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Hey Chimers!
Are you struggling to figure out how to BEST move money to and from your Chime account?
Don’t worry, you AREN’T the only one.
If you’re new to using Chime, the LAST thing you want to do is mess something up.
Or…
Maybe you aren’t sure if there are limits, fees, or how long it will take to get your money when it comes to moving your funds around.
Whatever the case, I’ll do my best to help get you pointed in the RIGHT direction.
Chime Transfer Limits:
As a general rule of thumb, most Chime members can transfer up to $10,000 per day or $25,000 per month to and from their accounts. Keep in mind, the bank you’re transferring money to or from may have limits as well though.
In the post below…
I’ll show you EXACTLY how to move your money in and out of Chime and other IMPORTANT info you should know.
How to Link a Bank Account with Chime
Before you can transfer funds to and from Chime, you need to have a linked bank account so you can move money – at least initially anyway (more on that below).
To link a bank account with your Chime account:
- Step 1: Open your Chime App and log in to your account.
- Step 2: Tap on the gear icon in the top left corner of Chime to open your settings.
- Step 3: Scroll down to near the bottom of your settings and under “Linked accounts” tap on “Link an account”.
- Step 4: Chose either Debit card or Bank account for what you’d like to use to link your account. Debit cards have instant transfers for free. Linking to a bank account, transfers take 3-5 business days.
- Step 5: Enter the details of either your debit card or bank account to finish linking it to Chime.
How to Transfer Money to Your Chime Account (Step-By-Step)
Once you have a bank account linked to Chime, you can transfer money to and from that account.
If you plan on closing your bank account, then transfer all of your funds to Chime before doing so (obviously).
If you’re like me, I have both Chime and an additional bank account.
That way if I need financing for something or need to visit a brick and mortar location, I can.
Because of this…
I only transfer PART of my funds to Chime and leave the rest in my other bank account.
What Are Transfer Limits With Chime?
You can transfer funds 20 times per day with Chime if you want. But, it can’t go over $10,000 per day or $25,000 per month.
Also, when it comes to transferring funds into your Chime account, it’s a limit of $1,000per day. You can only add funds into your Chime account three times per day. For the month, the maximum limit is $10,000.
If an ACH transaction originates from an external account, Chime does not impose a limit. It is not restricted to how many times or how much you can send per day.
But, keep in mind that external banks have their own limits and fees for transfer transactions. Before you do anything, check your external banks’ guidelines on transferring funds.
Does Chime Accept ACH Transfers?
In the United States, the Automated Cleaning House system transfers money electronically between banks. Automated payments such as ACH eliminate the need to handle payments manually. This network is lovely if you need to set up automatic payments from your bank account for your bills.
Now, the answer to the question: Does Chime accept ACH transfers?
The answer is yes. You can learn more about ACH transfers and payments on Chime’s website here.
Does Chime Accept Wire Transfers?
First of all, what is a wire transfer? This is the electronic transfer of money through a worldwide network maintained by banks and transfer agencies.
The party initiating the transfer must provide the recipient’s name and account number along with the wire transfer instructions. Settlement of these transfers is done electronically rather than physically. Domestic and international wire transfers are examples of wire transfers.
A wire transfer could be your best option when you need to transfer money quickly and securely. It’s great when you need to send money to someone not in the same country as you. These transfers are also helpful for large payments.
Now, does Chime accept wire transfers?
No, they do not accept these kinds of transfers at the moment. But, they do have plans to add the feature in the future. Until then, you have to use a different account for wire transfers.
Does Chime Accept International Wire Transfers?
No, Chime does not accept international wire transfers at the moment. However, they plan to add this feature for their customers soon.
When they decide to include domesticated and international wire transfers, I’ll be sure to do an update and let you know. Until then, you’ll have to explore other banks for these transfers.
Bank of America is an excellent option as they do not have a transfer fee. Another good option is Chase since their transfer fee is low cost. It’s only five dollars, and the transfer fee is waived for $5,000 or more.
Are Chime Transfers Instant?
Chime does give you the option to do an instant transfer. You know what else.
The instant transfer is free with Chime, which is great! Now you don’t have to cover the sneaky cents when trying to move thirty dollars into another account.
Whenever you add money to your account, you can do instant transfers. After linking your other bank account and including your debit card number, you can immediately add at least $200 to your account.
How Many Transfers Can You Do With Chime?
There is no set limit on the number of transfers you can do with Chime. However, don’t think there are no limits to transfers. In the next section, we’ll discuss the transfer transactions more.
Are There Transfer Fees With Chime?
If you’re trying to transfer funds from your spending account to another Chime member, it is free. It is also free for ACH transfers.
I’m guessing Chime wasn’t lying when they said no hidden fees. The no extra fees make Chime checking accounts great for teens and young adults. If you would like to learn more about Chime’s fee, read this post here.
Can I Transfer Money From My Unemployment Card to My Chime Account?
When trying to receive unemployment benefits, the process can be a headache. Of course, Chime understands this problem and has made life easier for those receiving unemployment.
But, you can’t transfer the money from your unemployment card into your chime account. However, you can have your funds deposited right onto your Chime card.
You have to log into your government account and enter your Chime card details on the website. Visit Chime’s website for more information.
Wrapping Up – How to Move Money with Chime
Here you go! These are the eleven most common questions fully answered when transferring money with Chime. Explore the blog for more information regarding online banks and other mobile payment apps if you still have questions.
Also, if you need help with anything or have questions, feel free to shoot me an email, and I’ll reply as soon as I can.
References
- https://www.chime.com/blog/ach-payments-how-do-they-work/
- https://www.chime.com/unemployment/#:~:text=Once%20you%20receive%20your%20unemployment,with%20ourautomatic%20savings%20features.
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