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At one point or another, most people who've ever tried online banking have thought there must be an easier way to do it. If you're one of them, this guide is for you! In this round-up, you'll discover the best way to transfer money between banks without high fees or having to fill in the same information over and over again.
With the fintech sphere on the boom, there are plenty of money transfer services out there offering a more user-friendly alternative to traditional online banking platforms. It's easy to get lost in the sea of options, many of which definitely won't deliver what they promise. I've done the research, so you won't have to - and here are the top 8 contenders you can trust your money and time with:
- Ogvio - Best for Free Account-to-Account Transfers
- Wise - Best for Large Transfers
- Revolut - Best for Local European & SEPA Transfers
- Western Union - Best for Cash Pickups
- PayPal - Best for In-Ecosystem Features
- TransferGo - Best for Multi-Currency Accounts
- OFX - Best for Advanced Features
- Remitly - Best for the Fee Refund Policy
And if you're in need of some practical advise, I've prepared a comprehensive step-by-step tutorial on how to transfer money between bank accounts using Ogvio, a soon-to-launch money transfer service that offers the security of bank-to-bank transfers and the convenience of a P2P (peer-to-peer) money transfer model, all in one.
1. Ogvio - Best for Free Account-to-Account Transfers
Ranks #1 out of 8 Money Transfer Services
- + Remittance-oriented
- + Instant transfers
- + Incremental-to-no fees
- + Crypto support
- + @Tag functionality
- + Free transfers between users
- - No card (coming soon)
It's hard to pick the definite number one in this collection of the best money transfer services, but if I had to, one of my top choices would be Ogvio. This upcoming money transfer service seems to have it all: security, convenience, speed and, best of all, undeniably low fees.
You'll be able to top up your Ogvio account with a bank transfer, then either send it to another Ogvio user (so they can withdraw it to their bank account) or directly to their bank account.
The average bank withdrawal fee on Ogvio will be around 0.7% + $0.3. However, it will vary depending on the corridor.
Just note that sending straight to another bank account will only be available if that bank supports transactions from Ogvio. Luckily, this platform's extensive list of integrations will make it the easiest way to transfer money from one bank to another, as it promises support for 7,000+ banks and mobile wallets worldwide.
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Table: Ogvio's asset movement information
At this point, Ogvio seems like it will be the best way to transfer money from one bank to another for free (or at least almost free). If your recipient is a fellow user, you won't have to waste a single cent on fees! Additionally, Ogvio will not charge fees for account top-ups via bank transfers.
If you're sending to another Ogvio user, the @Tag functionality will make it easy to find and add contacts, and you'll be able to send money in just a couple of clicks.
That said, Ogvio will be a full-fledged remittance platform that handles international transfers. You'll be able to send money to over 160 countries and regions with competitive costs. Ogvio's fee model will be completely transparent: you'll know exactly what you're paying for, and there will be no hidden exchange rate markup.
Ogvio's planned currency selection includes not only 40+ fiat currencies but also a few top cryptocurrencies on the Base network (like BTC, ETH, PENDLE, etc.), making it the perfect hybrid solution for blockchain and Web3 fans. It will integrate with the most popular crypto exchanges and wallets, such as Binance, Kraken, Coinbase, and Ledger.
Speaking of currencies, Ogvio's feature list will include another handy addition. It will automatically convert any currency you deposit to either USD or EUR (your choice) so that the value of your funds remains stable and immune to the inflation of local currencies. The conversion won't cost anything, and you'll still be able to choose to send the money in any of the supported currencies.
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2. Wise - Best for Large Transfers
Ranks #2 out of 8 Money Transfer Services
- + Transparent fees
- + Fair exchange rates
- + A smooth user experience
- + Multi-currency accounts
- - Service coverage is broad, but not entirely worldwide
- - Cash pickups aren’t available
- - Added compliance checks for large transfers
Not all money transfers are created equal. If you only need to pay your friend back for lunch every once in a while, most apps would do the trick, but those dealing with large sums of money on a regular basis would be better served by a platform like Wise. It caters to high-volume senders by offering large transfer discounts and a progressive fee system.
Wise is built around bank accounts, but it’s not exactly the same as doing a traditional international bank transfer. In most cases, you’ll fund your Wise transfer from your own bank account or card, and the recipient will receive the money into their bank account.
