How to transfer money from capital one to another bank

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Send money

With Zelle®, you can send money in minutes to enrolled users—whether it’s for a birthday, an unpaid IOU or a friend in need.

Add your contacts

Millions of people are already using Zelle®—make sure you add your contacts using the Address Book feature.

Receive money

With Zelle®, you don’t need to wait days. Get money fast, directly to your bank account, with no fees from us.

See the details

Use the Transaction Details page to view send dates, add memos or even cancel a payment if a recipient doesn’t enroll with Zelle®.

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September 6, 2022 |12 min read

September 6, 2022 |12 min read

Picture this: You’re out to dinner with a big group of friends. When the bill comes, you find out the restaurant doesn’t do separate checks—and no one has cash. So one person covers the bill and everyone else grabs their phones to pay them back.

If that sounds familiar, you’ve probably already used a money transfer service. You just might not know that’s what it’s called. 

A money transfer service is pretty much exactly what it sounds like: It’s an app, website or service that helps you digitally transfer money from one place to another. Learn the details of how different money transfer services work, how to send money internationally and more. 

Key Takeaways

• Money transfer services let you send and receive money online. 
• Not all money transfer services operate in the same way. It’s important to know how each one works so you can choose a service that suits your needs. 
• International money transfers might work differently, take longer and cost more than domestic transfers.

How to Send Money Online

There are many different ways to send and receive money online. 

Which one you choose depends on a variety of factors like how much you need to send, where you’re sending the money and how fast you need it to arrive. And the exact process for sending money online depends on the money transfer service you choose. 

Digital wallets—like PayPal, Apple Pay® and Google Pay™—are one kind of money transfer service.

Digital wallets are basically electronic versions of your physical wallet. They store things like your credit card and debit card information. You can use them to make contactless payments in stores or transfer money to another person. 

If you need to transfer money between bank accounts at the same bank, you can typically do that from your online banking account. And there are many money transfer services that allow you to send money to a bank account at a different bank or internationally. Keep reading to learn how these money transfer services work.

How Do International Money Transfers Work?

If you need to send money internationally, there are a few things to keep in mind. 

Not all money transfer services offer international transfers. So the first step is finding one that lets you send money abroad. And you should also know that your bank and the money transfer service might charge higher or additional fees for international transfers. 

There are also exchange rates to consider. Exchange rates compare the costs of different currencies against each other and can change by the hour. So it’s a good idea to check the exchange rate right before you transfer money. That way, you’ll have a better idea of what it’ll cost. 

And if you need the money to arrive by a certain time, make sure you choose a service that can accommodate your timeline. Some international transfers might take longer than domestic ones. 

The Consumer Financial Protection Bureau (CFPB) also recommends knowing your rights before making international money transfers. Generally, you have some federal protections when you’re sending money internationally. That includes rights to:

• Have the money delivered to the right person.
• Receive information about things like the exchange rate, fees, taxes and more. 
• Cancel a transfer within a certain time period after it’s sent.

Money Transfer vs. Wire Transfer

According to the CFPB, the term “wire transfer” can cover “any electronic transfer of money from one person to another.” So you might hear “wire transfer” and “money transfer” used interchangeably. 

But according to the CFPB, “wire transfer” is a particular method for sending money—often a larger sum—from one bank or credit union to another using an electronic transfer of funds.

Companies like Western Union and MoneyGram—which you’ll learn more about below—offer services that fall into the more technical definition of wire transfer.

12 Money Transfer Apps

There are many ways to transfer money online. Just keep in mind that using a credit card to transfer money may be considered a cash advance. And there may be additional fees associated with cash advances.

Here are some money transfer services to explore so you can choose the right ones for you:

1. PayPal

PayPal is a way to check out at millions of online stores—with all your Capital One card benefits and PayPal rewards, too. You can also use PayPal to send money to friends and family.

There are no fees for opening a PayPal account. But there might be fees for certain transactions, like receiving payments from outside the country.

2. Zelle®

Zelle® is a fast, safe and easy way to send money directly between almost any U.S. bank accounts. Zelle® transfers typically only take minutes to complete when the sender and recipient are both enrolled. Payments are designed to be secure by using just your U.S. mobile number or email address—not your account info—to send or receive money.

Zelle® doesn’t charge fees for sending or receiving money, although it might be worth checking with your bank or credit union for any additional fees. Zelle® is already in a lot of banking apps, making sending and receiving money easy and convenient.

All you have to do is register your Capital One account with Zelle® through the Capital One Mobile app and follow a few simple steps. After that, sending money with Zelle® through the Capital One website or mobile app is simple.

3. Venmo

Venmo is a digital wallet that lets you send money, request money and make purchases from authorized merchants.

There are no fees to set up a Venmo account or keep it open. And there are no transfer fees for sending or receiving money using your Venmo account, linked bank account or debit card. But there are fees for things like instant transfers and sending money using a linked credit card.

4. Cash App

Cash App lets you send, receive, spend, save and invest money. You can download and use Cash App on your iPhone or Android mobile device.

Cash App accounts are free to open. And standard deposits to your linked bank account or debit card are free. There are fees for things like instant deposits and sending money from a credit card.

5. Meta Pay

Meta Pay—formerly known as Facebook Pay—is a way to send money, shop or donate on apps you might already use, like Facebook, Messenger, Instagram and WhatsApp.

There are no fees to send or receive money with Meta Pay though Messenger.

