Transport of water and ions through cell membranes plays an important role in cell metabolism. We demonstrate a novel technique to measure water transport dynamics using erythrocyte suspensions as an example. This technique takes advantage of inhomogeneous internal magnetic field created by the magnetic susceptibility contrast between the erythrocytes and plasma. The decay of longitudinal magnetization due to diffusion in this internal field reveals multi-exponential behavior, with one component corresponding to the diffusive exchange of water across erythrocyte membrane. The membrane permeability is obtained from the exchange time constant and is in good agreement with the literature values. As compared to the other methods, this technique does not require strong gradients of magnetic field or contrast agents and, potentially, can be applied in vivo.