You can download the latest version of the Move WordPress plugin here, as always it’s free!
Video Tutorial
This software does not come with a warranty of any kind.
For best results make sure to raise the following limits in php.ini
upload_max_filesize = 100M
post_max_size = 100M
max_execution_time = 3600

From what I understand, I’m supposed to install this plugin in my existing WP account and then install this in my new WP database and it’ll directly transfer the files over? Is that correct? How long does it take to clone? Do I need to change any config settings in the wp-config.php file?
There is no need to change any settings in the wp-config.php file. Yes, you install the plugin into your site, then you install it in an empty instance of wordpress at the new location, then click generate on the original site, then download the file, then upload the file into the new empty install at the new location.