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What is the best way to transfer funds between banks that are 1 mile apart?

An would there be a fee involved?

12 Answers

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  • 8 months ago

    You should be able to do it online some how. Facebook has an app that links to bank accounts for payment.

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  • zipper
    Lv 6
    8 months ago

    You take the money out of the one drive to the other bank and put it in, or go to the bank with the money and have them transfer it to your account in the other bank; that depend on the amount and the bank system as far as cost goes.

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  • 9 months ago

    In the US, you can generally do a bank-to-bank transfer free, but it will take about 3 business days, the same as a physical check. If it must go immediately, a wire transfer is instantaneous, with a fee of perhaps $20 to $50.

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    • roderick_young
      Lv 7
      8 months agoReport

      Agree to disagree then. The free bank to bank has a built-in clearing time, basically an electronic check. Wire is instant, according to https://www.bankrate.com/banking/how-to-transfer-money-from-bank-to-bank/

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  • B
    Lv 7
    9 months ago

    cheapest is to withdraw in cash from one bank and go to the other and deposit cash and make sure to request that the teller code it immediately available since it is not a check

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  • Pam
    Lv 6
    9 months ago

    You should be able to do it at the ATM or online or simply withdraw the money from one back and go deposit it into the other.

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  • 9 months ago

    The physical distance between the banks is 100% IRRELEVANT, unless you want to withdraw cash and WALK it to the other bank.

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  • 9 months ago

    Use the mobile phone app for the first bank to do the transfer online

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  • Anonymous
    9 months ago

    No one knows which is "best" because we do not know what your preferences are regarding fees, speed, convenience, etc., nor did you tell us how much money you're talking about.

    If the banks are only one mile apart, you can go to bank #1, withdraw cash, then take it to bank #2 and deposit it.

    Or you can write yourself a check from bank 1 and deposit it at bank 2.

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  • 9 months ago

    Depends. There would be zero fee to simply write a check from one account and deposit in the other??

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  • 9 months ago

    There is typically a fee for wire transfers, but it usually isn't very much. However there are many ways to do it. The simplest way might be to just write a cheque to yourself and walk over to the other bank and cash it.

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