How to Transfer Money From Chime to Bank Account
One of the great things technology has provided for us is the ability to send and receive money online, without having to worry about carrying cash and/or writing checks. When it comes to online financial companies that offer access to your money when you need it, Chime has been growing in popularity.
Having a Chime account means that you can pay for goods and services or send money to friends and family, as well as access your funds at any time, but there may be times when you need to move the money elsewhere, particularly to a bank account. For those moments, you’ll need to know how to transfer money from Chime to bank account.
Keep in mind that while Chime offers banking services, it’s not actually a bank. It is a financial technology company that receives direct deposits and supports bank transfers and pre-authorized withdrawals. Having a traditional bank account could be beneficial if you need to pay for loans, bills or other payments not supported by Chime.
How to Transfer Money from Chime to Bank Account: Getting Started
There are many different reasons why you may be wondering how to transfer money from Chime to bank account. When it comes to a Chime bank transfer, here are the steps you’ll need to undertake:
Step 1: Open a Chime Account
The first step when learning how to transfer money from Chime to bank account is to open a Chime account.
Make sure you have an internet connection, then either go to the Chime website or open the app. Once there, click on the “Get Started” button.
Step 2: Have the Proper Information Ready to Go
As an online financial institution, Chime is required by federal law to gather specific information from their account holders. When opening an account, you’ll need to provide the following:
- Your social security number
- An identification document such as a driver’s license, passport or other state-issued ID
- Your physical address
- Your phone number
- An email address
The reason why you need to provide this information is to prove that you’re a real person and that you’re not going to engage in illegal activity.
Believe it or not, a lot of drug dealers and terrorists attempt to open accounts to fund their nefarious activities. The government does its best to put a stop to this, so you have to prove that you’re a decent citizen that isn’t going to do anything illegal.
Providing your social security number is another way that you can be tracked to ensure you’re not engaging in illegal or immoral activities, as well as to ensure that you’re paying taxes. The government wants to make sure they’re getting their fair share, so they require this information for any financial account you might open.
Step 3: Link Your Bank Account
The next step when learning how to transfer money from Chime to bank account is to link your bank account.
To do this, you’ll need to go to Settings in your new Chime account. From the list of options, click “Link a Bank Account.”
A list of banks that are tied to Chime will pop up. If you see your financial institution listed, click on it. If it’s not, you’ll then need to enter the information in the required fields for the Chime link bank account, which includes:
- Your bank’s routing number
- Your account number
You’ll then be asked to input your login credentials for your bank. After typing this in, your account should be linked.
How to Transfer Money from Chime to Bank Account: Moving the Money
Now that you’ve opened your Chime account and linked your bank account, it is now Chime transfer time. When wondering how to transfer money from Chime to bank account, you’ll follow these steps:
Step 1: Log in to Your Chime Account
The first thing you’ll need to do when transferring money from Chime to your bank account is to log in to your Chime account.
This can be done on a laptop or desktop computer or from the app on your phone.
When prompted, enter your login credentials.
Step 2: Move Your Money
Once you have gained access to your Chime account, you’ll then need to click on the “Move Money” option.
Step 3: Choose to Transfer
Another set of options will appear, and to move the money into your bank account, you’ll need to choose “Transfers.”
Step 4: Select Your Bank Account
Clicking “Transfers” will bring up a list of bank accounts that you’ve linked to your account. If you only have one Chime link bank account, then it will be easy to find from the list. Should you have more than one, you’ll need to pick which account you want to send the money to.
Click on your bank.
Step 5: Enter the Amount You Want to Transfer
One of the nice things about learning how to transfer money from Chime to bank account is that you can pick how much money you want to put into your account.
After choosing which bank account to send it to, you’ll then need to enter how much you want to transfer.
You can transfer up to $10,000 per day, with a maximum of $25,000 per month. These numbers are decided by the IRS, and they are in place to ensure that you aren’t funding illegal activities.
Step 6: Review and Send
The final step in the process of transferring money from Chime to a bank account is to review where it’s being sent and the amount. If the bank information and amount is correct, hit the “Send” button.
Your funds will be on their way.
How Long do Transfers Take?
When learning how to transfer money from Chime to bank account, of course you want to know how long it will take you to get your money!
Typically, when it comes to Chime transfer time, it takes 3 to 5 business days for the money to appear in your bank account. This means that if you do the transfer late Friday night or over the weekend, you may not see it until the middle or end of the next week.
It’s possible to get an estimated time of arrival, which means you’ll have a better idea of when the funds will be transferred into your account.
