One can not underestimate the need for being able to safely and securely transfer money from one banking institution to another. Transferring money between banks is how many people pay their bills, send money as gifts to loved ones, and pay for services or products. This article is designed to answer some basic questions about how to transfer money from Chase to Wells Fargo as easily and simply as possible.
With the wide range of banking options, it can be hard to decipher one bank’s policy compared to others. The ease at which one can transfer money from one bank to another may influence where you choose to keep your money.
Chase and Wells Fargo are both large banking institutions that can offer their customers a wide range of services. In addition to numerous branches all over the country, both banks boast a robust online banking platform, making it easy to send money between institutions.
While transferring between accounts within the same bank is typically seamless for both Wells Fargo and Chase, transferring from Chase to Wells Fargo can be instant, or it can take up to several business days, depending on which route you choose to send your money.
How to transfer money from Chase to Wells Fargo
Multiple methods can allow you to transfer from Chase to Wells Fargo, including free apps that integrate with banks such as Zelle or Venmo, as well as traditional methods such as direct deposits. Each option has pros and cons and allows you to send money from Chase to Wells Fargo in different time frames.
Zelle
Zelle is a money transfer service that allows you to send and request money between bank accounts. Zelle is free and works with over 200 banks worldwide as well as a standalone app. There are no fees and money is received instantly.
How to use Zelle to send money:
- Create an account via the Chase banking app or on the Zelle app
- Access Zelle via the Chase banking app or on the Chase website
- Follow the prompts, which will ask you for the information of the account that will be receiving the money
- The person receiving the money will also need a Zelle account
- Review the transfer and send
Pros
- Zelle is instant and free
- Zelle offers an easy to navigate app
- Integrated with over 200 banks worldwide
- Can be used daily
Cons
- No oversight to guarantee the transaction takes place correctly
- Can be done only via the app or online, no in-person transactions take place
- The weekly send limit is $500
Venmo
Venmo is another app that allows you to easily send money to friends. You can link credit cards, debit cards, or bank accounts to exchange money. You can also send and request money from other Venmo users.
While Venmo does charge a 3% fee to send money from a credit card, they will waive that fee if you fund the transaction through a bank account. Sending money from one Venmo account to another is instant, getting that money transferred into your bank account from Venmo can take up to 1-3 business days. .
How to use Venmo:
- Download the Venmo app
- Sign up and link your bank account. You will need your routing and account number.
- Once your account is approved you are free to send and request money
- Follow the prompts to send money
- The person receiving the money will also need a Venmo account
- Review the transfer and send
Pros
- The app is easy to use
- Can be used with credit cards, debit cards, or your bank account
- No fee if using your bank account to fund the transaction
Cons
- Transferring money from your Venmo account to your bank account takes several business days unless you pay a fee
- If using a credit or debit card to fund a transaction you will incur a 3% fee
- No in-person transactions take place
- The weekly send limit is $299.99 until your identity is confirmed, then it is upped to 4999.99
Wire Transfer
Wire transfers offer a more traditional and secure method of sending money from a Chase account to a Wells Fargo account. Wire transfers are simple and can be done online, through your Chase banking app, or in person at your local branch. This method usually takes 1-2 business days for the recipient to receive the funds.
How to use Wire Transfer:
- Sign in to your Chase banking app
- Select “Pay and Transfer” and follow the prompts
- You will need the Wells Fargo recipient’s routing and account number
- Chase will verify that the transaction is safe
- Review and schedule the transfer
Alternatively, you can go in person to your nearest Chase banking branch and work with a teller. They will need your Chase banking card, valid photo ID, and the routing and account number of the Wells Fargo recipient. This method takes the same length of time as online for funds to be received.
Pros
- Can be done online or in-person
- No limit on sending or receiving
- Chase will secure the transaction before sending the funds
Cons
- Can take several business days for the recipient to receive funds
- Chase bank charges $35 for in-person wire transfers and $25 for online wire transfer
To Summarize
Wire transfers are the most secure way to send money between Chase and Wells Fargo. Venmo and Zelle both offer ease through apps that are easy to navigate, but there is no oversight to guarantee that the money goes to the correct recipient.
Zelle offers the recipient their money the fastest. Venmo is also quick in that the money will automatically appear in the recipient’s Venmo account, but it will take several business days to transfer that money into their Wells Fargo account.
Regardless of which method you select to send money from a Chase account to a Wells Fargo account, always prioritize safety and security. Be sure to avoid suspicious individuals and avoid giving your personal information to strangers.
Related: Chase Direct Deposit Times
Related: How Can I Transfer Money from My Chase Account to Another Bank?
