Dumb question - how do you send money instantly between US bank accounts without fees?

fuzzybabybunny

Moderator<br>Digital & Video Cameras
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Jan 2, 2006
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I've got a Charles Schwab checking and Chase checking account.

I want to transfer money instantly between the Chase account and the Schwab account without incurring any fees. I've actually been using ACH to do this but it requires 2-3 days to clear the payment. Wondering if there is something that does it instantly.
 

ImpulsE69

Lifer
Jan 8, 2010
14,946
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Set up two different paypal accounts one connected to each account and send the money via friends and family?

Guessing that won't be as timely as you want.
 

GobBluth

Senior member
Sep 18, 2012
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Depends on the bank but, if you write a check and deposit it with your mobile your bank may instantly deposit those funds if they are under a certain amount. If you're trying to get all your money into your account in the Cayman Islands to avoid an FBI probe, your best bet would be to withdraw it all in case, rent a Cessna, and fly it there. But at that point you're committed so, you may as well just stay there and ride this whole thing out.
 

deadlyapp

Diamond Member
Apr 25, 2004
6,609
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Generally, no there is not a free way to do instant transfers between banks.

Chase has QuickPay (Zelle) which you may be able to use with Charles Schwab however you'll be exposed to certain limits on sending, and it can still take 1-2 days.
https://chaseonline.chase.com/content/secure/pt/document/qp_shared_userguide_p.pdf

You can also use Venmo with two separate accounts, however this is against the TOS so you could be frozen out (same as if you were doing with Paypal, who actually owns Venmo). You have certain sending limits here as well, and usually it would take 1-2 days to withdraw the money to your account.

What GobBluth mentioned is also possible, but you still won't see funds immediately. I actually take a personal check written on one account and deposit it in person at the bank of the other account, but the funds still take 2-3 days to clear. I think you could perhaps accelerate this through using cash or cashiers checks, but that may also not be feasible depending on the amount you are trying to transfer.

Basically, you're shit out of luck, so manage your time appropriately.
 

pete6032

Diamond Member
Dec 3, 2010
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The fact that you can't do this instantly without fees is one argument for Crypto.
 

A Casual Fitz

Diamond Member
May 16, 2005
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The check method will most likely be available the next business day. There isn't an instant way that I know of that doesn't involve fees.
 

pete6032

Diamond Member
Dec 3, 2010
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except...in most cases, transactions with crypto cost...so...
There are fees now but hopefully in the future crypto will evolve into a zero fee structure. Coins like Iota have no traditional currency fee to transfer money and show a lot of promise.
 

allisolm

Elite Member
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Jan 2, 2001
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I've sent money twice with Zelle from one bank in FL to a different one in TX and the money was available instantly both times. I remember the first transaction was limited to $500, so I just did 2 $500 transactions, one right after the other and that was okay. Don't know if the $500 limit was from Zelle or from the banking institution.
 

deadlyapp

Diamond Member
Apr 25, 2004
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The fact that you can't do this instantly without fees is one argument for Crypto.
There are fees now but hopefully in the future crypto will evolve into a zero fee structure. Coins like Iota have no traditional currency fee to transfer money and show a lot of promise.
I don't see how it could considering there are specific computer requirements for crypto that have a non-zero cost to them.
 

pete6032

Diamond Member
Dec 3, 2010
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I don't see how it could considering there are specific computer requirements for crypto that have a non-zero cost to them.
Thats why I said no "currency cost." If you send $100 worth of Iota to someone else, they get $100 worth of Iota. No currency fees. In order for you to send Iota you have to validate two transactions that happened before you. Thus the only cost to you is a very small amount of electricity and a small amount of computing power to validate those transactions.
 

NAC4EV

Golden Member
Feb 26, 2015
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I sent $5000 branch to branch. [same institution]
It was free and instantaneous, and the party at the other end received a text message confirming that the funds were placed in their account.


Maybe have your other party open a Charles Schwab account
 
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fuzzybabybunny

Moderator<br>Digital & Video Cameras
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Man, banking in the USA sucks. I'm in Australia and they've had instant transfers for ages between banks. PayPal isn't necessary. I only need to transfer because I'm buying a car and need to transfer money ASAP between my two USA-based accounts.
 

