient’s name and bank account number for instant transfers.
The best part about using your checking account to send money instantly is that it’s free. There are no fees associated with this service.
How to Send Money Instantly with a Checking Account Number Instantly
Now that we have gone over the basics of what a checking account is, as well as the types of checks associated with a checking account, it’s time to get into how to send money instantly with a checking account number.
When you need to send money quickly, whether it is for shopping or just to a friend for payment, there are multiple ways to send money with a checking account number.
1. eChecks
One popular way to transfer money online with a checking account, especially for purchases, is through the use of an eCheck.
There are many online stores that accept eChecks without PayPal as a form of payment. This is just like filling out a personal check. The only addition is that you also include the recipient’s account information as part of the transaction details.
You don’t physically mail this check; rather, you’re completing an instant transfer with the routing and account number.
This type of transaction usually costs nothing beyond the original amount you’re sending, which makes it a great way to save on fees.
2. Bank-to-Bank Transfers
Another way to send money with your checking account number is through a bank-to-bank transfer.
This type of transfer is also known as an ACH (Automated Clearing House) transaction. This is a process where you can electronically send money online and move money from one bank account to another.
An example of this would be if you have a checking account with Bank of America and you need to send money to someone who has a Wells Fargo checking account.
Bank-to-bank transfers can be done online, over the phone, or sometimes even in person at a physical bank branch. The great thing about bank-to-bank transfers is that they are typically free or have very low fees associated with them. You’re also moving money quickly.
The downside of bank-to-bank transfers is that they usually take a few business days to process. So if you need to send money quickly, this might not be the best option for you.
3. Wire Transfers
Another way to send money from a checking account instantly to another is through a wire transfer to the recipient’s bank account. These money transfers are popular with real estate transactions and title companies when they need the money through instant transfers.
You can transfer funds with bank wire transfers by following these general steps below. However, most financial institutions charge transfer fees for instant transfers done via this delivery method.
Steps for Transferring Money with Wire Transfers:
- Gather the required information from the recipient, including the name of their bank, bank account number, and routing number.
- Contact your bank and request a wire transfer. You will likely need to go into your local branch to do this.
- Provide the required information to your bank teller or customer service representative.
- Pay the wire transfer fee. Fees for domestic transfers are typically around $30, while international fees can be around $50 or more.
- The funds should arrive in the recipient’s account within 1-2 business days.
Wire transfers are a great way to send money quickly and easily. However, they can be quite costly due to the high fees associated with them.
4. PayPal
If you have a linked bank account, you can also use PayPal to send money almost instantly to someone else’s account. A lot of people make money using PayPal, and knowing how to send money instantly with your checking account is important.
To do this, simply log into your PayPal account, select the “Send Money” tab, and enter the email address or phone number of the recipient. You can then choose whether you want to send the money using your bank account or PayPal balance.
If you choose to use your bank account, the funds will be sent instantly to the recipient. If you choose to use your PayPal balance, the funds will be available in their account right away as well.
The only fee associated with sending money through PayPal is if you choose to use a credit or debit card to fund the transaction. There is no fee for using your bank account.
Is There a Fee for Using PayPal for International Money Transfers?
Yes. When you send money abroad using your PayPal balance or bank account, there is a small fee. The fee depends on the country you’re sending to and whether it’s a business or personal transaction. You may also be subject to exchange rates as well. For a list of currency exchange rate fee amounts for international transfers, you can use this list.
5. Google Pay
You can also instantly send money from your checking account using Google Pay. This works similar to sending and receiving money from bank accounts. You can follow the steps below for sending money transfers and transferring money from Google Pay to bank accounts or individuals.
Steps for Transferring Money from Checking Account with Google Pay:
- Download the Google Pay app from the Google Play Store. Open the app and sign in with your Google account.
- Tap the “Send” tab at the bottom of the screen.
- Enter the amount you want to send and tap “Continue.”
- Choose whether you want to pay with your bank checking account or debit card. If you choose your bank account, the funds will be sent instantly. If you choose a linked debit card, it may take up to 24 hours for the funds to show up in the recipient’s account.
- Enter the receiver’s bank account details or phone number and tap “Continue.”
- Review the transaction details and tap “Confirm & Send.”
