How to Transfer Money Between Accounts: Internal and External Transfers

From financial planning, to making payments, to taking advantage of better interest rates, internal and external transfers are used for a variety of reasons. Transfers are an easy way to save you time by moving money electronically.

Needham Bank offers three different types of transfer options through NB Online and Mobile Banking. You can transfer internally, externally and from your Needham Bank account to another customer’s Needham Bank account. Discover the different types of transfers we offer, how each transfer is used and how to access these transfer types through Online and Mobile Banking. 

Types of Transfers Offered

1. Internal Transfers

Allow instant transfers of funds between your Needham Bank accounts.

Internal transfers are perfect to use when you need to move money from your checking to your savings or vice versa.

2. Needham Bank to Needham Bank Transfers

Allow instant transfers of funds from your Needham Bank account to another customer’s Needham Bank account.

These transfers are great for sending funds to a mutual Needham Bank customer. All you will need is the first three letters of the recipient’s last name and their account number.

3. External Transfers

Allow quick and simple transfers of funds to and from your Needham Bank account to an account you have at another outside institution.

External transfers are used when you need to send money between your Needham Bank account and an account you have elsewhere. It is important to note that you must be an owner of the external account you are transferring to or from.

How to Access

Now that you understand the different types of transfers we offer, it is time to know how to access them.

Online Banking

• Internal Transfers

These can be completed via the “Accounts” widget on the homepage, or by selecting “Move Money” from the top toolbar and then “Make Transfer.”

• Needham Bank to Needham Bank Transfers

These can also be completed via the “Accounts” widget on the homepage, by selecting “Move Money” and then “Make Transfer,” or by selecting “Move Money” and then “Transfer to NB Customer.”

To set up a Needham Bank recipient, select “Add a recipient” in the transfer “To” dropdown list. Then, under “Who do you want to add?” enter the first three characters of their last name, select their account type and enter their account number. Click “Verify Recipient,” and once confirmed, you will be able to choose them from the transfer “To” dropdown list.

• External Transfers

These can be completed by selecting “Move Money” from the top toolbar and then selecting “External Transfers.” Then, select what you would like to do from the “I Want To” widget on the right-hand side to finish the transfer.

Mobile Banking

• Internal Transfers

These can be completed by selecting “Transfers” from the bottom toolbar and then selecting “Transfers” again.

• Needham Bank to Needham Bank Transfers

These can also be completed by selecting “Transfers” from the bottom toolbar and then selecting “Transfers” again.

• External Transfers

These can be completed by selecting “Transfers” from the bottom toolbar and then selecting “External Transfers.”

How to Initiate Transfers

Watch our video featuring Katie Lawes, VP Digital Banking, to understand how to initiate the different types of transfers.

Transfers are a quick and convenient way to move money. By utilizing our internal and external transfer options, you will be able to transfer money to your Needham Bank accounts, mutual Needham Bank customer accounts and your accounts at other banks. If you have any questions about our transfer options, please contact our Digital Banking team by calling 781-444-2100 and pressing 2.