how-to

Transferring large sums of money between bank accounts

Tranferring large sums of money between bank accounts
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Team Crema  September 28th 2022

The ability to transfer money between accounts at different banks is a useful way to get money to its destination, either to your own account or to someone else's account.

The cost and speed of transfers are important issues to consider when choosing the best transfer method. Getting money to its destination in the fastest way can also be the most expensive method, except that's not the case with Crema. While there are platforms that charge you up to 13% commission for transferring money online, Crema only charges you 6%. Sounds interesting doesn't it? Believe us, it is.

But before we convince you to use Crema, let's explain a little bit about online bank transfers.

What are bank to bank transfers?

A bank-to-bank transfer, also known as an external transfer, is the process of getting funds from one account at Bank A to another account at Bank B. External transfers that are electronic, or online, can expedite getting money to another person by eliminating the need to physically move cash between banks.

Some points to consider before transferring money to another person are as follows:

Think about speed: Determine how quickly the money should get to the other bank.

Compare fees: Sometimes a wire transfer may be necessary to send large amounts of money quickly, but it probably won't be free. Other methods, such as Crema, can be fast and inexpensive.

Know the recipient's account details: For some methods, you'll probably need at least the recipient's name and account number. But in the case of Crema, you only need the person's phone number or email address. After you've decided on the speed, cost and sending options you have, you're ready to make a money transfer.

Here are two ways to transfer money from your bank to another institution:

Bank Wire Transfers

A wire transfer is one of the fastest ways to transfer money electronically from one person to another through a bank or non-bank provider such as Crema. To make a domestic wire transfer the account number, the recipient's name and possibly the recipient's address. Domestic transfers can be made online or at a branch or office.

Online transfers are fast and may allow you to send more money than with other methods, but they can also be expensive. Keep in mind that your bank may have a business day deadline for wire transfers, and they cannot be sent on weekends or holidays.

Online platforms

Banks are not the only option for sending money. Crema is one of them, where you only have to send a link for your client to pay and then, in the blink of an eye, you can have your money in pesos, dollars, or even crypto.

Fees for international transactions are usually higher, and an exchange rate fee may apply for transfers made in a foreign currency; but not with Crema. With Crema, only a 6% transaction fee is charged and that's it, you have your money.

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