capital one transfer money to another person

How to Transfer Money from Capital One to another Person

April 9, 2022

Capital One is a financial corporation based in the United States. It is a bank and holding company specializing in credit cards, banking, auto loans, and savings accounts. The company’s headquarters are in McLean, Virginia, and all its primary operations are in the United States. Capital one allows you to send and receive money using your account. Today, I will mainly discuss using capital One to transfer money to another person.

All financial companies allow you to transfer funds to others, whether in the same financial company or a different one. When transferring money to an account within the same institution, you only require the account number of the receiving account. However, when transferring funds to a different financial institution, you require both the routing and account numbers of the receiving account. The transfer from one institution to the other also takes several days.

Capital One is one of the most popular banks in terms of performance. It offers an excellent banking experience and is among institutions with outstanding customer support. Moreover, it offers a platform that can advance you financially since checking and savings accounts earn solid rates with no monthly fees. You can also benefit from flexible overdraft options, but you have to part with high overdraft charges. Above all, its mission is to change banking services for good by ensuring humanity, ingenuity, and simplicity to banking remain genuine.

How to open a Capital One bank account

Getting started with the capital one bank is very easy since you only need to visit the company’s websites and navigate to the account opening tab. For your information, you can open an account at a Capital One location or online, whichever you feel is better for you. Opening your account is free, and thus you should only focus on how much you want to deposit. 

There are various accounts you can open at the company. They include 360 Checking, Capital One 360 Performance Savings, MONEY teen checking, and Kids Savings. Despite having no opening fees, all the accounts have no minimum deposit requirement. You will also not pay to have your account maintained.

Bank accounts allow you to perform various activities. You can accept ACH payments instantly to your account, send money to others, and pay for goods and services.

Before opening an account, you need to have all the requirements. These include;

  • Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
  • Identification documents such as passport, Government ID, or Drivers license
  • Email address
  • Physical address
  • Phone number
  • A blank check, credit card, or debit card to make your first deposit

These are the requirements of Capital One and all banks as per the federal government directives. Capital one also requires you to have some credit history to open an account with them. That is when opening online. If you have issues with your previous banking, such as writing bouncing checks and closing negative accounts, you will need to visit a physical branch to open an account in person.

You can begin by checking your credit for free with CreditWise or Credit Karma institutions. And by the way, it is good to set up alerts with these companies to know the changes in your credit scores and act where necessary.

However, do not worry if you have lousy banking history, as you can get a second chance account. However, second chance accounts attract fees and compulsory deposit amounts. They also limit how you can use your account. Some do not allow you to write checks, while others do not offer debit cards.

Even though Capital One is very strict regarding credit history, other financial companies offer free online checking accounts without an opening deposit or credit check. You can quickly look for such accounts online.

The following is the process to apply for your account online.

  • Go to the Capital One website and locate the link “Open an Account.”
  • Choose the account to open. As I have highlighted above, there are various accounts that you can open depending on your wish. You can get a check, savings accounts, CDs, and IRAs.
  • Fill out the application. You will have to enter all the necessary details, such as your full name, date of birth, city, state, ZIP code, etc. You will also set up a username, password, and security question for your account.
  • Agree for the bank to collect some information. These include your credit history and whether your details are in the ChexSystems.
  • Get approved. The approval process may be instant or take some time. You may have to visit the bank in person to complete the process. Alternatively, you can call the bank to inquire about the progress.
  • Deposit money. Once you get approved, you then need to deposit money.

How to transfer money from Capital One to another person

capital one transfer money to another person

Capital One allows you to transfer money to others. When transfering money to someone holding a Capital One bank, you only need their account number, and you are good to go. Since it is within the same institution, then funds arrive within a short time. 

You can transfer money to someone else’s bank account if you have the correct information for their account. To send money to another bank, you can follow the process below.

  • Log into your account online.
  • Select “add an account,” “link accounts,” “add external accounts,” or something similar to that.
  • Provide the bank’s routing and account numbers.
  • Next, confirm that your account is yours by allowing a small test of transferring small amounts between the two banks.
  • After that, you can transfer the amount to the other bank.

1) ACH transfers

It is important to note that you can transfer money to other banks using wire transfer or ACH. Wire transfers require the exact details, such as the ACH transfers, but funds arrive within 24 hours. ACH transfers can take several days since the funds must pass through the Automated Clearing House. Wire transfers are handled by banking institutions and are very useful when transferring large amounts of money.  

2) Zelle

You can also use Zelle to transfer money to the other person if they have Zelle. Only you need to log into your Capital One account and then choose to send money with Zelle.

You do not need the account number of the recipient. Their phone number registered with Zelle is enough. The good thing with Zelle is that funds reflect immediately or within a few minutes in the recipient’s account.

3) Money transfer apps

You can also use other money transfer apps such as Payoneer, PayPal, and Venmo to transfer funds from your Capital One account to other people.

4) Checks

Checks are also helpful when it comes to transferring money to someone else. You can either write a cashier’s check or a regular check whereby the other person can deposit to their accounts.

A cashier’s check requires you to pay instantly before getting the check, while regular checks only deduct money from your account when the other person deposits the check in their bank or mobile wallets.

Remember that cashier’s checks usually have the payee information printed on them and are guaranteed to succeed when deposited.

Can you transfer funds from Capital One to a debit or prepaid card?

Capital one allows you to transfer money to debit cards and prepaid cards online with ease. Also, you can transfer money from a prepaid card to a bank account, in our case Capital One.

When transferring funds from your bank account to a prepaid card, you require the receiving accounts’ routing number and account number. Prepaid cards are taken as independent banks and have these details. However, for debit cards, you will need the details of the bank that the cards link.

How long does it take to move money to someone else?

The time to transfer money from Capital One to someone else differs from the transfer method used. As I said, wire transfers allow the recipient to get the funds within 24 hours. That means the recipient can get funds even within minutes.

For ACH transfers, it takes 1-3 days because the funds have to go through the clearinghouse to check the origin of the money and determine whether the recipient’s account can receive money.

However, wire transfers and ACH require the exact transfer details. i.e., you have to transfer money using the routing number and account number of the receiving bank account. It’s just a reminder since I talked about it somewhere up.

If you send money via Zelle, the funds reach immediately or within a few minutes. For checks, it can take many days to complete as the check has to be posted and then deposited. It can even take more than a week for the funds to reflect in the recipient’s account. You need to understand that checks are now outdated.

Bottom line

Capital One is a financial company based in the United States. It is a bank and holding company specializing in credit cards, banking, loans, and savings accounts. You can open a Capital One account online or at a physical branch. Capital One checks your credit history, and if you have had issues with your previous banking, you may not get an ordinary account other than the second chance account. 

Posted by Spencer Tierney
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Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.