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4 Ways to transfer money from one bank to another – What to keep in mind

Source: Finance Derivative

Lyle Solomon

The days of returning money in cash to a friend or relative are long gone. Several easy solutions are available for moving those monies from one bank to another. In this post, we will discuss that and more.

How can you transfer money from one bank to another?

You may need to transfer money from one bank to another for various reasons. For instance, you may need to transfer money to the creditor for credit card debt settlement. Or you may need to transfer money to a friend urgently. But how can you do it and that too fast? Let’s find out.

Wire transfers

One of the fastest ways to send money electronically between two people is through a wire transfer, which can be done through a bank or a nonbank provider.

You’ll need the routing number, account number, recipient’s name, and maybe the recipient’s address for a domestic wire transfer. You can arrange a domestic wire transfer online or in person at a branch or office.

While speedy and possibly allowing you to send more money than other ways, wire transfers can also be pricey.

Remember that wire transfers cannot be sent on weekends or bank holidays and may have a weekday deadline set by your bank.

 Internal Electronic Fund Transfers

It is easy to transfer money between accounts if you have more than one at the same bank, such as a checking account and a savings account. It’s called an “internal transfer” in this case. Look for methods to transfer money on your bank’s website or mobile app. You may typically set up a one-time or recurring transfer between related accounts, and most internal transfers settle instantly or within one business day.

External Electronic Funds Transfer

Let’s say your checking account is at one bank while your online savings account is at another. You can establish an “external transfer” by linking your savings and checking accounts. You usually need both your account number and the routing number of the external bank to transfer money to an external account. After they’ve been linked, you can transfer money between the accounts whenever you’d like.

Paper checks

Writing a check and depositing it at a bank branch, online, via a mobile app, or by mail is a conventional method for transferring money between banks. An official cashier’s check can be used to transfer money and is deposited similarly to a regular check.

Peer-to-Peer Transfers

Online P2P payment platforms like PayPal, Venmo, Zelle, Cash App, and others are available nowadays. These tools can be helpful if you need to send money to someone or your bank does not provide bank-to-bank transfers.

Your checking account and routing information must be used to link your bank account to the payment app or service to create the accounts. For instance, while using PayPal, the money you send is automatically taken out of your bank account.

Following that, PayPal transfers this cash to the recipient’s PayPal account. The recipient can then use PayPal to make purchases or send the funds to their bank account.

Email Money Transfer

Using an individual’s email address, money can be sent and received using this manner. The involved banks email the recipients to inform them of the transfer before using a secure fund transfer network to transmit the funds. One of the most popular systems for email money transfers is Venmo, which is utilized alongside Zelle, Apple Pay, and Google Pay.

Cash transfer 

Even though most banking is now done digitally, a straightforward cash transfer is still a viable option. Even if it doesn’t always make sense to withdraw and deposit cash, such as when moving enormous sums of money, there are some situations where it might be a convenient and cost-effective option. Cash can also be viable if you need to move the funds immediately.

Your best option is to make a cash withdrawal in person at a branch of your local bank or credit union to avoid fees. You can be charged a transaction fee by your banks or the bank that operates the ATM if you use it.

Are there fees involved?

On average, wire transfer costs range from $25 to $30 for transfers to US bank accounts and $45 to $50 for transfers outside the country. Additionally, if you are receiving money, there may be fees. Some banks charge a fee for wired funds, while others don’t.

Generally speaking, online transfers are free. However, some banking institutions may charge fees.

What’s the fastest method of doing this? 

There isn’t a single response to this query because it will vary according to your bank, the destination country, and the amount of money you want to send. The quickest choices are typically wire transfers or online applications. You can consider the following payment options:

Zell – You can access Zelle online or through a mobile app. You may quickly link to your bank account for quick transfers because it has partnerships with most US banks, including Bank of America, Chase, Citibank, and Wells Fargo.

PayPal – PayPal is also another well-liked choice. Although sending money from one PayPal account to another is almost immediate, sending money between banks may not be the fastest method.

Venmo – A peer-to-peer app that is partnered with PayPal and made to facilitate transfers is called Venmo. Users can be added as contacts so that you can quickly and effectively pay money to them.

Western Union – Western Union, is the most widely used choice when sending money online through wire transfers. The funds will be transferred immediately into the recipients’ bank accounts.

One of the apps mentioned above is your best option if you need to transmit money quickly. Check whether your bank already has an app for quick money transfers since many of these are associated with banks. Be careful to evaluate fees, especially if sending money to foreign bank accounts or utilizing several currencies. To keep your banking information secure, you should also be careful to create a strong password and PIN.

A bank-to-bank transfer can be your best option if you need to move money between two of your accounts. This digital transaction often functions as an ACH transaction.

