The need to transfer a huge amount of money can arise anytime. When such a need arises, you will want to transfer the funds using a means that is safe, fast, and tailored to allow large money transfers. When thinking of the method to use, so many choices would come to your mind. Do you adopt check deposits? It is safe but pretty slow. What about ACH? It is also the same. Online transfer? Online transfers are fast, but are they designed to accept large money transfers? Put differently, can you move a huge amount of money online?
There is always a limit to how much you can transfer online. This limit is based on several factors and requirements outlined by your bank to regulate the amount of money being transferred. If you wish to transfer a huge amount of money without any difficulty, try wire transfer.
Online bank transfer remains one of the best ways to move money from one bank to another. It is quite convenient as it doesn’t require you to visit your bank. In addition, it is one of the fastest ways to move money. If you often leverage this method when transferring money, a time would come when you need to make a huge transfer, probably something in the region of $20,000 or even more. In that case, is online bank transfer the best option? Can you transfer such an amount of money online? If you are keen to find out, you’ll have to read further.
Can You Transfer a Large Amount of Money Online?
There are several things that can compel you to send a huge amount of money to another party. It could be that your sibling needs a substantial amount of money to finance a medical treatment or tuition fee. It could be that you need to transfer a huge amount of money to a local merchant as payment for some goods delivered to your warehouse. Regardless of the reason behind the need to move a huge sum of money, you must leverage the proper method.
Suppose you are an online transfer enthusiast. That is, you love making transfers using the typical online method, then you must find out if transferring a huge amount of money using such a method is possible. As we progress, we’ll talk about that. But first, let us take a look at what online bank transfer is:
Online Bank Transfer (OBT):
When carrying out an online bank transfer, you must access your online account, figure out the amount you would like to send to the recipients, enter their details and authorize the transaction. The whole process is executed online. To ensure the accuracy of an online bank transfer, you must know the routing and the recipient’s account number. A routing number is a special set of numbers that identifies a particular bank. The recipient should be able to either reach their bank directly to figure out what their routing number is or find out on their checkbook.
Timeframe for OBT:
Online transfers are usually fast. This type of transfer can take as little as 24 hours to roughly 5 business days. The bank you are using and also the recipient’s bank determines the duration of the transaction. Online transfers work like a direct deposit. Most likely, the recipient will see their money in their account at midnight the next business day or sometime early the following day. Some banks operate strictly online, which may allow a faster processing time in sending money as they know you cannot visit a physical location to handle a similar transaction.
How OBT Happens?
Online bank transfers can only take place when the customer has requested or applied for online banking. You are offered a special username and password, usually by your creation, to access your account. As soon as you access the account, you can choose the account you would like to use to make the transfer and enter the recipient’s details.
Most banks offer online banking free of charge as an incentive for their customers. Online banking also allows you to merge any money management software, such as Quicken or Microsoft Money.
Can You Move a Huge Amount of Money Online?
Moving a huge amount of money online is not quite common. However, it is possible. To move a huge amount of money online, you must ensure that your bank mobile transfer app or website is suited for the purpose.
For example, most banks limit how much you can send using their online transfer option. For some, it could be $5,000 per day, while for some, it could be higher. This is done to regulate the inflow and outflow of money.
Barclays bank, for instance, has different transfer limits for each type of customer, be it Personal, Business, or Premier customer. Thus, the amount of money you can transfer depends on your status. For other banks, you may have to upgrade your account to transfer a large sum of money.
The best way to determine if your bank allows the transfer of huge funds online is by contacting them. If you don’t want to do that, you can leverage other transfer methods like check deposits, ACH, or wire transfer. To avoid mistakes during the process, always ensure that you crosscheck the details you enter, especially with a wire transfer.
What Happens if a Bank Transfer Doesn’t Go Through?
What Is the Best Way to Transfer a Large Amount of Money?
Sending a huge amount of money to another individual or party is never easy. First off, you’ll have to ensure that you are leveraging the right method. There will be concerns about the safety, speed, and effectiveness of the transfer method. In addition, you’ll also want to ensure that the transfer method you end up adopting is suited for the amount of money you wish to transfer. That is, you might want to find out the best way to transfer such a huge amount of money.
The best way to transfer a huge amount of money is via a wire transfer. A wire transfer is not only effective, but is safe, fast, and can be used to transfer a huge amount of money. Mind you, transfers above $10,000 will have to be reported to the federal government.
Another way to transfer a huge sum of money is via ACH (Automated clearing house). While there are other few ways to transfer a large amount of money, you should go for the most convenient method.
