The basic route: ACH transfer from Schwab to your other bank
To move money from Schwab to another bank account, you initiate an ACH transfer (Automated Clearing House) through your Schwab account. Schwab sends the money electronically to the receiving bank, which takes one to three business days. You do not need to contact Schwab directly — the whole process happens in your account dashboard or mobile app.
The receiving bank account must be in your own name. Schwab will ask you to verify the account by depositing two small test amounts (usually under $1 each) into that account, then confirming the amounts back in Schwab. This verification step protects against sending money to the wrong place and typically takes one to two business days.
Once verified, you can transfer up to $25,000 per transaction through the Schwab website or app. If you need to move more than that, you can make multiple transfers on different days, or contact Schwab to discuss higher limits for your account.
Key Takeaways
- ACH transfers from Schwab to another bank take one to three business days and happen entirely through your Schwab account — no phone call needed.
- You must verify the receiving account first by confirming two small test deposits, which adds one to two business days before your first real transfer.
- Standard ACH transfers have a $25,000 per-transaction limit, but you can send multiple transfers or request a higher limit from Schwab.
- Transfers initiated before 2 p.m. ET on a business day typically begin processing that same day; after 2 p.m. they start the next business day.
Step-by-step: Setting up and completing an ACH transfer
Log into your Schwab account on the website or app and navigate to the "Transfer" or "Move Money" section. Select "Transfer to External Account" or similar wording depending on which platform you use. Enter the receiving bank's routing number and your account number at that bank. Schwab will display the bank name to confirm you entered the routing number correctly.
After you submit this information, Schwab deposits two small amounts (typically $0.01 to $0.99 each) into the receiving account over the next one to two business days. You will see these deposits in your other bank's account. Log back into Schwab, find the verification section, and enter the two amounts you received. Once Schwab confirms the amounts match, the account is verified and ready for transfers.
To send money, return to the transfer section, select the verified account, enter the amount, and choose your transfer date. Schwab processes transfers initiated before 2 p.m. ET on business days the same day; transfers after 2 p.m. or on weekends start the next business day. The receiving bank typically posts the money within one to three business days after Schwab sends it.
When you need the money faster: wire transfers and other options
If one to three days is too slow, Schwab offers wire transfers, which move money the same business day or next business day depending on timing and the receiving bank. Wire transfers cost $25 per outgoing transfer at Schwab and require you to provide the receiving bank's name, routing number, your account number, and sometimes the SWIFT code if the transfer goes to another country.
You can initiate a wire through your Schwab account online or by calling Schwab directly at 1-800-435-4000. Same-day wires must be requested before 2 p.m. ET on a business day. The receiving bank processes the wire on their end, which usually takes a few hours but can take until the next business day depending on their systems.
For smaller amounts or less urgent transfers, ACH remains the standard choice because it is free. Wire transfers make sense when you need the money within hours or when the receiving bank is outside the U.S. banking system.
What information you need from your other bank
Before you start a transfer, gather the routing number and account number for the bank where you want the money to go. The routing number is a nine-digit code that identifies the specific bank branch. You can find both numbers on a check from that account (routing number is the first set of numbers on the bottom left; account number follows), or you can log into that bank's website or call them directly.
For wire transfers, you may also need the bank's SWIFT code if it is a foreign bank, or the bank's full name and address. Schwab's website will tell you which details are required for the specific transfer type you choose.
Timing: When transfers actually post to your account
The clock starts when Schwab processes your transfer request, not when you click submit. Transfers requested before 2 p.m. ET on a business day (Monday through Friday, excluding U.S. federal holidays) begin processing that same day. Requests after 2 p.m. or on weekends start the next business day.
From there, Schwab sends the transfer to the ACH network, which batches transfers and sends them to the receiving bank. The receiving bank then posts the money to your account, which typically takes one to three business days total from the time Schwab sends it. Some banks post faster — often within one business day — but you cannot count on it.
If you need the money by a specific date, request the transfer at least three to four business days before that date. This accounts for Schwab's processing time plus the receiving bank's posting time.
Limits, fees, and what happens if something goes wrong
Schwab does not charge a fee for ACH transfers to external accounts. Wire transfers cost $25 per outgoing transfer. ACH transfers are limited to $25,000 per transaction, but you can send multiple transfers. If you regularly move large amounts, contact Schwab to discuss whether your account can have a higher limit.
If a transfer fails — for example, because you entered the wrong account number — Schwab will return the money to your Schwab account within a few business days. The ACH network has protections that prevent money from being sent to an account that does not match the name on file, though this does not catch every error. Always verify the routing number and account number before you submit.
If money lands in the wrong account due to your error, you will need to contact the receiving bank and ask them to return it. The receiving bank is not required to do so, which is why verification before the first transfer matters.
Frequently Asked Questions
Can I transfer money from Schwab to a joint account at another bank?
Yes, but the account must be in your name (and the co-owner's name if it is a joint account). Schwab will verify the account the same way — with two test deposits — and then you can transfer to it. The receiving bank will see the transfer is going to a joint account and post it accordingly.
What if I want to transfer money to someone else's bank account?
Schwab's ACH transfer system only allows transfers to accounts in your own name. To send money to another person, you would need to transfer to your own account at their bank, or use a different method like Zelle, a check, or a wire transfer (though wire transfers also typically require the account to be in your name). Contact Schwab to discuss options for your situation.
How long does the verification process take before I can transfer?
Schwab deposits the two test amounts within one to two business days. Once you see them in your other bank account and confirm the amounts in Schwab, the account is verified when ready and you can transfer money right away. The whole process usually takes two to three business days from start to first transfer.
Can I cancel a transfer after I have submitted it?
If you cancel before Schwab processes it (before 2 p.m. ET on the business day you submitted it), the transfer will not go through. Once Schwab has sent the transfer to the ACH network, you cannot cancel it. Contact Schwab when ready if you need to stop a transfer — they can tell you whether it has already been sent.
Why is my transfer taking longer than three business days?
Most transfers arrive within one to three business days, but delays happen. The receiving bank may be slower to post, or there may be a holiday that extends the timeline. Contact Schwab with your transfer confirmation number and they can check the status with the ACH network and the receiving bank.