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You already know that a domain name is a label and you can choose whatever web host that you want as simple as changing the DNS setting.

The place where you change your setting is the place where you register your domain name. In order to comptete for your business, domain name registrars compete in prices. Some registrar charge $15 per domain, some charge $12. You can always move your domain name from a registrar to another registrar while maintaining the same web host.

"Transfer your domain name" means changing your domain registrar. There are a few reasons why you want to do that and pricing is one of them. Your web host might offer you free domain name with your hosting package but since you already got a domain name, they might offer to renew it for another year for free if you transfer your domain name to them.

Most registrar will offer cheaper fee to lure you to transfer your domain name to them. If you want to squeeze a few bucks out of your domain names every year, you can actually transfer your domains from registrar A to registrar B this year and transfer it back to registrar A next year. If you click on this link, you will notice that MyDomain.com charge only only $7.61 if your transfer your domain name to them while they charge $10.29 for new registration or renewal.

If you own 20 domain names, it may also be more convenient to have all of them registered in one place so you can control everything easily.

Please remember that changing a web host doesn't mean you need to change your domain registrar. You can keep your domain name at GreenGeeks while you change your hosting to FatCow. You will keep paying your domain fee to GreenGeeks and pay your hosting fee to iPage since both are different services.

And also changing your domain registrar doesn't mean you need to change your web host. You can move your domain name from GreenGeeks to GoDaddy while still hosting at GreenGeeks. You now pay your domain fee to GoDaddy instead of GreenGeeks.