3 Ways To Deposit Cash Into Someone Else’s Account

Willowpix/ Getty Images; Illustration by Austin Courregé/Bankrate

Depositing money directly into another person’s bank account can be a convenient way to pay back a friend, send an allowance to a college student or give some birthday money to a relative. You can send the money electronically, such as through Zelle or a wire transfer, or you can choose to visit a bank branch to deposit cash.

Here we’ll go over the various options involved with transferring the money electronically or making an in-person deposit at a bank branch — including what information you’ll need and whether you’ll be charged a fee for the service.

1. Make an electronic transfer

You can easily transfer money into a friend or relative’s account through a variety of services. These include:

While users of Venmo, PayPal and Cash App can use the respective apps to send money, Zelle is accessible through the app or website of banks that offer Zelle to their customers.

As a rule, exercise caution when making electronic transfers. When you send money to someone else through these peer-to-peer payment services, the payments are often irrevocable. Only transfer money to people you know and trust to avoid falling victim to a scam.

Another option is to make a direct transfer electronically from your bank account to that of your friend or family member. For this, you’ll need to provide the other person’s bank account number and routing number. Unlike Zelle and some other digital payment networks that move money in minutes, this kind of bank-to-bank transfer can take a few days.

It’s important to share your bank account number only with people you completely trust, such as family members, close friends or verified businesses, says Hanna Horvath, certified financial planner and Managing Editor at Bankrate. “While someone typically can’t withdraw money with just your account number, they could potentially set up unauthorized debits or use it for other types of fraud.”

Before giving out your account details, ask yourself whether you’d be comfortable handing someone your debit card, Horvath adds. “If the answer is no, don’t share your account information. If you aren’t sure you can trust someone, consider safer alternatives like peer-to-peer payment apps, cashier’s checks or cash.”

2. Make a wire transfer

A wire transfer is another option for transmitting money to someone else’s bank account. Wire transfers can be done at banks, credit unions or providers such as Western Union.

To conduct a wire transfer, you’ll usually need the account number, routing number and recipient’s name.

When sending a sizable amount of money, a wire transfer may be your best option, as those done through a bank commonly have high limits or no limits. Domestic wire transfers can also be conveniently quick, as they commonly take just a few hours to process.

Wire transfers can be expensive, however, compared to services like Zelle that don’t charge a fee. Fees for domestic outgoing wire transfers can cost as much as $40, while outgoing international ones commonly range from $35 to $50.

3. Deposit cash at the bank

You can sometimes put cash into someone else’s account by going to a bank where the person holds an account and giving the teller the person’s name and account number.

However, some banks don’t allow you to deposit cash into an account that’s not in your name. For instance, large brick-and-mortar bank Wells Fargo states in its deposit account agreement that non-account owners are not allowed to deposit cash into consumer accounts.

Prohibiting cash deposits can help prevent money laundering and fraud from a bank’s perspective. It’s also expensive for the bank to process cash. 

Alternative ways to send money

In some instances, you may prefer to mail or hand-deliver some money instead of depositing it directly into the recipient’s savings or checking account. Choose the option that best suits your needs.

• Personal checks: If you plan to mail or hand-deliver a monetary gift, writing a check can be a safer alternative than using cash. Plus, once your recipient endorses the check, they may be able to deposit it into their bank account conveniently with just a few clicks using their bank’s mobile app.

• Cashier’s checks: Like a personal check, a cashier’s check can be safer to carry with you than cash. Cashier’s checks are typically available from banks and credit unions. You’ll pay the money up front, and the bank generates the check made out to your intended recipient, sometimes for a fee of $10 to $15. A benefit of a money order is there’s no risk of it bouncing since it’s backed by the issuing bank’s funds.
• Money orders: Similar to cashier’s checks, money orders require that you pay the funds up front. Money orders are commonly available from banks, grocery stores and post offices. They’re often cheaper than cashier’s checks, typically costing between $1 and $5.
• Prepaid debit cards: Prepaid debit cards are loaded with a balance ahead of time and can come in handy for when the holder is making purchases or paying bills. They often feature a Mastercard or Visa logo and resemble credit cards, although they’re not tied to a bank account or line of credit. Keep in mind these often come with fees.
• Gift cards: If you want to give someone a monetary gift for a merchant they frequent, consider a gift card from their favorite store or restaurant.

Bottom line

Electronic options such as Zelle, Venmo and wire transfers, can make moving money into another person’s bank account quick and sometimes inexpensive. Old-school methods, such as depositing money in person at a bank branch, are still viable options, although they’re often less convenient than modern digital options.