expressions - "What time is it" versus "what is the time"

Does it matter if I use "what time is it" versus "what is the time".

In what cases should I use what time is it?

For example would I say:

Hey steve, what is the time.

or

Hey steve, what time is it?

or is there another way to express the same meaning in English?

Thanks in advance.

Answer

The most common idiomatic phrase is "What time is it?" If you don't have a specific reason to say something different, you should simply say, "What time is it?"

"What's the time?" is also correct, but maybe slightly less common. ("What is the time?" sounds slightly stilted and foreign to native speakers.)

Other idiomatic phrases might be "Hey, Steve, what time do you have?" or "Hey, Steve, do you have the time?" or "Hey, Steve, do you know the time?"

Source: I am a native US English speaker, born and raised in New York City.