Many banks enable free bank-to-bank transfers if you send money to another account you own. Just connect the two accounts, that’s all. Typically, you can do this via your bank’s online banking system. Some banks require you to phone or go to a branch, especially those with a small internet presence.

You’ll need the account numbers, routing numbers, and documentation proving your ownership of both accounts to link two accounts. After you establish the connection, sending money between the two banks will be simple.

What should you remember when transferring money from one bank to another?

There are a few things you must keep in mind when transferring money from one bank to another. Here are a few of them.

Consider speed: Determine how soon the funds must reach the other bank.

The time it takes for the money to flow can range from a few seconds to many days, depending on the type of bank transfer.

Check out the fees: A wire transfer may occasionally be a good option for quickly sending significant sums of money, although it won’t be free. Other techniques, like Zelle, can be quick and cost nothing.

Recheck the recipient’s bank account details: You’ll likely need, at the very least, the recipient’s name, cell phone number, and account number. On the other hand, Zelle merely requires the user’s phone number or email address.

Check out the savings withdrawal restrictions:  A rule limiting the number of transactions and withdrawals from savings deposit accounts was removed by the Federal Reserve in April 2020.

The number of transactions in these accounts may be limited by your bank, even though this requirement is no longer necessary. Going above your bank’s withdrawal limitations may incur charges.

Conclusion 

A quick and simple way to move money from one account to another is through an external transfer. It’s crucial to examine your options so that you are aware of their costs and the time to transfer money.

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Business

Driving Business Transformation Through AI Adoption – A Roadmap for 2024

Author: Edward Funnekotter, Chief Architect and AI Officer at Solace

From the development of new products and services, to the establishment of competitive advantages, Artificial intelligence (AI) can fundamentally reshape business operations across industries. However, each organisation is unique and as such navigating the complexities of AI, while applying the technology in an efficient and effective way, can be a challenge.

To unlock the transformational potential of AI in 2024 and integrate it into business operations in a seamless and productive way, organisations should seek to follow these five essential steps:

  • Prioritise Data Quality and Quantity

Usefulness of AI models is directly correlated to the quantity and quality of the data used to train them, necessitating effective integration solutions and strong data governance practices. Organisations should seek to implement tools that provide a wealth of clean, accessible and high-quality data that can power quality AI.

Equally, AI systems cannot be effective if an organisation has data silos. These impede the ability for AI to digest meaningful data, and then provide the insights that are needed to drive business transformation. Breaking down data silos needs to be a business priority – with investment in effective data management, and an application of effective data integration solutions.

  • Develop your own unique AI platform

The development of AI applications can be a laborious process, impacting the value that businesses are gaining from them in the immediate term. This can be expedited by platform engineering, which modernises enterprise software delivery to facilitate digital transformation, optimising developer experience and accelerating the ability to deliver customer value for product teams. The use of platform engineering offers developers pre-configured tools, pre-built components and automated infrastructure management, freeing them up to tackle their main objective; building innovative AI solutions faster.

While the development of AI applications that can help streamline infrastructure, automate tasks, and provide pre-built components for developers is the end goal, it’s only possible if the ability to design and develop is there in the first place. Gartner’s prediction that Platform Engineering will come of age in 2024 is a particularly promising update.

  • Put business objectives at the heart of AI adoption – can AI deliver?

Any significant business change needs to be managed strategically, and with a clear indication of the aims and benefits they will bring. While a degree of experimentation is always necessary to drive business growth, these shouldn’t be at the expense of operational efficiency.

Before onboarding AI technologies, look internally at the key challenges that your business is facing and question “how can AI help to address this?” You may wish to enhance the customer experience, streamline internal processes or use AI systems to optimise internal decision-making. Be sure the application of AI is going to help, not hinder you on this journey

Also remember that AI remains in its infancy, and cannot be relied upon as a silver bullet for all operational challenges. Aim to build a sufficient base knowledge of AI capabilities today, and ensure these are contextualised within your own business requirements. This ensures that AI investments aren’t made prematurely, providing an unnecessary cost.

  1. Don’t be limited by legacy systems

Owing to the complex mix of legacy and/or siloed systems that organisations employ, they may be restricted in their ability to use real-time and AI-driven operations to drive business value. For example, IDC found that only 12% of organisations connect customer data across departments.

Amidst the ‘AI data rush’ there will be a greater need for event-driven integration, however, only an enterprise architecture pattern will ensure new and legacy systems are able to work in tandem. Without this, organisations will be prevented from offering seamless, real-time digital experiences, linking events across departments, locations, on-premises systems, IoT devices, in a cloud or even multi-cloud environment.