That said, transfers with Wise are often faster than a standard international wire because each side uses local rails rather than a single long cross-border chain.
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Table: Wise's asset movement information
How much does it cost with Wise, though? Well, let's say you want to send 100 USD to Canada. As of writing, it would cost you 3.09 USD (out of which, 0.17 USD would be the ACH transfer fee and 1.55 USD the remaining fee for Wise itself).
However, if the amount of money you're transferring reaches 25,000 USD or equivalent (either in one go or the combined amount over the course of a calendar month), Wise's fee discount kicks in. Your fee drops from 0.28% to 0.26%. Sending 50,000 USD brings it down to 0.23%. With even higher sums, it can go all the way down to 0.15%.
This makes Wise the best way to transfer money from one bank to another if you're supporting a family member abroad or have another reason for large regular transfers.
Another way to reap discounts on Wise is to take advantage of its referral program. If you sign up using a link sent to you by a friend, you'll get to enjoy a 100% fee discount on your first transfer, as long as you make it within the first 6 months of signing up, and the amount you're sending is under 500 USD.
Even with low fees, however, currency exchange rate fluctuations can still inflate the actual cost of your transfer. Wise has a solution for that, too: its currency exchange lock-in feature lets you "freeze" the current exchange rate for up to 48 hours.
3. Revolut - Best for Local European & SEPA Transfers
Ranks #3 out of 8 Money Transfer Services
- + Instant transfer (for Revolut users)
- + Multi-currency wallet
- + Earning options
- + Built-in budgeting tools
- + Stock trading
- - Weekend exchange rate markup
- - Limited perks
- - No full banking features
While an online banking platform isn't always the best way to transfer money between banks, Revolut is a convenient choice in the countries where it's supported, especially in the EEA. Launched in 2015, it has grown to be one of the most popular neobanks in Europe that lets users instantly send each other money for free.
Revolut makes handling casual payments between friends and family members easy with its P2P transfer system: if your recipient is a fellow user, you can send them money in just a couple of clicks. These transfers are completely free and only take a few seconds to arrive.
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Table: Revolut's asset movement information
If you're looking at how to transfer money between bank accounts rather than user-to-user, Revolut still comes out as a strong contender. Local bank transfers and SEPA transfers have zero fees, while international transfer fees are around 0.15%.
High-volume spenders can take advantage of Revolut's subscription plans for free discounts. The Premium (£7.99/month) and Metal (£14.99/month) plans come with a 20% and 40% discount on international transfer fees, respectively, while Ultra (£55/month) grants free international transfers.
Revolut's transfer limits depend on the destination country and the currency, but in most cases, the maximum amount you're allowed to send in a single transfer is 100,000 GBP (or equivalent). When it comes to currency conversion, the limit is 1,000 GBP per month for the free Standard plan and 3,000 GBP per month for Plus, while the other three plans are unlimited.
As an officially licensed online banking platform, Revolut's security is top-notch. It includes strict identity checks, biometric protection, an in-house AI algorithm that continuously monitors all transactions and flags suspicious ones, and a simple account freezing procedure.
Did you know?
All Money Transfer Services may look similar to you, but they're NOT all the same!
4. Western Union - Best for Cash Pickups
Ranks #4 out of 8 Money Transfer Services
- + An established money transfer service
- + Available in most countries
- + Multiple delivery types, including cash pickup
- + Various ways to fund a transfer
- - High fees and exchange rate markup
- - Outdated app interface
- - Doesn't allow long-term fund storage
It would be hard to argue that the best way to transfer money between banks is a platform that has a long and successful track record. If that's your criterion, Western Union is a popular choice. This company started offering money transfer services back in 1871, and is still going strong as one of the biggest and most popular global providers.
How much you'll pay for your transfer depends on which country you're sending from and to, as well as your chosen payment and delivery methods. Let's say you want to know how to transfer money between banks from the United States to the United Kingdom. In this case, Western Union's fee for a bank transfer will be 0.99 USD.
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Table: Western Union's asset movement information
Even though we're talking bank-to-bank in this article, one of the best things about Western Union is its extensive range of payment and delivery options. You can pick just about any combination you can think of: a credit or debit card, Google Pay, and even cash payments in agent locations.
