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A bank-to-bank transfer, also called an external transfer, allows you to send funds electronically from your bank account to an account at another financial institution.
Zelle vs. Venmo: With Venmo, funds don't transfer directly from bank to bank instantly as they do in a Zelle transaction. Instead, the money is deposited into the recipient's Venmo account.
Zelle is convenient because it offers instant bank-to-bank transfers. The transaction can usually be completed within minutes if both sender and receiver are using a participating bank.
The funds will sit in your Venmo balance until you transfer them to your bank. To withdraw money, tap “Transfer to Bank” and choose Standard (1-3 days) or Instant (for a small fee).
Investopedia’s independent research found Venmo the best money transfer app for sending money to family and friends in the U.S., thanks to its convenience and low fees.
Cash App users can transfer money to bank accounts using a CashApp balance, a prepaid credit card or a debit or credit card from American Express, Discover, Mastercard or Visa.