Most people have more than one financial institution. So how do you transfer the money? Do you withdraw it by hand and deposit cash in your other bank? Do you write a check?
One of the greatest conveniences of any online banking services is when you can send and receive money from your other financial accounts. Money is usually transferred the same day, and you never have to go visit your other financial institution.
Many companies charge for this service. You just need to shop around a bit to find the bank or credit union that offers this service with no fees. Itâ€™s perfectly reasonable to use a funds transfer feature for free when you allow a few days for the money to transfer. The same bank or credit union may charge a fee if you need to transfer the funds the same day. If you need same day service, be prepared to pay a fee.
An older, but still effective way of sending money the same day is a wire transfer. This is still a very popular service, and there is always a fee. More people send money to Mexico by wire transfer than just about any other method.