Google Pay is a great way to send money quickly and easily. Plus, it’s free to use if you choose to fund the transaction with your bank account.
6. Instant Transfer Services
Many credit unions and banks use an instant transfer service like Zelle or Popmoney to send money quickly and easily. These services work by using the recipient’s email address or phone number to send them the funds. The transaction is then processed through the network, and the funds are transferred into their account almost instantly.
Additional Instant Transfer Services:
- Venmo
- Cash App
- Popmoney
- Zelle
Using an instant transfer service is a great way to send money quickly. Plus, it’s free to use if you choose to fund the transaction with your bank account.
How Do I Know If My Bank Participates in an Instant Transfer Service?
Many banks and credit unions participate in these services, but not all of them do. You can check with your specific bank or credit union to see if they offer this service.
If you see an account number from your bank accounts from your financial institution listed as a payment method for using a P2P instant transfer service, that means your bank participates. If you have a mobile device, this process is a cinch.
You can also check the websites for Zelle, Popmoney, or Venmo to see if your bank is listed as a partner.
Can I Use Money Transfer Services to Instantly Send Money From My Checking Account?
Yes. Money transfer services like Western Union, MoneyGram, and Ria allow you to send money quickly and easily.
To use these services, you will need to create an account and link your bank account or debit card (some will let you link a debit card). Once your account is set up, you can enter the amount of money you want to send and the recipient’s information and choose how you want them to receive the money.
Most money transfer services allow you to send money via bank account transfer, debit card transfer, or cash pickup. If you choose to send money via bank account transfer, the funds will be available instantly in most cases. However, there may be a small fee associated with this service.
You can send money internationally around the world as well for additional fees.
Related Questions
Is Sending Money Electronically Safe?
Yes, sending money electronically is safe as long as you use a reputable service. When using a money transfer service, be sure to check the reviews and make sure the service is legitimate. You should also double-check the recipient’s information to ensure you are sending the funds to the right person.
Acceptable ways to check a money transfer service are to:
- Check with the Better Business Bureau
- Look for online reviews
- Check the company’s website for contact information
Additionally, you can check to see if the money transfer service is licensed in your state by contacting your state’s banking regulator. Licensed money transfer services will have their license number listed on their website.
When using a peer-to-peer instant transfer service, you can rest assured that the funds will be sent quickly and securely as these services use bank-level security measures.
Can I Transfer Money Instantly Between Bank Accounts?
Generally, yes. If you have the recipient’s account number and routing number, you can use your online banking portal to set up the transfer. The funds will then be sent from your account to theirs almost instantly. Some banks may require you to verify the account with a Microdeposit before the transfer can be completed.
Can I Send Money Instantly With PayPal?
Yes. You can send money instantly with PayPal by using your linked bank account or debit card. There is no fee to send money this way, but there is a fee for using a credit card. The funds will typically show up in the recipient’s account within minutes. You Can also send money anonymously on PayPal as well.
Should a Recipient’s Bank Account Number Be Provided for an Instant Money Transfer?
Yes. In order to send money instantly, you will need to provide the recipient’s bank account number. You may also be able to use their email address or phone number if the bank participates in an instant transfer service like Zelle or Popmoney.
If you are sending a large amount of money, you may want to consider using a wire transfer service like WorldRemit or TransferWise. These services allow you to send money internationally with low fees and great exchange rates.
What’s the Difference Between a Wire Transfer and an ACH Transfer?
An ACH transfer is an electronic transfer of funds that typically takes 1-2 days to process. A wire transfer is a more immediate transfer of funds and can be processed the same day or the next day. Wire transfers typically cost more than ACH transfers.
Will a Money Transfer Company Charge a Fee If I Send Money Instantly?
Most likely. While there are some free options available, most companies will charge a small fee for using their service. The fees vary depending on the company and the amount of money being sent.
When sending money internationally, you will also be charged an exchange rate fee. This is in addition to any other fees that may apply.
Bottom line
There are several ways to send money instantly, but each one comes with its own set of fees and rules. Be sure to understand all the terms and conditions before choosing a method to send your money.
While money transfers are incredibly common around the world, your own account for checking might be the best way to send money instantaneously. All you need is the recipient’s name and bank account number, and your American checking account can help you deliver funds quickly.
Compare different providers so you can find the best option for your needs.
