How to Transfer Funds Between Banks Online for Free

Many ATMs, banks and cash advance businesses allow you to transfer funds from one bank account to another. However, many places charge a fee to transfer funds. The PayPal website allows members to transfer funds between banks online for free.

1. Visit the PayPal website. If you do not have an account, create one. You will need to provide your email address, contact information, and choose a username and password.


2. Check your inbox for a confirmation link, and click on it to be taken to the login page. Use your username and password to sign into PayPal.


3. Click on the "Profile" button, and click on the "Add or Edit Bank Account" tab. Click on the "Add Bank" link.


4. Enter your bank information into the online form. Include your bank's name and address, your account number and routing number. You can get this information by contacting your bank or looking on a check or deposit slip.


5. Wait for PayPal to deposit two small amounts of money into your bank account. This usually takes a few days. Go back to the PayPal website and click on the "Confirm Bank Account" link. Enter the amount of the two deposits to confirm your bank account.


6. Click on the "Withdraw" button, and click on the "Transfer to Bank Account." Type the amount of money you want to transfer into the applicable box. Click on the drop-down menu, and choose the bank account you want to transfer the money to. Follow the on-screen instructions to confirm the transfer, and wait for it to arrive in your bank account. It usually takes a few days.