If you have multiple bank accounts, then you must keep track of them. Transferring funds between them have its processes, so ultimately, you need to know where to start. For USAA clients, transferring to another account from the same bank is easy.
However, depending on the amount and where the money will be sent, you might consider other more effective options. And it is important to know that you cannot pay your bills by transferring funds; you can just move money between accounts.
Whether it is a checking or savings account, there are limits on how much you can transfer to another bank. If you are unsure how to do so or which method is the best for your current situation, we will tell you the steps you need to take below.
Three ways to move money from your USAA account to another bank account
Normal transfer between accounts
It is no surprise that when you have several accounts, you have to manage them and transfer money for your set of circumstances. So, if you need to move money to one account, we suggest you use the USAA Transfer Funds method.
You can set up one-time or recurring transfers from up to $5,000 (including same-day and pending transfers) if you are transferring from a USAA account to an account from another financial institution and vice versa. However, for fund transfers between USAA accounts, the maximum amount is what you have available in the account.
To know if your account is eligible for transferring funds, you have to log in to your account and go to +Products, select Banking, then Manage Existing Account and finally Manage Payment and Transfer Accounts. From here, you can add any non-USAA account you need to transfer money to.
Between USAA accounts, the transfer is immediate if you make them before 9 p.m. (for transfers after 9 p.m., on holidays or at weekends, the funds will be available on the next business day), but for transfers to a third-party institution will take from 3 to 5 days once the recipient’s account is verified.
A faster way to send money is through the peer-to-peer app known as Zelle. If you have an account with USAA, you can download their mobile app and enroll in Zelle to start using this free and secure method.
Although normal transfers have a wide range of funds to be transferred, Zelle has limitations according to periods of time. In this case, you can either make:
- Three payments or reach $1,000 per 24 hours.
- 21 payments or reach $2,500 per 7 days.
- 90 payments or reach $10,000 per 30 days.
No fees are included with any transfer, so feel free to use Zelle as your preferred method, knowing that the recipient’s account will receive the money instantly. But first, you will have to enroll, and to do so, you have to log on to the USAA mobile app and:
- Go to Explore USAA at the bottom of the screen once you log in.
- Select Send money with Zelle
- Choose if you want to enroll with a U.S. phone number or email and wait for the verification code
- Enter the code and select the main account you are going to transfer funds from
After finishing the process, repeat the second step and select if you want to Send or Request funds. Going with the former option, select a recipient from your list of contacts (they must be enrolled as well), enter the amount and complete the transfer.
Make a Wire transfer
This is the best option if you send a great amount of money. On top of that, it is also useful to send money outside the U.S. But in this case, you do not make the transfer, rather, you order USAA to make it for you, and there are two ways to do so:
- If you send a wire transfer inside the U.S. or are less than $10,000, then you can order it online. You will need the recipient’s full name, ZIP code, bank transit routing number, and bank account number.
- However, for international wire transfers or funds surpassing the $10,000 limit, you must contact USAA via phone. From Monday to Friday, 7:30 a.m. to 3:30 p.m. CT, you can call 800-531-USAA (8722). You also need the recipient’s full name, physical address and account number, the bank SWIFT or other code, the international bank’s name and address, and the payment’s purpose.
Wire transfers normally take between 1 and 2 days to arrive in the recipient’s account, but only if it is in the U.S. For international transfers, it depends on the country you send the money to, but it can take 15 days or more.
Moreover, there is a $20 fee for any wire transfer you order USAA to make and an additional $25 fee for international banks.
Which option is the best for me?
These methods are safe to use, especially wire transfers, since they are encrypted. However, if you need to transfer money between accounts quickly, then you should enroll in Zelle now! But as we said above, there is a limited amount you can transfer each day, while others have a larger limit.
Fund transfers are more accessible for USAA account holders since it is available at the start. On top of that, if you have both a checking and savings account, the money you transfer between them will arrive instantly.