When it comes to transfer speed, the delivery can take anywhere between a few minutes to several business days. If you're wondering, "How long to transfer money between banks?", you might be disappointed - just like on regular online banking platforms, bank transfers on Western Union can take up to a few business days.
This platform features two tiers of transfer limits. Unverified users are only allowed up to 3,000 USD (or equivalent) per transfer online or in-app, while those who've verified their identity can send as much as 50,000 USD in one go and access the in-person payment option.
As a remittance platform, Western Union has everything you need for use cases such as sending scheduled payments to family members abroad and paying their utility bills. You can also track your transactions in-app or online and set up notification alerts.
5. PayPal - Best for In-Ecosystem Features
Ranks #5 out of 8 Money Transfer Services
- + Easy to use
- + Simple payment process
- + Strong security
- + Wide coverage
- + Access to crypto
- - High fees
- - Not available everywhere
- - Customer support complaints
At this point, PayPal hardly needs an introduction - it's one of the most recognizable names in the online payment sphere. But is it the best way to transfer money between banks? With its free transfers inside the ecosystem and competitive international transfer fees, it's certainly one of the most attractive options out there.
If your recipient is a fellow PayPal user, your payments to each other won't cost anything at all. In this way, PayPal works just like any other P2P platform, letting users instantly send each other money with just a few clicks. Not to mention, you'll be able to split the bill with your friends or pool money together for gifts.
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Table: PayPal's asset movement information
When it comes to bank-to-bank transfers, sending money to someone in your own country is free, too. The only type of transfers PayPal charges a fee for is international transfers, where currency exchange is involved. With this model, sending money from France to Ireland would still be free through SEPA, but making a payment from the US to the UK would cost 5%.
PayPal's transfer limits are determined by your verification level. Unverified users can only send up to 4,000 USD during a single transfer, but after completing identity verification, the limit gets a significant bump up to 60,000 USD per transfer.
PayPal's payment methods include the standard set of credit/debit cards and bank transfers. You can also top up your balance directly on PayPal and use it for quick and frictionless payments.
If you want more delivery options, PayPal's additional Xoom app expands the selection with a lot more options, including mobile wallets, UPI, PIX, cash pickups, and even reloading mobile phone data.
6. TransferGo - Best for Multi-Currency Accounts
Ranks #6 out of 8 Money Transfer Services
- + First two transfers are free
- + Low exchange rates and markup
- + Hugely accessible for people speaking European languages
- + Helpful customer service
- - No 24/7 customer support
- - Only support transfers from Europe
- - Occasional transfer delays
If you're looking for the easiest way to transfer money from one bank to another without paying high fees, TransferGo is definitely up there with the top solutions. This money transfer service offers not one, but two first transfers for free, and an easy-to-understand fee model that would suit most users' cases.
First things first: this app offers 100% free user-to-user transfers, making it one of the most affordable options if you need to send money to someone who already has a TransferGo account. And the first two transfers have no fees, regardless of what payment method you choose.
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Table: TransferGo's asset movement information
If you're already on your third go and sending to someone outside the TransferGo ecosystem, your fees will range from 0.2% (domestic bank transfers and payments to credit/debit cards) to 0.5% (international transfers that involve currency conversion).
One of TransferGo's top selling points is the option to open a multi-currency account and store your money in several currencies at the same time. Converting one currency to another costs only 0.2% if it's a currency you already have in your account (compared to 0.5% for other conversions).
TransferGo's payment and pickup methods include credit or debit card and a bank transfer. How much you can send in one go depends on what country you're sending from or to, but generally, the limit is around 2,500 USD for a single transfer.
Like most similar apps, TransferGo lets users track the status of their transfer both in-app and online. However, if you're wondering, "How long to transfer money between banks?", there's no single answer here. Your payment could arrive in just a few seconds or take a few business days, depending on the country and your payment method.
7. OFX - Best for Advanced Features
Ranks #7 out of 8 Money Transfer Services
- + Handles multi-currency accounts for global businesses
- + Schedule large transfer seamlessly
- + Integrates with Xero and QuickBooks
- + Issue unlimited virtual cards with custom limits
- - Primarily designed for business clients
- - Standard plan limited to two free users only
What's the best way to transfer money between banks without fluctuating currency exchange rates? This is where OFX has the edge. It comes with a number of advanced features that let you have more control over your transactions - including several ways to lock in the exchange rate.
