If you want to deposit cash into another person’s account, follow the steps for making a check deposit. Go to a bank, complete a deposit slip, and provide the cash to the teller. Since cash transactions are hard to trace, be extra sure to get a receipt for any cash deposits. Depending on the transaction price, the time it takes to transfer the money, and the method’s transparency, select the option that works best for you. But for many international transactions, you might not have any other choice than to wire money to the recipient.
- When sending a sizable amount of money, a wire transfer may be your best option, as those done through a bank commonly have no limits.
- Not every bank allows for all methods, so if your bank doesn’t offer the service you find easiest or need to use, it may pay to switch banks.
- Banks refer to these transfers as ACH transfers or wire transfers.
- Someone may ask you to deposit a $5,000 check to your account and then wire them $4,000.
Begin the process by requesting a wire transfer form from your bank. Provide all the necessary information on the form, which typically asks for your name, address, account number, and the amount you wish to submit. In the beneficiary section of the wire transfer form, write the account holder’s information. In addition to personal information, you’ll have to provide the recipient’s account number and the routing number of his bank. In both cases, you don’t have to own the account you are putting money into, as long as you have the correct information.
Most of these services can be easily operated from mobile apps or websites. There is no need for you to know the complete bank account details of the recipient. For example, PayPal only requires you to give the recipient’s ID or email address to send money. However, note that some banks are now discouraging the process of depositing cash into someone else’s account due to the chances of fraud and money laundering. ATM deposits are convenient, but the funds might not be available in your account immediately after making a deposit—even though you’re depositing cash. Most policies (and federal law) allow banks to hold funds for an extra day, and the hold can last longer, depending on who owns the ATM.
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$0 monthly account keeping fees & option to add up to 9 sub-accounts. The recipient to whom you’re sending money must also be registered with the same service. As long as you are both using the same service, you can send the money to your recipient’s unique registration ID. Imagine you are stuck in a country with no mobile data and no way your friends can Venmo a quick 50 bucks. Check out the following methods so you are always prepared to take an alternative route if your favorite money transfer method is not available. Unlike cash, a money order can be used only by a specific person or company.
My uncle is Canadian but lives abroad and he came back to Canada for a few days last month and while he was here opened a bank account at TD because he’s been frustrated with BMO. Though his Interac hasn’t been working with TD, only with BMO so he’s not able to etransfer money into his new TD account. He’s back abroad now but he wants his money in his TD account so he can close his BMO how to deposit cash in someone else bank account account. He’s sent me an etransfer of a few thousand he wants me to deposit into his TD account. If I accept the etransfer into my account am I able to go into a TD bank branch and have them transfer the money from my TD account to his TD account? Do I need to withdraw cash from the ATM and then do it or can I just have them do an account to account transfer, will they allow it?
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Don’t transfer money to anyone you don’t know and trust, to avoid falling victim to a scam. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. One of the easiest banking tasks in the world is depositing money. You can even deposit money into someone else’s bank account if you wish.
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How they endorse the check usually depends on whether you plan to deposit it into their bank account or yours. If you have a check made out to you and another person, either of you can deposit the check into your bank account. There are plenty of ways to deposit funds into the account of a friend or relative.
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If anyone has an experience with stuff like this that’d be helpful, thank you. You can also send wire transfers through money-transfer providers, which often have lower fees than traditional banks. Western Union, MoneyGram and Wise are examples of money transfer providers.
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However, banks and credit unions have until at least the next business day to make your cash deposit available to withdraw or to use these funds to cover your checks and debits. With the prevalence of digital banking and money transfer apps, depositing money into someone else’s https://accounting-services.net/ bank account has become more convenient and can often be done without the need for cash. The cost to send a wire can range from $0 to $50 depending on the bank, whether the wire is domestic or international and whether you’re sending money in U.S. dollars or a foreign currency.
Before venturing into a bank branch to put cash in a friend’s account, double check that the bank will allow you to do so. The most basic way to move money into someone else’s account is to walk into the bank and tell the teller you’d like to deposit cash. You’ll need the recipient’s full name and bank account number to complete the deposit. Bankrate.com is an independent, advertising-supported publisher and comparison service.
Wire transfers can be expensive, however, compared to services like Zelle that don’t charge a fee. Fees for domestic outgoing wire transfers can cost as much as $35, while outgoing international ones tend to range from $35 to $50. When you send money to someone else through these kinds of services, the payments are often irrevocable.
Not every bank allows for all methods, so if your bank doesn’t offer the service you find easiest or need to use, it may pay to switch banks. Though you might feel inconvenienced, there are alternatives — some of which are quicker than depositing cash into someone else’s account at a branch. Bankrate follows a strict
editorial policy, so you can trust that our content is honest and accurate. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.