  • Leverage real-time technology

Keeping up with the real-time demands of AI can pose a challenge for legacy data architectures used by many organisations. Event mesh technology – an approach to distributed networks that enable real-time data sharing and processing – is a proven way of reducing these issues. By applying event-driven architecture (EDA), organisations can unlock the potential of real-time AI, with automated actions and informed decision making using relevant insights and automated actions.

By applying AI in this way, businesses can offer stronger, more personalised experiences – including the delivery of specialised offers, real-time recommendations and tailored support based on customer requirements. An example of this is in predictive maintenance, in which AI is able to analyse and anticipate future problems or business-critical failures, ahead of them affecting operations, and dedicate the correct resources to fix the issue, immediately. By implementing EDA as a ‘central nervous system’ for your data, not only is real-time AI possible, but adding new AI agents becomes significantly easier.

Ultimately, AI adoption needs to be strategic, avoiding chasing trends and focusing instead on how and where the technology can deliver true business value. Following the steps above, organisations can ensure they are leveraging the full transformative benefit of AI and driving business efficiency and growth in a data driven era.

AI can be a highly effective tool. However, its success is dependent on how it is being applied by organisations, strategically,  to meet clearly defined and specific business goals.

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Auto

Preparing for the Surge: Meeting the MCS Requirements of Electric Trucks

John Granby, Director of eTruck & Van, EO Charging and Erik Kanerva, Sales Director at Kempower

Auto electrification is moving at a rapid pace, with electric vehicles (EVs) going from a passion project for early technology adopters to the mainstream – especially when you consider the need to electrify consumer and commercial vehicles ahead of the government’s 2035 Zero Emission Vehicle mandate.

Electrification is also starting to play a vital role in public policy and commercial plans, leading to vehicle availability and a variety of improvements and increasing interest among commercial fleets’ prospective customers. As a result, all of the main car and van manufacturers have a respectable EV offering, and the eBus industry is well on its way to proposing a similarly credible offering for citizens.

Heavy-duty vehicle electrification has progressed slowly, but the pace has picked up over the last year, with several of the major truck manufacturers testing completely electric heavy trucks that are now near-ready to enter the general market.

This is a critical shift in the move towards net zero, given that heavy commercial vehicles account for around 25% of CO2 emissions from road transport emissions in the EU and approximately 6% of the region’s overall emissions. It’s a similar situation in the US, where medium and heavy-duty trucks account for around 29% of total road transport emissions or approximately 7% of the country’s total but make up fewer than 5% of all vehicles on the road.

Having clear goals and objectives in place for fleet electrification will be vital to ensuring the transport sector is on track. For example, Scania’s goal is that 50% of all vehicles it sells annually by 2030 will be electric. Despite Scania being the slowest into the market with battery electric vehicles, other vehicle manufacturers are following the same target, with Volvo Trucks setting itself a target for 50% fully electric vehicles by 2030 and the same with Renault, for example.

Meeting this ambitious goal will require the appropriate charging infrastructure in place so customers have the confidence to invest in the large-scale electrification of their fleets. That is one of the reasons why charging system manufacturer Kempower expects the commercial vehicle DC charging market in Europe and North America to have a 37% compound annual growth rate until 2030.

Trucks require substantial battery packs to provide a similar range as traditional engines, and having the right infrastructure in place to keep them regularly charged is certainly a key factor to consider when electrifying truck fleets. According to the European Automobile Manufacturers’ Association (ACEA), trucks will require up to 279,000 charging outlets by 2030, with 84% located in fleet hubs. By 2030, buses will require up to 56,000 charging outlets, with fleet hubs accounting for 92% of the total.

The Charging Interface Initiative (CharIN) is a global organisation that has been working on a standard for the rapid charging of trucks for several years. CharIN developed the Megawatt Charging System (MCS) concept, which serves as the foundation for the ISO and IEC standards which govern the design, installation, and operation of truck fast charging infrastructures.

The MCS is intended to standardise the quick delivery of enormous amounts of charging power to vehicles and provide stronger communication, which minimises downtime caused by unsuccessful charging events.

Customers who drive commercial vehicles follow particular driving habits. By taking advantage of the required break time from the hours-of-service restrictions governing their drivers, customers can travel further each day thanks to the increased charge rate that MCS offers. Better electrification of commercial cars is made possible by legislation that mandates that drivers take rest breaks. As a result, shorter charging durations to accommodate these breaks are beneficial.

The MCS will operate at up to 3,000A and 1,25 KV at its final development stage, delivering up to 3,75 MW of power when charging. With the backing of a significant segment of the industry, MCS is founded on an international consensus on technical standards. An internationally recognised standard is essential to promote harmonised solutions that reduce costs and boost interoperability without sacrificing safety and uptime.

Trucks on the highway are a key focus of the MCS, not only depot pricing. Large truck units operating long-haul routes and some smaller rigid trucks operating cross-border short-haul deliveries—such as logistics organisations operating deliveries between the United Kingdom and continental Europe—pay particular attention to this issue.

