Chase is a banking institution that operates in the US and has headquarters in New York. Like many other banks, Chase allows you to transfer money to other banks via direct deposit. Direct deposit requires an account and routing number. Account-holders can transfer money within the bank where only the account number is necessary. Later on, I will show you how to transfer money from Chase to Wells Fargo.
Wells Fargo is also a multinational banking institution that operates in various nations of the world. Its headquarters are in San Francisco, California. The bank started its operations in New York and later on spread to other parts of the country. According to the 2019 statistics, Wells Fargo had over 70 million customers. There is a possibility that today the bank has more users.
The ability to transfer money from one institution to the other allows people to share money. You can transfer money to your friends and family members while you are away. Furthermore, you can purchase items from various sellers online and receive them at your physical address. Buying goods and services online has revolutionized the world in many ways, thanks to the improved systems to transfer funds online.
How to open a Chase Bank account
The first step to using the services of any financial company is opening a bank account. A bank account is a special arrangement between a bank and a customer where one can deposit and use money. There are various types of Chase bank accounts that you can open today.
These include checking and savings accounts. Before opening an account, you need to have the necessary documents and details. The following are the things that you need to open an account.
- Social Security Number (SSN)
- An identification document may be a government ID, a passport, or a driver’s license.
- Phone number
- Email address
- Physical address
- Opening deposit
You require at least two forms of government-issued photo identification documents, and in this case, you can choose your government ID and a passport. Chase allows you to open an account online. When connected to a secure internet service, you can carry out the process using your phone, laptop, or desktop computer.
Once you submit the online application form, Chase will review your details and inform you whether they have approved your account application or not. There are various types of accounts you can have at Chase Bank. They include the following.
i) Chase Total Checking® – $225 Bonus
When you open the account, you get a $225 Coupon as a signup bonus. You can set up a direct deposit once you finish opening your checking account. You will also get a debit card that will allow you to access Over 16,000 Chase ATMs. You can also visit more than 4,700 branches across the country.
You can manage your account online via the Chase Mobile® app. Here, you will manage your accounts, transfer money, deposit checks, and more, all from your phone. The online account details are not available in Alaska, Hawaii, and Puerto Rico. You can find the nearest branch using the branch locator chase.
ii) Chase Business Complete Banking℠ – $300 Bonus
You get a $300 Coupon as a welcome bonus when you open this account since you are a new customer. You will also get ways to waive fees for your account. They include maintaining a minimum daily balance and purchasing using your Chase Ink Business credit card.
The account has a built-in card acceptance. You can thus accept card payments anytime and anywhere in the U.S. You will also get transparent pricing with Chase QuickAccept. The account also allows you to set up alerts to help you stay updated about your account activity.
You will have easy account management using the Chase Mobile® app on your phone. You also get unlimited electronic deposits and Chase Quick Deposit. There are also more than 16,000 ATMs plus more than 4,700 branches throughout the country.
Other accounts you can get at Chase include;
- Chase Secure Banking
- Chase First Banking
- Chase College Checking
- Chase Premier Plus Checking
- Chase Savings
- Chase Premier Savings
How to transfer money from Chase to Wells Fargo
Now back to our business today of transferring money from Chase to Wells Fargo. To transfer money from Chase Bank to Wells Fargo, you can use QuickPay, Zelle, or Direct deposit. The transfer services are also handy when you want to transfer money from Wells Fargo to another bank, which could be Chase or any other relevant institution.
1) QuickPay
The feature is available for all checking accounts. Since Wells Fargo is one of the banks that participates in the QuickPay payment platform, then it becomes easy to transfer money between Chase and Wells Fargo,
You need to understand that you have to sign up on Chase QuickPay to use the service. You can register on the app or online. When using the app,
- Sign in to the Chase Mobile app on your phone using your Chase.com credentials.
- Click on the menu button on your screen.
- Select QuickPay with Zelle.
- Tap ‘Get Started’ and enter your email address.
- Check the box to agree to the laid down terms and conditions.
- Once you complete the process, you become a Chase QuickPay customer.
You can also sign up on QuickPay over the web in the following manner.
- Sign in to your Chase.com online account and hit the navigation menu at the top left-hand corner of your screen.
- Click on Pay & Transfer and select Chase QuickPay with Zelle.
- Hit on the blue Sign Up box to proceed.
- Read the agreement and privacy notice and check the box.
- Click Next to continue.
- Enter the mobile phone number or email of the recipient.
- Click Next to continue.
- See your phone number or email for an activation code, enter it in the space provided. Your account is now ready to use.
To use Chase Quick Pay, you can follow the following procedure.
- Sign in to your Chase account.
- Hit on on “Pay & Transfer”
- Select “QuickPay with Zelle.”
- Tap “Send Money” from your menu options.
- Enter the phone number or email address of the recipient.
- Choose the amount of money to send and key in the date for the payment.
- Select if the transfer will be a recurring payment.
- Submit the request.
2) Zelle
Zelle is an online money transfer service that allows you to transfer money from one bank to the other. Funds reflect instantly, unlike when you use direct deposit. The first step to using Zelle is registering for the service. To sign up on Zelle;
- Sign in to your Online Banking app or Zelle Mobile Banking app.
- Select Begin Setup.
- Enter your U.S. mobile phone number or your email address.
- Receive and enter a one-time verification code.
- Accept the terms and conditions. Your Zelle account is ready to use, and you can start sending and receiving money.
When sending money, follow the steps below.
- Log in to your bank account online.
- Navigate to Send money with Zelle®.
- Add or select the recipient.
- Enter the amount to transfer.
- Select your funding account.
- Review and send.
Once you hit transfer, your recipient will get a notification about the transfer. They should also be using Zelle to be able to receive the funds. Wells Fargo works with Zelle, and receiving money from Chase will be easy. You can also transfer money from other banks to Chase using Zelle. For example, you can transfer money from the Bank of America to Chase within minutes.
3) Direct deposit
Direct deposit is an excellent way to transfer money from your Chase account to a Wells Fargo recipient. All you need is the recipient’s account and the routing number. You can use the following procedure to transfer money.
- Hit the “Pay and transfer” tab.
- Choose “External accounts.”
- Choose “Add external account,”
- Enter the routing plus the account numbers from the Wells Fargo account.
- Chase will confirm your account details to match with the Wells Fargo bank account. Chase may transfer two small deposits to try if the transfer will work.
- Schedule a transfer and fill in the details.
The transfer will take 1-2 business days to complete. You can transfer up to $25,000 per day. However, Chase Private Client and Chase Sapphire Bank account holders have limits of up to $100,000 per day. Chase does not charge transfer fees when you use direct deposit.
What are the factors to consider when choosing a money transfer method?
You cannot just wake up and start transferring money from your bank account to another. The following are the factors to consider when moving money from your account.
i. Transfer costs
There may be fees involved when transferring money using a particular method. Transfer costs include the conversion fees if you have to convert from one currency to another and the service fees.
ii. Transfer time
You should check the time taken to move money from one account to the other. For example, moving money from Chase to Wells Fargo can take 1-2 business days for the transfer process to complete.
iii. Transfer limits
Each method of transfer has the maximum amount you can send per day. When sending large amounts of money, you should choose the method that will allow you to move large amounts of money.
Bottom line
Chase is one of the banking institutions of the US. You can open various accounts at Chase, including Chase Secure Banking, Chase First Banking, Chase College Checking, and Chase Premier Plus Checking.
Chase allows you to transfer money from one account to the other or accounts in other banks. To use Chase Bank services, you need to open an account online using a smartphone or a computer.