OFX transfer fees vary based on the destination country, currency, and payment method, but on average, you'd pay around 10 USD for transfers up to 5,000 USD while larger transfers are free.
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Table: OFX's asset movement information
OFX has no universal transfer limit. How much you'll be able to send depends on your own bank's restrictions, but you won't have to worry about exceeding the limit set by the platform itself.
This money transfer service supports over 170 countries and regions and 30+ currencies, but if you're sending USD, EUR, CAD, AUD, NZD, SGD, or GBP for the first time, you'll get to enjoy zero fees and a better currency exchange rate.
Speaking of exchange rates, here's where OFX offers an advantage. Aside from regular transfers, you can set Limit Order, where you specify your preferred FX rate in advance, and the order will execute automatically as soon as the currency reaches this rate.
Meanwhile, the Forward Contract feature locks in the exchange rate for up to 12 months, so you can come back to it anytime. This might not be the fastest way to transfer money between banks, but it's definitely the cheapest if you get your timing right.
8. Remitly - Best for the Fee Refund Policy
Ranks #8 out of 8 Money Transfer Services
- + Great platform accessibility
- + 170+ receiving countries
- + Home delivery available
- + Major and local payout options
- - Escalating FX rates
- - Confusing fees
Only need to send money this one time? Remitly's free first transfer promos make it a solid option for those rare, unexpected cases. And if you decide to stay on board, you'll find a few other perks and benefits, too, like a 100% refund policy for delayed transfers.
Generally, Remitly charges a transfer fee that varies by country, amount, payment method, and delivery option, plus it applies a markup on the exchange rate.
For example, sending from the US to India can cost $3.99 for amounts under $1,000 and $0 in fees for $1,000 or more (with Remitly instead taking a margin in the FX rate), while US to Mexico bank deposits often have a flat fee of a few dollars per transfer, and some promotions temporarily waive fees altogether on first transfers.
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Table: Remitly's asset movement information
On other popular routes, like the US to the Philippines, card-funded cash pickup can cost a few dollars more than bank transfers for the same amount.
Remitly supports several methods of payment and delivery, depending on where you're sending money from and to. You can transfer through your credit or debit card, directly from your bank to another, or arrange to have it delivered in cash so your friend or family member can pick it up themselves.
There's no way to tell how long your transfer will take - but if it gets delayed for any reason outside your control, Remitly offers a 100% refund on your transfer fees.
Remitly's transfer limits depend on the delivery method, the country you're sending from, and where you're sending to. If you're transferring money from the United States, for example, you'll be able to send up to 100,000 USD to most countries (but keep in mind that your or your recipient's bank might have a lower transfer limit).
You can send money both online and on Remitly's mobile app, which lets you track your transfers and set up three types of notifications: email, text, or in-app.
How to Transfer Money Between Banks With Ogvio: A Step-by-Step Guide
Ogvio will be one of the fastest ways to transfer money between banks without high fees or any other hassle. Let me give you a little preview of how it will work so you can get started right away after launch.
Get on board ahead of the crowd and join Ogvio's waitlist here! You'll be notified the moment it launches and get rewarded with exclusive early bird perks.
After confirming your email, you'll also have to read the Terms of Service & Privacy Policy and accept them.
![Best way to transfer money between banks: the [Add Money] button.](https://assets.bitdegree.org/images/best-way-to-transfer-money-between-banks-ogvio-add-money.jpg "Best way to transfer money between banks: the [Add Money] button.")
You'll see there are a few ways to fund it, but since we're talking about bank-to-bank transfers, I'll go with the [Bank Transfer] option. By the way, a bank transfer top-up is the recommended account funding option on Ogvio.
![Best way to transfer money between banks: the [Send Money] button.](https://assets.bitdegree.org/images/best-way-to-transfer-money-between-banks-ogvio-send-money-v1.jpg "Best way to transfer money between banks: the [Send Money] button.")
Now, this is where you have a few options. You can either send it to another Ogvio user, which is a better option as it's fast and free (they can then withdraw the money to their bank account).
Or, you can click [Bank transfer] and send your chosen currency straight to their bank account by entering your recipient's bank account details (e.g., IBAN, full name, etc.). Just ensure their bank accepts payments from Ogvio.
Of course, that recipient can also be you, which means this is the way you would send money to someone else's bank account, as well as your own.
