The fastest way depends on where your money is now

If your other bank is large and well-known — Bank of America, Wells Fargo, Chase, US Bank — you can move money to Schwab in one business day using external transfer. You link your outside account to Schwab once, then initiate the transfer from Schwab's website or app. Schwab pulls the money directly from your other bank.

If your other bank is smaller or regional, the same method works but may take two to three business days. If you need money today or tomorrow, you can deposit a check through Schwab's mobile app instead — that clears in one to two business days depending on the check amount. Wire transfer is also an option if you need same-day movement, though it costs money and requires you to contact Schwab directly.

The method you choose depends on how fast you need the money, whether you have a check, and whether your bank is in Schwab's network.

Key Takeaways

  • External transfer from another bank account is free and takes one to three business days, depending on your bank's size and Schwab's processing speed.
  • Mobile check deposit is free and takes one to two business days, and works if you have a physical check.
  • Wire transfer moves money the same day but costs between $15 and $25 and requires you to call Schwab or use their app.
  • You must link your outside bank account to Schwab before you can transfer — this happens during setup and takes a few minutes.
  • Schwab does not charge fees for incoming transfers, but your other bank may charge a fee for outgoing transfers.

Setting up an external transfer from another bank

Log into your Schwab account online or through the mobile app. Go to Transfers (usually in the main menu or under Account Services). Select Transfer Money and choose From an external bank.

Schwab will ask for your other bank's name and your account number and routing number at that bank. You can find the routing number on a check, or by searching your bank's name plus "routing number" online. Enter your account number — the long number on the bottom left of a check — and confirm the account type (checking or savings).

Schwab will then send two small test deposits to your outside bank account (usually $0.01 and $0.02, though amounts vary). This takes one to two business days. Once those deposits appear in your outside account, you return to Schwab and confirm the amounts. This confirms you own the account and prevents fraud.

After confirmation, you can transfer money whenever you want. The transfer itself takes one to three business days depending on your bank. Large banks like Chase and Bank of America usually clear in one day. Smaller regional banks may take two to three days.

Moving money using mobile check deposit

If you have a physical check, you can deposit it directly into Schwab without visiting a branch. Open the Schwab mobile app, tap Deposit or Mobile Check Deposit, and take a photo of the front and back of the check. The app will show you the check amount and ask you to confirm.

Schwab will hold the funds for one to two business days while they verify the check. The hold depends on the check amount — larger checks may take longer. Once the hold clears, the money is yours to use.

This method is free and works if you have a paper check from your other bank or from an employer, insurance company, or other source. It does not work for electronic transfers or ACH payments.

Using wire transfer for same-day movement

If you need money in your Schwab account today, wire transfer is the only option. Call Schwab at the number on the back of your debit card or log into your account and request a wire through the app. You will need to provide your other bank's name, your account number there, and the routing number.

Schwab charges $15 for incoming domestic wires (a wire from another U.S. bank). Your other bank may also charge an outgoing wire fee, typically $15 to $30. The total cost is usually $15 to $45 depending on both banks.

The wire moves the same business day if you request it before your bank's cutoff time — usually 2 p.m. or 3 p.m. Eastern time. If you request after cutoff, it processes the next business day. Weekends and holidays delay the transfer by one day.

What happens if the transfer fails or takes longer than expected

If Schwab cannot verify your external bank account during the test deposit step, the link will not complete. This usually means you entered the routing number or account number incorrectly. Go back to the transfer setup, double-check both numbers against your check or your bank's website, and try again.

If a transfer you initiated is taking longer than the stated timeframe, log into Schwab and check the transfer status. Most transfers show a status like "pending" or "in progress" with an expected completion date. If the status shows "failed" or "cancelled," Schwab will return the money to your account within one to two business days.

If money does not arrive after the expected date and the status shows "completed," contact Schwab's customer service. Provide the transfer date, amount, and the name of your other bank. Schwab can investigate whether the money was sent and where it went.

Fees and limits on incoming transfers

Schwab does not charge you a fee to receive money from another bank. However, your other bank may charge an outgoing transfer fee — typically $0 to $15 depending on the bank and account type. Check your other bank's fee schedule or call them to confirm.

Schwab does not publish a daily or monthly limit on how much you can transfer in. However, your other bank may limit how much you can send out in a single day or month. Most banks allow $10,000 to $25,000 per day for external transfers, but this varies. If you need to move a large amount, contact your other bank first to confirm their limit.

Wire transfers have no Schwab-imposed limit, but your other bank may limit outgoing wires. Again, call your bank to confirm before you attempt a large wire.

Frequently Asked Questions

How long does it take to link my outside bank account to Schwab?

The test deposit step takes one to two business days. Once those deposits appear in your outside account and you confirm the amounts in Schwab, the link is active when ready. You can then transfer money whenever you want.

Can I transfer money from a savings account at another bank?

Yes. During setup, Schwab asks whether your outside account is checking or savings. Select savings, enter the account number and routing number, and proceed as normal. The transfer works the same way.

What if my bank is not listed when I try to link it?

If Schwab's system does not recognize your bank by name, you can usually enter the routing number manually. Search your bank's name plus "routing number" online, or call your bank and ask. Once you have the routing number, enter it in Schwab's system and continue.

Do I have to use external transfer, or can I just write a check to myself?

You can deposit a check to yourself through mobile check deposit if you have a physical check from your other bank. This is free and takes one to two business days. External transfer is faster for large amounts and does not require a check.

What if I accidentally transfer money to the wrong Schwab account?

If you transferred to a different Schwab account by mistake, contact Schwab when ready. They can sometimes reverse the transfer or move the money between your own accounts. The sooner you call, the better your chances. If the money has already cleared, you may need to transfer it back manually.