Ways to Transfer Money between Domestic Banks

Mode of Transfer		Fees	Initiated By	Time Taken
Physical Transfer	Personal Cheque	Free	You	2 Weeks**
	Cashiers Cheque	$6 Flat or per Transaction*	Bank	1 Week
Electronic Funds Transfer (EFT)	Online ACH Transfer	$3 Flat or per Transaction*	You	3 Business Days
	Bank Wire Transfer (BWT)	$20 Flat or per Transaction*	Bank	3 Hours**

*Fees vary from Bank to Bank, but mostly it is a flat amount for any amount of money transferred. Also there could be restrictions in the amount of money you can transfer per transaction, per day, per week, per month and per calendar year.

**For Personal Cheque, time taken is the time required for the cheque to reach the other bank by mail and then to clear the money.
**For Cashiers Cheque, time taken is the time required for the cheque to reach the other bank by mail.

Personal Cheque
Its a cheque that you write in your name and then mail it by post to the bank where you want to transfer the money. The check is then cleared by the both the banks and your money is credited. Hence the time required for the transfer is the time for mailing and clearing.

On the Front of Cheque Write
Name - Full Name

On the Back of Cheque
Put your Signature
Write your Account Number
Write - "Deposit Only"
Mail the Cheque to the respective Bank with Attn: Membership

Cashiers Cheque
Its a cheque that it endorsed by the bank from which the amount is debited. Hence the check clearing step in the other bank is eliminated. The process is initiated by the Bank and then you are required to mail it to the other bank by post. Hence the time required for the transfer is the time taken in mailing only.

Online ACH (Automated Clearing House) Transfer
Its a online transfer initiated by you. First your bank account is verified by the bank from which the money is debited. Then you transfer the money through "Online Banking".

Bank Wire Transfer (BWT)
Its a transfer initiated by the bank from which the money is debited.

For all the above, information required are:-
1. Account Number, for both Banks
2. Name of account holder/s
3. ABA (American Bankers Association) Routing Number of both banks

For international wire, transfers information required are:-
1. Account Number, for both Banks
2. Name of account holder/s
3. Name of the overseas bank
4. Country of the overseas bank
5. SWIFT (Society for Worldwide Interbank Financial Telecommunication) Code of the overseas bank

Fees for international wire transfers could be around $40.