Written by Laura Grace Tarpley, CEPF and Sophia Acevedo, CEPF
2023-08-07T21:43:50Z
- 1. Deposit cash at the bank
- 2. Transfer money electronically
- 3. Write a check
- 4. Send a money order
- 5. Send a cashier's check
- 6. Make a wire transfer
- FAQs
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- You can transfer money electronically through websites and apps such as Venmo, PayPal, and Zelle.
- You may send a money order for amounts smaller than $1,000, or a cashier's check for larger amounts.
- A wire transfer is a tool for sending money to someone who lives far away.
- See Business Insider's picks for the best checking accounts.
There are plenty of times you'll need to give money to someone, but for one reason or another, you can't just hand them cash. In this case, you can deposit money into their bank account.
The best checking accounts have several ways to deposit money into someone else's bank account. The most optimal way of transferring money to someone else's account will depend on which institutions you each bank with, how much money you're sending, and how much you're willing to pay in fees.
1. Deposit cash at the bank
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.
Some banks are banning cash deposits into someone else's account, though. Handling cash can lead to fraud, so banks are steering clear. 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.
2. Transfer money electronically
There are multiple websites and apps that allow you to transfer money to a friend. PayPal, Venmo, Zelle and Cash App are a few popular examples.
One disadvantage to this method is that both people need to have an account with certain services, including PayPal and Venmo.
See Insider's PayPal Review orVenmo Review>>
3. Write a check
You may choose to write a check and give it to the person. Or you can walk into a bank and ask the teller to deposit the check into the person's account, as long as you have their full name and account number.
Although fewer and fewer banks accept cash deposits into another person's account, many still accept check deposits.
4. Send a money order
Although you will have to pay a couple of dollars for a money order, it's a worthwhile alternative if you don't already have a paper checkbook.
When you buy a money order, you'll pay the small fee plus the amount you want to deposit. For example, you might pay the $200 you want to put into your friend's account, then a $2 fee for the money order itself. You'll get a receipt, so if the deposit never goes through for some reason, you have proof of the money order.
The downside is that there's usually a limit on how much you can send with a money order. You probably won't be able to send more than $1,000.
5. Send a cashier's check
A cashier's check is similar to a money order, but there's no limit on how much you can send. Unfortunately, cashier's checks cost a little more than money orders, usually around $10.
Whereas you can get a money order at a bank, the post office, or a convenience store, cashier's checks are only available at banks.
6. Make a wire transfer
A wire transfer is a tool for moving money electronically from one banking institution to another. It can be especially useful if you don't have access to the recipient's bank. For instance, maybe you bank with a national bank but your friend banks with a local institution across the country.
You can wire money within the US or internationally, and international transfer fees are more expensive. You can expect to spend $10 to $50 on a wire transfer.
Wire transfers are often for large sums of money, like a down payment on a house. Before attempting to send a wire transfer, make sure your account and the recipient's account are both set up for wire transfers.
The best option for depositing money into someone else's bank account may depend on where you both bank and how much you're sending. When in doubt, ask the other person which would be the most convenient way for them to access the money.
Deposit Money in Someone Else's Account FAQs
Can I deposit a check into someone else's account?
Yes, you can deposit a check into someone else's bank account. While the process may vary depending on the financial institution, generally, the other person will sign the check and write "for deposit only" in the endorsem*nt area on the back of the check. You'll also need the other person's account number.
Can I transfer money directly to someone else's bank account?
Yes, you can transfer money directly from your bank account to another person's bank account. Banks refer to these transfers as ACH transfers or wire transfers. The primary difference between ACH transfers versus wire transfers is that wire transfers are processed more quickly than ACH transfers but often entail fees.
How long does it take to deposit money into someone else account?
It depends on the type of transfer. ACH transfers may take a few business days, while wire transfers happen more quickly. If you're wiring money to someone in the US, it may take less than 24 hours. If you use a payment app like PayPal or Venmo, free transfers usually take a few days to process but instant transfers (which usually cost a fee) may take up to 30 minutes.
Can I transfer money with an account and routing number?
Yes, as long as you know the person's full name, bank account number, and routing number, you'll be able to initiate a bank transfer.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Sophia Acevedo, CEPF
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
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