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How to remit money to another bank account

With the development of banks and increasingly attractive offers for opening a bank account, changing banks is becoming more and more common. For this, it becomes necessary to perform a bank account transfer. How to proceed, at what price and under what deadline? Are banks the only option to transfer money from an account to another? In this article, we will give you all the explanations on the transfer of money to another bank account.

What is a bank account transfer?

For geographic, practical or economic reasons, it may be necessary to change bank branch or bank. In this case, it is necessary to transfer your bank account. This operation simply amounts to asking your bank to move certain operations to a new account, either in a competing bank, or with the same bank but in another agency; What is uncommon or is yet just becoming more practical; is the transfer of money via online platforms. As times goes by, people started turning to online platforms to transfer their money, either nationally or internationally. This can of course word for both individuals, entrepreneurs and business owners. The fees, as we will see later in this article, have become rather encouraging thanks to the fierce competition that is present in the market of money transfer and currency exchange.

How to transfer a bank account?

For actual banks, if it is possible to transfer your bank account at any time, two cases should be distinguished: the transfer from one branch to another within the same bank and the transfer from one bank to another bank. When it comes to transferring money from an account in another in the same bank branch, it can happen instantly or in some cases, 48 hours maximum. As for transferring to an account in another bank branch, it may take up to 5 work days. It is here that the online option becomes rather practical. We will give deeper expiation below.

Transferring money online, via Payex Flo for example, can be faster than any bank and that depends on the location you want to send money to and the amount of money. Transferring money to countries where currency exchange can be done easier may make the transfer occur instantly, but if you want to send money to a country that is both geographically far and have complicated currency exchange rules it may take up to 72 hours maximum.

Transfer within the same banking establishment

If you simply want to transfer your bank account from one agency to another within the same establishment, the process is done on simple request. It is automatic and of course free. Most networks offer automated, fast and process-free transfer.

Transfer between two banking establishments

There are two ways to transfer your checking account to a new bank. You can :

Either carry out all the procedures alone (opening a new account, transferring information relating to your account, closing the old account);
Or get help from the banking mobility service of your new bank. This service, requires your new bank to assist you free of charge in the transfer of your direct debit. You just need to give your new establishment your old account number and sign a bank mobility mandate to benefit from the service. Some banks may charge you some fees for the service.

International Money Transfer

One of your children traveling abroad suddenly runs out of money and calls for help. Friends on vacation in the other hemisphere have their ordinary bankcards stolen and are therefore not entitled to pay for anything. You want to book a hotel for your next stay in a distant country but the manager requests that you send him a deposit in a relatively short time … So many situations in which you must react quickly enough to send funds abroad without be able to use conventional means of payment.

Indeed, it will be impossible to make a transfer since the recipient does not have a bank account on site. Moreover, there is no need to send a check to a European country for example. There are, however, many ways to transfer funds. It is up to you to choose the most relevant depending on the destination country and the urgency of the shipment. Doing it online saves you all troubles of going to the bank each time and allows you to remit money to another bank account easily and safely.

For urgent remittance and almost everywhere in the world (except in some countries like North Korea, Libya, Seychelles, Sudan, South Africa …), it is better to abandon bank transfer and money order and turn to specialists like Moneygram, Western Union or if you do not wish to pay high fees, you can go with Payex Flo.

Indeed, these providers can make the transferred money available to the recipient in just a few hours, the time for you to fill out a specific form, deposit the cash you want to send them, pay the amount of the fees. However, Payex Flo uses ESE engine, an advanced technology that identifies the best market maker that can take care of the transaction faster and cheaper. We all know that companies like MoneyGram and Western Union charge ridiculous fees for even the lowest sums transferred. If you choose Western Union for example, you might pay up to 19$ to send $100, $50 to send $1,000 and $77.50 for a $2,000 shipment, regardless of the country to which the money is to be sent.

On the other hand, some countries (Morocco, India, Vietnam, for example) do not allow the recipient to directly collect currencies like the Euro or the Dollar, but require that the funds transferred be changed into local currency. Hence additional exchange fees on arrival.

Finally, to recover the money sent, the beneficiary will most often have to pay the costs of providing funds, called correspondent fees, billed by the local bank. These fees are obviously very variable from one country and from one banking network to another. Regarding delivery times, they vary depending on the destination country but are not guaranteed. In fact, never expect less than a week.

Here again, online money transfer platform shine. Platforms like Payex Flo will save you all the troubles we talked about above. You can send money to your friends and loved ones in different currencies and countries. There are of course regulations that the website is respecting but the process is completely legal. If, as we said, you send money to a country that requires its citizens to receive money in local currency, then the money send will be exchanged. It is an easy currency exchange that is taken care of by the best market makers on the internet. The only different is that the fees you and the recipient will pay are significantly lower than those imposed on you by banks of companies like western union or MoneyGram

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