How to Transfer Money From an ATM to Another Bank Account

Many individuals frequently inquire about transferring money directly from an Automated Teller Machine (ATM) to an external bank account. While ATMs offer convenient banking services, their capabilities for direct transfers to accounts at different institutions are often misunderstood. Understanding ATM functions and comparing them to other transfer methods clarifies effective ways to move funds between bank accounts.

ATM Transfer Capabilities and Limitations

ATMs are primarily designed for cash transactions, such as withdrawals and deposits, along with balance inquiries. While many ATMs allow transfers between a user’s own linked accounts at the same financial institution, such as moving funds from a checking account to a savings account, direct transfers to an external bank account are generally not supported. Some ATMs may permit cash deposits into another account if the account details are provided, but this is distinct from transferring funds directly from your existing balance.

Banks implement these limitations for security reasons and to manage their transaction processing systems. While ATMs offer 24/7 access for basic transactions, more complex transfers require different banking channels.

Essential Information for Bank Transfers

Regardless of the method chosen for transferring funds, certain pieces of information are consistently required to ensure a successful bank-to-bank transfer. To send money to another individual or entity, you will need the recipient’s full name as it appears on their bank account. The recipient’s complete bank account number is also a necessary detail for the transaction.

The recipient’s bank routing number is crucial for domestic transfers within the United States. This nine-digit code identifies the specific financial institution and directs funds to the correct bank. For international transfers, a SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication/Bank Identifier Code) is required instead of a domestic routing number.

Executing Bank-to-Bank Transfers Through Other Channels

Given the limitations of ATMs for direct external transfers, several other channels offer effective and widely available methods for moving money between bank accounts. Online banking platforms provide a common way to initiate these transfers. Users typically log into their bank’s website, navigate to a “transfers” or “payments” section, and then input the recipient’s bank details, including their account and routing numbers.

Mobile banking applications offer a similar process, allowing transfers directly from a smartphone or tablet. After logging in, users can select the transfer option, specify the amount, and provide the necessary recipient banking information. Many banks also offer wire transfers, which are electronic movements of money between financial institutions, often processed the same business day for domestic transfers. Domestic wire transfer fees typically range from $25 to $30 for outgoing transfers, while incoming wires might cost around $13 to $15.

Digital payment services provide additional convenient options for bank-to-bank transfers. Zelle, for instance, is integrated into many banking apps and allows users to send money directly to another person’s bank account using only their email address or U.S. mobile number. These transfers often occur within minutes and typically do not incur fees. Other services like Venmo and PayPal also facilitate transfers, which can be linked to a bank account, though standard transfers may take one to three business days and instant transfers sometimes involve a fee.