Comment by eru
3 years ago
Can't you already send money from bank A to bank B without Venmo? Isn't that the whole point of bank transfers?
3 years ago
Can't you already send money from bank A to bank B without Venmo? Isn't that the whole point of bank transfers?
There are three methods to do so:
1) Write a physical check (2-10 days from deposit, usually 2) 2) Use ACH (a virtual check) (2-10 days, usually 2) 3) Fedwire which costs $10-$15 to both the sender and receiver (15 minutes).
There are some banks that give free Fedwire transfers, often just to higher account tiers. Fidelity Investments gives free Fedwire to everyone, though.
Zelle exists and you can scan a check that was written to you (check 21)