Speeding up external transfer times has been a long-standing goal of ours. When you apply for a Simple account, you’re signing up for the promise of a better banking experience. Waiting 5 - 6 days to transfer money isn’t just inconvenient, it’s disappointing.
Moving your money should be quick and easy. Today we’re announcing an update that delivers both.
|From Simple||4 Business Days||1 Business Day|
|Into Simple||5 Business Days||3 Business Days|
Moving money to External Accounts takes just one business day. If you send a transfer from Simple before 7 pm PST, your money will arrive in the receiving bank as soon as the following morning. That’s 75% faster than before.
Some banks charge a fee for transferring your money to external accounts, and only offer accelerated transfers at a premium. Today, Bank of America and Wells Fargo, for example, charge $3 to move your money to another bank. If you want that money to arrive the next business day, the fee shoots up to $10 per transfer.1 Note that it costs banks less than a cent to send an ACH transfer.
We don’t believe in unnecessary fees. External transfers to and from Simple will remain free for customers.
If you haven’t already connected your Simple account to another bank account you own, you can quickly link a new External Account in our iOS or web apps. Once your accounts are linked, you’ll be able to schedule transfers from our web, iOS, and Android apps. Sign in to try faster External Account transfers today.
Our external transfer process has an improved interface that makes it much easier to see where your money is going and when it’s going to get there.
We’ve been listening, and your feedback informed a few key changes:
Updated visual cues to give you a clearer sense of where you’re moving your money.
Improved language around transfers to make setting up account links and submitting transfers easier.
Listed dates for when the transfer amount will be deducted from your account and when it will arrive. Having a timeline for when you’ll be able to access your money helps you make better spending decisions.
Expect to see the new External Account transfer design roll out over the next few weeks.
(If you’re interested in learning more about ACH transfers, check out the NACHA website - ACH Network: How it Works.)
Sarah is the Content Marketing Analyst at Simple.
This blog is written by the folks at simple.com. Simple replaces your bank with the best way to save and spend, and this is where Simple employees blog about new features, our philosophy, and tips and tricks to using Simple.
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