How Do I Transfer Money From One Bank to Another Using My Computer?

Using a computer to transfer money from one bank to another is easy and efficient. It may take a few days for your banks to process your requests for online account access and grant you the ability to transfer money online. Once you've completed the basic steps and made sure you computer is protected, you can enjoy quick and easy money transfers.



Internet Account Access

Create Internet access for the accounts at each bank you want to transfer money from or to. Some banks require that you fill in paperwork to gain Internet access to your account, while other banks allow you to establish Internet access directly online.



Build a unique password composed of numbers, upper and lowercase letters, and symbols to ensure strong account access protection.



Establish Payees

Most banks will allow you to create payees, the people or businesses you want to send money to, when you obtain online account access. But some banks require you to complete paperwork before granting access to their online payment system. Check your bank's requirements online or call the customer service department.



To transfer money using a computer, you can either enter the details for the receiving bank and account each time you move money, or you can set the bank up as a recurring payee. The bank that you pay from will need to know the name, address, routing number and account number for the bank you want to transfer money to.



Making Payments

Once your payees are set up, you can begin transferring money. Sign on to the bank account you want to transfer money from and select the payee bank you want to transfer money to. Enter the amount of the transfer and the date you want the transfer to occur.



Some transfers are made electronically while others are made via check, and the method may differ depending on the payee. Electronic transfers move money on the payment date, and you should be able to see transfers moving out of the payment account and into the recipient account on the transfer date or the following business day.



Payments made via check can occur in one of two ways. The paying bank may commit to have the money delivered to the payee on the payment date. Or, it may commit to "write" the check to the payee on the payment date. Understand how checks are sent and schedule your transfers accordingly.



Computer Protection

The Australian Bankers' Association recommends ensuring that you install anti-virus and firewall software on your computer to protect it from attempts to steal personal data from your computer. Look for the padlock symbol on the bottom right-hand corner of your browser to ensure data is encrypted between your computer and the bank. Always log out of the bank's Internet site when you have completed your banking transactions.