Transferring money between banks can sometimes incur fees and a few days. After all, you trust your bank to keep your money secure. Transferring it is usually a simple matter, but it’s one that still requires precautions. However, the amenities of modern banking typically attempt to make this process smoother and easier for you, depending on a few factors.
The official term for this is an external transfer and usually takes a few days. Each bank has its own systems and Bank of America is no different. The fees are incurred by the bank where fees are transferred from, which in this case is Bank of America.
There are occasionally fees that come with holding money at a bank, depending on the type of Chase account you’re transferring it to. If you have an account with Chase, the standard rates of keeping money in your account will apply when adding more to the account.
There are a variety of ways to transfer money, and which you choose will depend on your unique circumstances. If you’re the owner of both accounts at Bank of America and Chase, you’ll have additional options available to you to save money, like QuickPay. Chase Bank offers QuickPay as part of their checking account, which is a free money transfer service between participating banks.
The Various Ways to Transfer Money
While transferring money sounds simple, and usually is, it can refer to a few different things. The options available to you are:
- Transferring funds from one account to another
- Sending and depositing a check
- Wire transferring funds
- Using Chase QuickPay
Each option has its own benefits and the method you choose will usually depend on how immediately the transfer needs to be done and if you’re willing to spend any money. It’s possible to set up a process that won’t cost you anything, though that requires your transfer to not be time-sensitive. The quicker you need the funds, the more money it may cost.
Setting Up an External Transfer
An external transfer from one bank’s account to another’s is done through the ACH or Automated Clearing House. This is an electronic funds transfer system servicing the United States. It has been run by NACHA, the National Automated Clearing House Association, which is a non-profit entity that exists to transfer money for consumers, businesses, or the government.
When you begin a transfer from one bank to another, it goes through the ACH. Even if this is new information to you, you’ve probably used it without realizing it. Paychecks direct deposited into your account go through this process.
During the transfer, your money is taken from Bank of America and handed over to the ACH, which then delivers it to Chase. It’s a quicker, more convenient process than writing and sending a check. For one, it saves time since you won’t have to write a check then mail it and wait for it to be deposited. It’s also more secure since a check can be vulnerable while in transit.
Bank of America charges a $3 rate to transfer funds. It takes 3 business days for the money to be transferred but they offer a next-day delivery option for $10.
Having Your Bank Send a Check
Writing or having your bank send a check is another option to transfer your funds from Bank of America to Chase. This option will save you some money, though it’ll likely take longer and add some steps to the process.
If you use a regular check, it’ll possibly take a few days before you can access the money in the Chase account. For a cashier’s check, the money will be immediately available, but there’s a $15 fee for cashier’s checks that defeats the purpose of saving money. Preferred Rewards customers will have that fee waived, though.
The speed of the delivery is dependent on how fast it can be mailed. Usually, it’s in about 3 days.
Using a Wire Transfer
If you need to transfer a large amount of money, and you need it to be transferred immediately, a wire transfer might be a good idea. They are the most expensive option but also the fast and most secure.
Bank of America’s outgoing domestic wire-rate is $30, and its incoming domestic wire-rate is $15. That means it costs you $30 to send a wire through Bank of America and $15 to receive a wire. The international wire-rate is $35 when sent in international currency and $45 when sent in U.S. dollars with a $16 incoming rate.
Chase has a $15 incoming rate for both domestic and international wires. Their outgoing rate is $25 for an outgoing domestic wire. International rates are $5 when sent in foreign currency and $40 when sent in U.S. dollars.
Using Chase QuickPay to Make Your Life Easier
Chase Bank offers its QuickPay with its checking service to make it easier to exchange checks with participating banks through the clearXchange (or CXC) network. The actual means of transfer is conducted through Zelle. There are dozens of banks on the network, and Bank of America is one of the participants.
You’ll be able to transfer funds almost immediately and can also set up recurring payments. Zelle even offers services to split money with friends when sharing the costs for a purchase. If you have an account at Chase, getting set up on QuickPay should be as simple as activating your online account or downloading the app.
QuickPay makes it a lot easier for you as a Chase Bank customer to transfer funds. It decreases costs and works quickly. It comes as part of their checking accounts, even with their most basic plans, and is available on their mobile app. Other accounts and customers on the account can be located with their email address, which makes it extremely easy to find the account you’re looking to transfer funds to.
You can take the additional step of setting up your Bank of America account as an external account on the Chase website. Simply access the Payments and Transfers tab on the website and list the account information for the Bank of America account. That will save the information and allow you to quickly and easily move funds back and forth without costing you any money.
Even if you’re not the owner of the Bank of America account, you can use QuickPay to send a request for the funds. Simply search for the account using the person’s email or phone number.
The amount of money it costs to transfer funds from a Bank of America account to a Chase account will largely depend on the means of transfer. Your circumstances will determine which method is the best for you, but by far the quickest and most convenient is using Chase QuickPay. Their partnership with other banks adds convenience to your everyday banking needs while providing other perks like splitting costs with friends.
If you’re transferring large amounts of money, using a traditional form of money transfer might be preferred. If you need the money to make a large deposit payment, like when buying a home or a car, a traditional transfer is preferred, even if it’s more costly.