How to Move Money Between Your Bank Accounts

Yes, you can transfer funds between your own accounts at the same bank or different banks

Moving money from one of your accounts to another is one of the most straightforward banking transactions you can do. Most banks let you transfer between your own accounts when ready or within one business day, whether both accounts are at the same institution or at different banks. The method you choose depends on how fast you need the money to arrive, what accounts you're moving between, and whether you're transferring domestically or internationally.

The catch is that you need to prove the accounts are actually yours before the bank will move the money. This means providing identification and sometimes account verification, especially when you're setting up a transfer to a new external account for the first time.

Key Takeaways

Same-bank transfers between your own accounts usually complete within hours or the same business day, and many banks offer this free.
Transfers to accounts at different banks take one to three business days using ACH (the standard domestic transfer method) and typically cost nothing.
Wire transfers move money the same day or next business day but usually charge $15 to $30 and are harder to reverse if you make a mistake.
You will need to verify you own both accounts, usually by providing ID and sometimes by confirming small test deposits the receiving bank sends first.
International transfers take longer (three to seven business days), cost more ($15 to $50), and require the recipient's SWIFT code or IBAN depending on the country.

Same-bank transfers: the fastest and cheapest option

If both accounts are at the same bank, you can usually transfer money between them within hours or by the end of the same business day. Most banks offer this service free through their website, mobile app, or by calling customer service. You straightforward log in, select the accounts, enter the amount, and confirm.

The bank may ask you to verify the receiving account the first time you set up the transfer—this might mean confirming the account number, the account holder's name, or answering security questions. Once verified, future transfers to that account are usually when ready or near-when ready. Some banks let you set up recurring transfers if you move money regularly between the same two accounts.

ACH transfers to accounts at different banks

ACH stands for Automated Clearing House, and it is the standard way banks move money between different institutions in the United States. An ACH transfer typically takes one to three business days and costs nothing—most banks do not charge a fee for outgoing ACH transfers, though some may charge a small fee (usually $1 to $3) for incoming transfers to certain account types.

To set up an ACH transfer, you will need the receiving bank's routing number and the account number of the account you are transferring to. You can find the routing number on your checks, on the bank's website, or by calling the receiving bank. Enter this information into your sending bank's transfer form, and the money will move on the next business day or within two to three business days depending on when you initiate the transfer and your bank's processing schedule.

ACH transfers are reversible if you catch a mistake quickly—contact your bank within one business day and they can often stop the transfer before it leaves your account. If the money has already arrived at the receiving bank, you can request a reversal, though the receiving bank is not required to send it back.

Wire transfers for same-day or next-day movement

A wire transfer moves money the same business day or by the next business day, making it faster than ACH. Wire transfers usually cost $15 to $30 per transaction, depending on whether the receiving bank is domestic or international. You initiate a wire through your bank's website, app, or by calling a representative, and you will need the receiving account number and the receiving bank's routing number (for domestic wires) or SWIFT code (for international wires).

The main drawback of wire transfers is that they are difficult or impossible to reverse once sent. If you send money to the wrong account or the wrong person, you have limited recourse—the receiving bank is not required to recover the funds, and you may have to pursue the matter through your bank's fraud department or the courts. For this reason, wire transfers are best used when you are certain of the receiving account details and trust the recipient.

Verification requirements when transferring to a new account

The first time you transfer money to an account you have not used before, your bank may require verification to confirm you own both accounts. This is a fraud prevention measure. Your bank might ask you to provide a government-issued ID, confirm the account holder's name, or answer security questions about your account history.

Some banks use a verification method called a microdeposit: they send two small deposits (usually under $1 each) to the receiving account, and you must confirm the exact amounts to prove you have access to that account. This process can add one to two business days to your first transfer. Once verified, you can transfer to that account again without additional verification.

International transfers and currency exchanges

Transferring money to an account outside the United States involves additional steps and costs. You will need the recipient's SWIFT code (an eight or eleven-character code that identifies their bank) or IBAN (International Bank Account Number), depending on the country. International transfers typically take three to seven business days and cost $15 to $50, though some banks charge more.

Your bank will also convert your money to the recipient's currency at an exchange rate. The rate your bank offers may not be the mid-market rate you see online—banks typically add a markup of 1 to 3 percent. If you are sending a large amount, ask your bank what rate they are using before you confirm the transfer, or compare rates across banks to find the best deal.

What to do if a transfer goes wrong

If you sent money to the wrong account or the wrong amount left your account, contact your bank when ready. For ACH transfers, you have one business day to request a reversal before the money is considered delivered. For wire transfers, contact your bank right away—they can attempt to recall the wire, but success depends on whether the receiving bank has already released the funds.

If the receiving bank will not return the money voluntarily, you may need to file a dispute with your bank or report the matter to the Consumer Financial Protection Bureau (CFPB). Keep records of all communications with your bank, including confirmation numbers, dates, and the names of representatives you spoke with. If fraud is involved—for example, if someone unauthorized accessed your account—report it to your bank's fraud department and file a report with the Federal Trade Commission (FTC) at ReportFraud.ftc.gov.

Frequently Asked Questions

How long does it take to transfer money between accounts at the same bank?

Same-bank transfers usually complete within hours or by the end of the same business day. Some banks offer when ready transfers if both accounts are set up for real-time payments. Check your bank's website or app to see what options are available for your account type.

Can I transfer money on a weekend or holiday?

You can initiate a transfer on a weekend or holiday, but the actual movement of money happens only on business days. A transfer you start on Friday evening will typically process on Monday. Wire transfers and ACH transfers both follow the banking calendar, so holidays delay processing by one day.

What happens if I transfer money to the wrong account?

Contact your bank when ready. For ACH transfers, you have one business day to request a reversal. For wire transfers, your bank can attempt a recall, but success is not may provide. If the receiving bank will not cooperate, you may need to file a dispute or report the matter to the CFPB.

Do I have to pay a fee to transfer money between my own accounts?

Most banks do not charge a fee for transfers between your own accounts at the same bank or for outgoing ACH transfers to other banks. Wire transfers typically cost $15 to $30. Some banks charge a small fee for incoming ACH transfers or for transfers to certain account types—check your account agreement or call your bank to confirm.

Can I set up automatic recurring transfers between my accounts?

Yes. Most banks let you schedule recurring transfers between your own accounts through their website or app. You can set them to happen weekly, monthly, or on a custom schedule. This is useful if you regularly move money between a checking account and a savings account.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.