Most MCS charging occurs while drivers take breaks from their routes, but some depots may have a single MCS charger on site to do a flash charge if a truck needs to be turned around quickly. In order to balance this unit’s demand against other chargers on site, load management is crucial because it will require a power supply of at least 1 MW+.

Fleet operators should look to consider incorporating MCS into their whole charging ecosystem and solutions, regardless of whether they are thinking about how electrification will affect their fleet of vehicles on the road or how their depots will operate.

Adopting cutting-edge energy management technology solutions will enable effective fleet electrification, particularly at depots. Investing in effective load management technologies will be critical to maximising existing grid infrastructure capacity while decreasing the need for additional investments in generation or distribution capacity.

Investing in and deploying effective energy management technologies is the key to a smoother, more efficient shift for commercial fleet operators. They are critical in lowering energy expenses, both economically and environmentally.

Energy management solutions for charging electric fleets will also help maximise existing grid capacity, reducing the need to invest in new generation or distribution capacity. This will be an essential factor for fleet managers to consider as eTruck fleets expand and other commercial vehicle fleets, such as buses, increase demands on infrastructure.

With unprecedented energy and investment going into electrification, 2024 looks to be a pivotal year for picking up the momentum of progress around MCS in the logistics sector. If done right, it will create a shift of optimism in the market to accelerate the electrification of commercial fleets and promises to positively impact other sectors, such as marine and aviation, contributing significantly to reducing carbon emissions.

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Business

Three ways beauty and personal businesses can gain back lost revenue due to admin, ahead of summer

Attributed to: Samina Hussain-Letch, Executive Director, Square UK

The entrepreneurial beauty and personal care sector in Britain amounts to a whopping 36 billion pounds, but the pressure of manual labour endured by business owners is an obstacle for converting revenue and growth.

Our recent industry study highlights that nearly half (43%) of British barbers, spas, nail salons, personal trainers, tattoo parlours, and piercing studios are not using digital platforms or tools to automate bookings, ultimately losing over a full working day each week to administrative tasks alone. This equates to approximately two months lost per year, to manual admin tasks for beauty and personal care businesses.

We’ve listed three ways beauty and personal care businesses can gain back revenue ahead of summer:

  • Detoxing manual admin

Admin tasks are the equivalent to Pandora’s box for beauty and personal care businesses. The tasks may constitute using paper diaries to schedule appointments, manually rescheduling appointments, or taking bookings and sending reminders by message or phone call.

These seemingly minor chores can be a large time drain for businesses that rely on manual processes. The research found filing down time between client appointments to be one of the most difficult challenges, with 39% of the sector facing this over the last year, alone.

Businesses should identify how they could set timings to the specific duration of each service and still build in cleaning time after the appointment. Digital tools like an appointment booking software play a crucial role. By automating manual admin, owners can offer bookings with a wide booking window, allowing them to spend devoted time on each customer, resulting in the allowance to foster a loyal relationship that will keep them coming back, while giving their workforce time to clean up after the appointment.

  • Tapping into the power of technology

The solution here may sound simple, but business owners should again lean on technology to transform manual labour.

With time back, salons can give their workforce time to speak to customers on what other services they can offer to expand business offerings.

With the integration of tech tools for beauty and personal care businesses, nearly half (48%) of business owners would like staff to treat themselves to finishing work on time, while identifying new training for their team. Adopting a technology solution can unlock efficient management for businesses as appointments can be booked online and reminders can be sent using the software.

With the research showing that 42% of consumers want to book appointments on the weekend or after hours, working with the software promises ease for customers that are looking to make reservations after businesses are closed for the day.  But how can beauty and personal care business owners look to drive up their revenue when switching to an appointment software?

  • Driving up the revenue road

Our research also highlighted that only 1 in 5 of beauty and personal care businesses are automating marketing campaigns or inventory management. This sheds light that not all beauty and personal care businesses are optimising their toolset.

The time gained back from using automated appointment software allows businesses to think more strategically about marketing and pricing. Integration of an automated software readily links up with an online store that allows salons to not only manage inventory more effectively, but offer new products to clients on different channels of their choice.

With new offerings, businesses have extra opportunities and routes to drive up revenue. Selling products online is a sure-fire way of creating new business, as well as keeping their back end organised and offering consumers more options when it comes to buying products that are used within or after their appointment – as take home collateral.

Having an automated booking software for beauty and personal care businesses is a great way to unlock further revenue, train a workforce with time back, spend more time connecting with clientele and ensuring the business is driving bookings even while the salon is closed. It’s a win-win situation that will position businesses for success this year. Because as we all know, a business is only as successful as their customer satisfaction.

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