Exterous

Super Moderator
Jun 20, 2006
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Man, banking in the USA sucks. I'm in Australia and they've had instant transfers for ages between banks. PayPal isn't necessary. I only need to transfer because I'm buying a car and need to transfer money ASAP between my two USA-based accounts.

It's because the system is basically the same way of transferring money as in the 1980s. The banks voted down an effort to modernize the system in 2012. I'm also guessing the US has way more banks that have to implement the system than Australia
https://www.npr.org/sections/money/...ode-489-the-invisible-plumbing-of-our-economy
 

ultimatebob

Lifer
Jul 1, 2001
25,135
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The fact that you can't do this instantly without fees is one argument for Crypto.

Except that Bitcoin transactions are slow as hell, the transaction fees are now often higher than Paypal, and the price of the currency could drop 20% by the time you can exchange it back to fiat. Other than that, crypto is the perfect solution
 

Exterous

Super Moderator
Jun 20, 2006
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Except that Bitcoin transactions are slow as hell, the transaction fees are now often higher than Paypal, and the price of the currency could drop 20% by the time you can exchange it back to fiat. Other than that, crypto is the perfect solution

Wait - so my ones of CoolCoins might drastically change in value?
 

pete6032

Diamond Member
Dec 3, 2010
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Except that Bitcoin transactions are slow as hell, the transaction fees are now often higher than Paypal, and the price of the currency could drop 20% by the time you can exchange it back to fiat. Other than that, crypto is the perfect solution
I didn't say OP should use crypto, nor did I say Bitcoin was a good choice. I'm just saying that one day we might have a decentralized instantaneous transaction currency.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
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Wait - so my ones of CoolCoins might drastically change in value?

Coolcoin has a long established (about 6 months, anyway) exchange value of 1000 Coolcoin to one Space Kitty t-shirt. In the world of crypto, it doesn't get much more stable than that!
 

WelshBloke

Lifer
Jan 12, 2005
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Man, banking in the USA sucks. I'm in Australia and they've had instant transfers for ages between banks. PayPal isn't necessary. I only need to transfer because I'm buying a car and need to transfer money ASAP between my two USA-based accounts.
Yeah. Its dead easy to transfer money here as well. I'd never really considered that it was difficult issue. I can send funds with just a text message to my wife.
 

Paperdoc

Platinum Member
Aug 17, 2006
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I'm in Canada with accounts in a major national bank. I pay a monthly fixed fee for a package of services which includes a certain number of free transactions per month and I rarely exceed that free amount. Among those is free payments, and that includes electronic funds transfer instantly. To do that I have to add the payee to my list, with a recognized name and account number that my bank's system can verify immediately in order to add that payee to my list. Once that's done, I can pay them money instantly any time. I don't know if I could set up myself using an account in a different bank as a payee, but I expect it could be done easily.

Most Canadian banks also have another method. I can send money (another free transaction in my package of services) by e-mail. I just need the e-mail address of someone who has a bank account. I must arrange with the recipient to know a password to receive the funds (not hard to do). Using on-line access to my account I just tell my bank to send $x. to the person's name using their e-mail address, and protected by a password. Then the bank, out of my sight, takes the money from my account, puts in it a temporary place, and sends the recipient an e-mail asking for the password to confirm they are the right recipient, and for their bank account info (bank transit number and account number). When that person provides that info (I never see it), my bank deposits that money into their account instantly. This all happens in minutes, and I pay nothing extra.
 

Carson Dyle

Diamond Member
Jul 2, 2012
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If you have checking accounts at both, why is there a need to transfer funds from one to the other? Just write a check to the car dealership from wherever the funds reside. Or two checks if the money is split between the two.
 

fuzzybabybunny

Moderator<br>Digital & Video Cameras
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Jan 2, 2006
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If you have checking accounts at both, why is there a need to transfer funds from one to the other? Just write a check to the car dealership from wherever the funds reside. Or two checks if the money is split between the two.
I'm buying a car in Australia and my Charles Schwab account allows free ATM withdrawals overseas, but I needed to add funds to it from my Chase account.

Anyway, I bought the car already. Half with cash and half with a Capital One card.
 
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