Here you go! Your transfer should come through quickly and appear in your activity history. Of course, if you're sending to a bank account rather than another Ogvio user, the transfer might take longer, depending on the country and the bank.
Everything You Need to Know Before Making a Bank Transfer
Now that you've picked your best way to transfer money between banks, I have a few more tips for you. Here's what else you need to be clear on before setting out to make your first transfer.
Get Your Details in Order
There are two main types of bank transfers: domestic or regional transfers (such as ACH in the US or SEPA in Europe) and international wire transfers, which often rely on a global messaging network[1] like SWIFT.
In everyday language, people often say “bank transfer” for a local or regional payment within the same country or currency area, while international transfers that move money across borders via SWIFT are usually called wire transfers.
Domestic transfers are usually simple: at minimum, you’ll need your recipient’s full name and their bank account number. In many countries, you’ll also need a local routing detail, such as a routing number (US), sort code (UK), or BSB (Australia).
If you're making an international wire transfer through SWIFT, you’ll typically have to provide:
- IBAN (in IBAN countries). An international bank account number that can include the country code, check digits, bank code, and account number.
- SWIFT/BIC code. An international identifier code for your recipient's bank.
- Local account and routing details (in non-IBAN countries). For example, an account number plus a routing number or sort code.
Make sure to find out these details before starting your transfer process.
How Much Will Your Transfer Really Cost?
The tricky thing about money transfer costs is that they don't just include the transfer fee itself. Here's what determines how much you'll have to pay in the end:
- Bank Transfer Fee. The actual fee your bank charges for initiating a transaction.
- Currency Exchange Fee or Margin. The fee (or hidden markup in the exchange rate) your platform might charge for converting one currency into another for international transfers.
- Currency Exchange Rate. If your recipient needs to receive a specific amount in their currency, you might have to send more in your currency to make up for a less favorable FX rate.
- Taxes. Depending on the tax rules in your country (and sometimes your recipient’s), large or frequent transfers can have tax implications, especially when they’re treated as gifts.
Some of these might not be applicable to you, especially if you're making a domestic transfer - but don't forget to check in advance!
Most money transfer apps have a fee calculator on their website or in their app, though not all of them include a full breakdown between transfer fees and exchange rate markups, so it’s worth paying close attention to both.
How Long Will Your Transfer Take?
Let's get to another thing most users are anxious to find out. How long to transfer money between banks?
As you might guess, the answer is - that depends. Typically, a domestic or regional transfer (such as ACH or SEPA) takes between a few hours and 1–3 business days,[2] while wire transfers can take up to 3–4 business days.
If your transfer is taking longer than you thought, don't panic just yet! There are plenty of common reasons for delays:
1
Missed Cut-Off Times. If you made a payment too late in the day, your transaction would only be processed the next business day at the earliest.
2
Bank Holidays and Weekends. In most countries, banks are closed on public holidays, as well as weekends.
3
Intermediary Bank Routing. For international wire transfers, your transaction might be routed through one or more intermediary banks, and it can be held up at any of them.
4
Network or System Outages. In rare cases, you might have been unlucky enough to make a transaction during a maintenance window or an unexpected outage.
5
Compliance Reviews. Large, unusual, or higher-risk payments are more likely to be flagged for the bank’s AML and other compliance checks, which can temporarily delay the transfer.
Some of these factors are completely outside your control, but if you absolutely have to get your payment sent by a specific date, the best you can do is send it on a business day, early in the day, and preferably at the start of the week to give it as much time as possible to clear.
Conclusions
There's no single best way to transfer money between banks - but that doesn't stop these 8 platforms for trying to claim the spot! Any of them could become your next money transfer service, depending on your personal preferences and needs.
At the end of the day, make sure to do your own research and decide which features you need the most (and which ones you could compromise on). And once you do, figure out exactly how much your transfer will cost before going through with it.
Ogvio is about to launch! Complete this BitDegree Mission for free to learn more about its standout features and enter the Lucky Draw lottery for the 100 USDC prize pool.
Scientific References
1. Scott S. V., Reenen J. V., Zachariadis M.: 'The long-term effect of digital innovation on bank performance: An empirical study of SWIFT adoption in financial services';
2. Hartmann M., van Gijsel L. H., Plooij M., Vandeweyer Q.: 'Are instant payments becoming the new normal? A comparative study'.
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