6. Google Pay

Google Pay is a way to pay and manage your money. You can use Google Pay to send money to anyone in the U.S. with a QR code or with their name, phone number or email address. You can also store credit cards, debit cards, transit passes and more in Google Pay for quick, easy access right from your phone. With security built in for every payment, Google Pay is safer than swiping your card or paying with cash.

Google Pay may charge fees for things like transferring money out with a debit card.

7. Apple Cash

You can use Apple Cash to send money to and receive money from friends and family on your iPhone, iPad or Apple Watch. The money you send can come directly out of your Apple Cash balance, or you can send money from your debit card.

Apple Cash might charge fees for things like instant transfers.

8. Western Union

Western Union offers money transfer services in over 200 countries and territories around the world. You can send and receive money online or in one of their brick-and-mortar locations. You can also send money online to a physical Western Union location for a cash pickup.

Western Union money transfers may cost a fee depending on the service you choose. And some card issuers may charge their own fees for using Western Union services. To find out how much your transfer might cost, you can use Western Union’s free price estimator.

9. Walmart2Walmart

The Walmart2Walmart app lets you send money to and receive money from a bank account, debit card or mobile wallet through the app or at participating Walmart stores. You also might be able to send money to a Walmart store for cash pickup or even opt for home delivery. The money transfer options available through Walmart2Walmart might depend on the provider, where the transfer is going and more.

Walmart2Walmart charges flat fees for some services. If you’re sending large amounts of money or sending money to certain locations, transfers might cost more.

10. MoneyGram

With MoneyGram, you can transfer money online through bank accounts, via mobile wallets and at thousands of in-store locations. MoneyGram lets you do things like pay bills, send money to friends and family and transfer money internationally.

MoneyGram might charge transfer fees for some services. Those fees can vary depending on your payment method, where you’re sending money and how much you’re sending. Typically, MoneyGram fees are lower if you pay with your bank account and higher if you pay with a credit card or debit card.

11. OFX

OFX gives you a fast way to transfer money internationally on their website or using the OFX mobile app. You can use OFX to transfer money to over 190 countries.

OFX doesn’t charge any setup or monthly account fees. You might have to pay a small percentage of the amount you transfer as a fee, depending on the kind of transfer. There might also be third-party fees from your bank.

12. Xoom

Xoom is a service provided by PayPal that lets you send money internationally. You can send money to a bank account, debit card or mobile wallet. You can also pay international bills, reload a prepaid mobile phone and send cash for pickup or home delivery.

Xoom might charge fees for some transactions. Those fees vary depending on things like the transaction type, payment method, amount and more. You can use Xoom’s fees and exchange rate calculator to find out how much your transfer will cost.

FAQs About Money Transfer Services

Here are the answers to a few questions you may still have about money transfer services.

How Long Does It Take to Transfer Money?

How long a money transfer takes depends on a few factors. That includes which service you use, whether it’s a domestic or international transfer, what kind of transfer you choose and more.

Some money transfer services—like Zelle®, for example—offer free, fast domestic transfers that take just a couple of minutes to complete when both users are enrolled. Other services that offer fast transfers might charge a fee.

When you’re using a money transfer service to send money internationally, transfers could take several days to complete.

So if you need the money to arrive by a certain time, take the time to do your research before you hit send. And make sure you know about any associated fees.

How Can I Send Money to Someone Without a Bank Account?

If you need to send money to a person who doesn’t have a bank account, there are a few ways to do it.

Some digital wallets—like PayPal and Venmo—let you transfer money directly into a wallet without it needing to be linked to a bank account.

Prepaid debit cards are another option. You can generally buy prepaid cards at banks or retail locations like grocery stores and drugstores. They come with either a set available balance or an option to load money onto the card. From there, you can use the card until you’ve depleted the balance. Once the money runs out, you won’t be able to make more purchases until you reload it.

There are also some money transfer services—like Western Union, Walmart2Walmart and Xoom—that let you send money online for cash pickup at a physical store. Some even offer home delivery.

These are just a few options for sending money to someone without a bank account. Whatever you choose, make sure to do your research, know your rights and keep your money safe.

What’s the Fastest Way to Send Money?

Some money transfer services offer instant transfers that can be done in a minute or two.

When you send money with Zelle®, for example, the money is typically available within minutes when the recipient is already enrolled. Plus, there’s no fee.

Keep in mind that other instant transfers might cost a fee. And if you’re sending money internationally, transfers might take longer and cost even more.

Are Online Money Transfers Safe?

There are things you can do to help protect your digital identity and secure your account when using money transfer services. These include only sending money to people you know and trust, verifying their information and knowing how to avoid scams like phishing.

You can keep your accounts safer by choosing strong passwords and changing them often. The Cybersecurity and Infrastructure Security Agency has tips to help you choose your passwords.

Multifactor authentication can also help with account security. Multifactor authentication has you verify your identity in two or more ways to access your accounts.

Avoid completing online money transfers on public Wi-Fi. That’s because when you access sensitive information (like your bank account) from an unsecured network (such as at an airport or coffee shop), unauthorized users may be able to get access too.

Money Transfer Services in a Nutshell

There are many money transfer services out there. Now that you know more about how they work, you can make sure to choose the right one to suit your needs. Just remember to do your research, read the fine print and do everything you can to better secure your money.

And if you need a quick, free way to send money to someone you know and trust, Zelle® might be the right choice for you.

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