In days gone by, it used to be that you had to go to your bank if you needed to transfer money to someone else's bank account. It was popularly called a wire transfer. Now you can do the same thing in minutes on your computer with online banking and an Internet connection. Most banks these days provide online banking and it is almost always free. If your bank does not currently offer online banking or it is not free, you are not being served well. You can search for better checking and savings account options that will provide this service. So it is now easy to transfer money to accounts, be they within the same bank, or external; whether it is an account that belongs to you or to someone else.
Transferring to Accounts within the Same Bank
Transferring money to accounts within the same bank is the fastest kind of transfer for most banks and it happens instantly. For example if you are a Bank of America customer and you want to transfer money to another Bank of America customer, all you have to do is go to the transfer money section of online banking once you are logged in, and specify your mother's, or the other person's account number. The transfer happens instantly because it is a process that is happening within the same bank regardless of what branch each account is located in. The same procedure also applies if you are transferring funds into an account that belongs to you within the same bank.
Transferring Money to External Accounts
When you are transferring money to accounts within other banks, the process takes a little longer, usually three to five business days. Some banks will also charge you a small fee. Log into your account as you usually would and go to the transfer funds portion. There should be an option for transferring funds to external accounts. You'll need both routing and account number information for the account you want to transfer funds to. You will be asked to confirm the amount you intend to transfer and if you are being charged a fee, you'll know how much it will cost. You will also be given an approximate date when the funds will reach the recipient account.
If you are transferring money to an account that you own at another bank, this is usually free but will take a few days as well. Usually you will be asked to link your two accounts and a test deposit of a small amount is made to confirm your ownership of said account Once your two accounts are linked, you can make transfers at anytime in line with the policies of your particular bank and this will usually take three to five business days.
Other Transfer Options
There are also other ways of transferring funds electronically. You can open a Paypal account and simply send funds to your recipient via email or text message. Your recipient will have to have a Paypal account and if she doesn't, she can open one within a few minutes. The funds become immediately available within the Paypal account and can be used for online purchases. To access the physical cash the recipient can either transfer the funds to her own bank account, which will also take a few days, or if she has a Paypal debit card, she can access the funds immediately through an ATM or make purchases with the card.