Keep in mind that just because Chime puts the money into your bank account, your financial institution may put a hold on the funds, which could add more time to when your dollars will be available.
In some cases, your bank may want/need to verify the source of the funds and ensure that they will actually be transferred. If you’re concerned about how long this will take, you’ll need to talk to your bank.
If you are wondering how to do a Chime wire transfer or a Chime international wire transfer, you’ll need to put it in your bank first. As of now, Chime does not offer a wire transfer service, either domestically or internationally.
No Bank? No Problem!
The steps listed above are to help you learn how to transfer money from Chime to bank account, but what if you don’t have a bank account? Does that mean you can’t get your money from Chime?
Thankfully, no! You can transfer your money to a cash app by following these steps:
Step 1: Open the Cash App
The first thing you’ll need to do to move your money from Chime to the cash app is to open the app. Enter your username and password when prompted.
Step 2: Add Your Chime Information
Most cash apps will view Chime as a bank, so to transfer money, you’ll need to enter your Chime information, including the routing number and your account number.
This will link your Chime account to your cash app.
Step 3: Request Funding
Once Chime has been linked to the cash app, you can then transfer the money.
Follow the steps listed in the cash app to achieve this goal.
Once the money is there, you can spend it however you see fit!
Using a Chime Debit Card
Another option you might consider if you don’t have a bank account (or even if you do) is getting a Chime Debit Card, which can be used anywhere Visa is accepted.
You can also add it to your Google Pay or Apple Pay mobile wallet, making it even easier to access your money.
If you need cash, your Chime debit card can be used at more than 60,000 ATMs. The Chime app has information on how to avoid paying out-of-network ATM fees to ensure you’re getting the most out of your money.
Adding Money to Chime
In addition to wondering how to transfer money from Chime to bank account, you might also be asking if it’s possible to move money from your account to Chime. The answer: it is! If you’re wondering how to add money to Chime card, follow these steps:
Step 1: Link Chime to Your Bank Account
To accomplish this task, you’ll need to make sure that Chime is linked to your bank account. For this, you’ll need to go to your bank’s website and add the information there.
You’ll need Chime’s routing number and your account number.
Step 2: Transfer the Money from Your Bank Account
Follow the steps on your bank’s website to transfer the money to your Chime account.
The amount of time it takes for the money to appear in your account will depend on how much you’re transferring and if your bank puts any holds on the funds. Typically, like Chime transfers, it could take 3 to 5 days to appear in your account.
Chime to Chime Transfer
In addition to the transfer options listed above, you might also be wondering if you can transfer money from one Chime account to another. You can! Just follow these steps:
Step 1: Log in to Your Chime Account
Enter your credentials to gain access to your Chime account.
Step 2: Go to “Pay Anyone”
The “Pay Anyone” tab can be clicked on once you’ve gained access to your account.
Step 3: Search for the Payee
If the person you need to pay is on Chime, you’ll then enter their name or their $ChimeSign.
If they aren’t on Chime, you’ll need to enter their phone number or email address.
Step 4: Enter the Transfer Amount
Once the recipient has been chosen, you’ll then need to enter the amount of money you want to send them.
Step 5: Confirm Amount and Recipient
Before finalizing the payment, you’ll be asked to confirm the amount you want to send and make sure it’s going to the right person.
Step 6: Pay Them Now
If everything looks good, you’ll then click “Pay Now,” and the money will be sent on its way.
How many banks can I link to my Chime account?
You can link the supported banks to your Chime account, and you can also use an external bank to transfer money to and from Chime.
Does Chime have a transfer limit?
Yes, Chime has transfer limits. Per IRS regulations, you can transfer a maximum of $10,000 per day or $25,000 per month from Chime to your bank account.
When it comes to cash loads, you can only do three of these per day with a limit of $1,000 per load per day.
If you’re moving money from your bank account to your Chime account, there are no limits on ACH transfers from external banks.
If you want to do a wire transfer, keep in mind that you can’t currently do a Chime international wire transfer or a domestic wire transfer.
How do I withdraw large amounts from Chime?
As long as you stay within the IRS limits of money transfers, you’ll follow the steps listed above to transfer money from Chime to your bank account or another account of your choosing.
The Advancements of Online Banking
If you’re like most people, you want to be able to quickly and easily access your money — and having a Chime account can help with that endeavor. However, there may be times when you need to move money to your bank account, which may have you wondering how to transfer money from Chime to bank account:
- Log in to Your Chime Account
- Move Your Money
- Choose to Transfer
- Select Your Bank Account
- Enter the Amount You Want to Transfer
- Review and Send
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