What is external transfer?

External transfer refers to the process of moving funds or assets from one financial institution to another. This can include transferring money from a checking account to a savings account at a different bank, or moving money from a retirement account at one brokerage firm to a new one. External transfers can be initiated online, through mobile banking apps or by visiting a financial institution in person. However, there may be fees associated with external transfers and it is important to check with the financial institution for any restrictions or limitations on the amount and frequency of transfers. Additionally, external transfers may take some time to complete, ranging from a few hours to several business days.