How Can I Transfer Money From My Chase Account To Another Bank?
How Can I Transfer Money From My Chase Account To Another Bank? Chase Bank, also known as JPMorgan Chase Bank, is an American bank based in Manhattan, New York. The bank is the commercial and consumer banking subsidiary of US multinational banking and financial services firm JPMorgan Chase. There are several types of transactions you can do with the bank, including sending and receiving money. Learn how can I transfer money from my chase account to another bank later in this article.
As we will see, the transfer of money from one bank to another can be affected in several ways. It facilitates transferring money to another bank account that belongs to you. If you wish to terminate your Chase bank account, you must transfer the available balance to another bank and continue with your banking services.
One of the most interesting things about Chase Bank is that you can manage your bank account online using your smartphone or computer. Therefore, transferring money from your account becomes more convenient than going to a physical branch to queue for service. Plus, managing your bank account online saves time as you don’t have to travel to a physical branch.
How to open a Chase Bank account
You can open a Chase bank account online using your computer or smartphone. Regardless of the type of account you want to open, the requirements are the same. But before opening a Chase bank account, you need to determine what type of account you want. This can be a savings account or a checking account.
A savings account allows you to save money for future use. If you plan to start a project in the next few years, a savings account is the best way to open a checking account that allows you to spend money anytime. So it is a spending account that you can deposit money into to spend when you need to.
A checking account has a debit card to access your money at an ATM or to buy goods and services online at a brick-and-mortar store. You can also use your checking account to transfer money to other people, be it your bank or another bank.
When opening a bank account you need the following.
- A citizen service number (BSN).
- An identification document: driver’s license, passport, or government ID card.
- Physical address.
- phone number and
- E-mail address.
Once you meet all the requirements, you can start opening your account online. You must submit all requirements according to the directions.
What are the different Chase accounts?
Chase Bank has several bank accounts that you can open. You can instantly send money with a checking account number to someone else with a Chase account.
Current accounts include the following.
i) Chase Total Control
It comes with a debit card to access over 16,000 ATMs. You can get services from more than 4,700 agencies across the country. The account comes with 24/7 customer service. In addition, the account has a monthly service fee of $12. You can avoid the monthly fees if you meet the requirements for direct deposit, minimum daily balance, or opening day balance.
ii) Chase Secure Banking
The account also comes with a debit card to access your funds at over 16,000 ATMs, as well as online banking. It has a flat fee of $4.95 that you cannot waive in any way.
iii) Chase Premier Plus Checking
The account gives you access to free checks and waivers at non-Chase ATMs up to four times per statement period. As an account holder, you will receive a Chase First bank account for children.
iv) Chase Student Checking
The Chase Student Checking account helps you meet the needs of students. Several student accounts include the following.
- Chase First Banking
- Chase High School Checking
- Chase college Checking
How Can I Transfer Money From My Chase Account To Another Bank?
How can I transfer money from my chase account to another bank? You can transfer money from Chase to another bank in the following ways.
1. Bank transfer
Bank transfer refers to an electronic payment that allows you to transfer money between banks. For example, you can transfer money from Chase to Wells Fargo using the wire transfer method. Bank transfers are available for national and international banks. There are two ways to make a bank transfer. They include the following.
Let’s take a look at how to run each of the wire transfer services.
a) Bank transfers
You can use online bank transfers with your phone or at any Chase bank branch. You will need the recipient’s full name, contact details, and bank account information, including routing and account numbers. The transfer service incurs some fees ranging from $5 to $50. You may need more details for international transfers and the transfer may take longer to complete.
When transferring money via bank transfer to a domestic or international recipient, you can use Chase Global Transfer. It goes like this.
- Log in to your Chase online account and click “Pay & Transfer” in the navigation menu.
- Then choose “Send Money” from the drop-down menus.
- Get the recipient’s information, such as full name, contact information, and routing number. For international wire transfers, you may need the recipient’s SWIFT/BIC.
- Fill in the transfer form carefully with all the necessary details of the recipient.
- Enter the amount of money to be sent in the correct currency. Be sure to read the bank transfer terms and conditions.
- Confirm that the information is correct to complete the transfer. You must also pay any transfer fees.
- Save the receipt details or confirmation message you receive after sending your transfer. In any case, you can request the transfer details.
b) Bank transfer services
You can also use the services of transfer agents to transfer money to someone else’s bank account. These are intermediary service providers that transfer money on behalf of your bank. They include companies like Western Union, MoneyGram, and Wise, among others.
Bank transfer services require you to provide your Chase account information to fund your wire transfer. You should also provide the recipient’s account details such as their bank account details if they receive the money in their bank accounts or their contact details and most importantly your phone number where the wire transfer service will communicate with them.
You must provide correct details when using the service as it is difficult to reverse a wire transfer. Also, send money to people you trust who have good contact information to avoid failed transfers. In general, you will need the following information for any transfer.
- Government-issued sender identification
- The sender’s bank account and transit number
- Recipient’s full name and contact details
- The recipient’s bank account details and transit number
- The recipient’s ABA routing number
It’s also important to note that Chase processes domestic transfers within 24 hours, while international transfers can take 1-5 business days. It takes a while for the money to reach the recipient, as the bank account is held to determine the origin of the funds and for the receiving bank to verify that the sender has enough funds to process the transfer.
2. Direct Deposit
Direct deposit is another way you can transfer money domestically. The service does not allow you to transfer money to international recipients. To complete the process you will need the recipient’s forwarding and account number. Direct deposits come with some fees that you should be aware of. You can use direct deposit to send money online or at a physical branch.
3. Use Zelle
Zelle is a money transfer service that allows you to transfer money from one bank to another. This helps reduce the time it takes to transfer money from one account to another. Zelle does not allow you to transfer money internationally. Follow the procedure below to send money to Zelle.
- Log in to your account.
- Open the menu in the top left corner.
- Select ‘Send money with Zelle.
- Then click on “Send money”.
- Choose the recipient to pay.
- You can also add a recipient if there is none on the list.
- Enter the amount you want to send and the account to use
- Review your request and tap “Next” to transfer the money.
- You can also choose to set up a recurring payment so that you don’t have to do it now and then.
You can also receive money from other banks via Zelle. For example, someone can transfer money from Bank of America to Chase Bank using Zelle. Not all banks work with Zelle, and you will need to confirm this with the other bank before proceeding.
Chase Bank is one of the best US banks that allows you to send and receive money. You can transfer money from your Chase bank to an international bank account. There are several bank accounts that Chase bank offers including Chase Total Checking, Chase Secure Banking, and Chase Premier Plus Checking, among others. You can use Zelle online and at a physical branch.