You can transfer your funds from one bank to the other, without needing to pay any charge if you use PayPal. PayPal is one of the most popular online banks, and provides various services free of charge. One of this is the ability to transfer funds from one bank to the other. Here are some steps to be able to use PayPal for free bank to bank transfer.
- Sign up. First of all, you will need to create a PayPal account. Creating a PayPal account is free, and the best thing is that PayPal can be used for a wide variety of things. For instance, you can use your PayPal account to pay for items that you purchase online. Best of all, PayPal is actually insured by the FDIC by a pass-thru insurance. All you need is to have your bank account information ready when you use PayPal, and an email address.
- Add bank account. After you have finished creating your PayPal account, the next step is for you to add a bank account. You can do this by clicking on the Profile button on the main menu. On the profile page, you will see an option for adding or for managing your bank accounts. To add a bank account, you will need to determine the routing number, the type of account that you have, and the actual bank number. Afterwards press the Continue button. This will be the first bank account you have made. You then need to make another bank account, using the second account where you want to transfer the money. To be able to do this, repeat the same process of adding a new bank account through the profile page.
- Confirm. Now that you have two accounts, you will need to confirm that these accounts are really yours. You can do this by simply logging on to your bank website, which will prove that the account is yours. Or, you can also transfer a small amount of money to PayPal, which means that you own the account. Usually, only less than five dollars will be transferred.
- Add funds. Now that you have made your PayPal account, you will need to add the money that you will transfer from one bank account to the other. To be able to add funds, click on the Add Funds button. Next, click on the Add Funds from Bank Account. Type in the amount of money that you want to add, which should be the amount of money that you want to transfer.
- Withdraw. After you have added the money, you will need to ‘withdraw’ it to your other bank account. To be able to do this, simply click on the Withdraw button and click on the Withdraw to Bank Account. Doing this will allow you to transfer your money in 2 to 4 days. The entire process is free.
With these steps, you should be able to make use of PayPal for bank transfer. Unlike wire transfers, you do not need to pay anything for this PayPal service.