What Do You Need to Deposit Money Into Someone’s Account?

Transferring money to another person’s account is often necessary for various reasons. Multiple convenient methods exist, each with distinct requirements and procedures. Understanding these differences ensures a smooth transfer.

Common Deposit Methods and Information Needed

Depositing money requires specific information, varying by method.

For an in-person bank deposit, you generally need the recipient’s full name, account number, and bank name. Some institutions may restrict cash deposits from non-account holders or require identification.

Online bank transfers, or ACH transfers, facilitate direct bank-to-bank movement of funds. To initiate one, you need the recipient’s bank name, routing number, account number, and full legal name.

Wire transfers send money directly between bank accounts, often for larger sums or when speed is a priority. They require comprehensive details: recipient’s full name, physical address, bank name, bank address, and account number. Domestic transfers also need the routing number; international wires often require a SWIFT/BIC code.

P2P payment applications like Zelle, Venmo, PayPal, or Cash App offer a convenient way to send money digitally with minimal information. They usually require only the recipient’s email, phone number, or a unique username. Funds are typically linked to the recipient’s bank account or an in-app balance.

You can also mail a physical check or money order. For a check, write the recipient’s full name on the “Pay to the Order of” line and ensure sufficient funds. Money orders, purchased from institutions or retailers, also require the recipient’s full name and can be mailed for deposit.

Key Factors for a Successful Transfer

Understanding processing times, fees, and transfer limits is essential for a successful transaction.

Fund availability varies by method. P2P app transfers are often instant, while ACH transfers typically process within one to three business days. Domestic wire transfers usually complete the same business day if initiated within cutoff times, but mailed checks can take several days to clear.

Fees are also a consideration. Domestic wire transfers typically cost $25 to $50. Some P2P apps charge a small percentage for instant transfers, but standard transfers are often free. Money orders usually cost a few dollars.

Financial institutions and payment services impose transfer limits varying by method, account type, and your relationship. Limits can be daily, weekly, or per-transaction. P2P apps, for example, have daily sending limits based on verification. Financial institutions must also file a Currency Transaction Report (CTR) with FinCEN for cash transactions over $10,000.

Safeguarding Your Deposit

Ensuring your money reaches the intended recipient securely requires careful attention to detail and awareness of risks.

Meticulously verify all recipient information before initiating any transfer. Double-checking account numbers, routing numbers, names, emails, or phone numbers prevents costly errors, as reversing incorrect transfers can be challenging.

Only send money to individuals you know and trust. Be cautious of unsolicited requests, as many scams trick individuals into depositing money. Common schemes include overpayment scams, where a scammer sends more money than owed and asks for the difference, or lottery scams demanding payment to release winnings.

Keep detailed records of your transactions. Retain confirmation numbers, receipts, and any related communication. This documentation is invaluable should issues arise. Wire transfers are often irreversible, emphasizing extreme caution and verification before confirming.