Yes, you can transfer money to another bank — here's what actually happens
You can move money from your bank account to another bank. The transfer works because banks are connected through clearing networks that handle the movement of funds between institutions. The speed and method depend on which type of transfer you choose, what information you have about the receiving account, and whether both banks are in the same country.
Most transfers take one to three business days. Some are faster. A few are slower. The timeline matters because your money sits in transit during that window — you cannot spend it, and the receiving account does not have it yet.
Key Takeaways
- ACH transfers (the most common method) take one to three business days and cost nothing or a small fee, depending on your bank.
- Wire transfers move money the same day or next business day but typically cost $15 to $50 and cannot be reversed once sent.
- You need the receiving bank's routing number and the recipient's account number to start any transfer.
- Transfers between accounts you own at different banks are faster and simpler than transfers to someone else's account.
- International transfers use different networks and take longer — usually five to ten business days — and involve currency conversion fees.
ACH transfers: the standard method for most people
An ACH transfer (Automated Clearing House) is the most common way to move money between banks. Your bank sends an electronic instruction through the ACH network, which is a clearing system run by the Federal Reserve and a private operator called The Clearing House. The receiving bank gets the instruction and deposits the funds into the target account.
ACH transfers usually take one to three business days. Some banks offer next-day ACH, which moves the money faster but may cost extra. Weekends and federal holidays do not count as business days, so a transfer you start on Friday afternoon may not arrive until Tuesday.
Most banks do not charge you to send an ACH transfer, though some charge a small fee — typically $1 to $3 — if you exceed a monthly limit. Receiving banks almost never charge. The transfer amount has no set limit, but your bank may have internal caps on how much you can move in a single day or month.
Wire transfers: faster but irreversible and more expensive
A wire transfer moves money the same business day or the next business day, depending on what time you send it and whether the receiving bank processes it when ready. Wire transfers use different networks — FEDWIRE (run by the Federal Reserve) for domestic transfers, or SWIFT for international ones.
Wire transfers cost more than ACH. Domestic wires typically cost $15 to $50 per transfer, depending on your bank. International wires cost $25 to $75 or more. Once the money leaves your account, you cannot reverse it. If you send it to the wrong account number, you have to contact the receiving bank and ask them to return it — they are not required to do so, and recovery can take weeks or fail entirely.
Use a wire transfer when speed matters and you are certain of the receiving account details. For routine transfers between your own accounts or to trusted recipients, ACH is usually the better choice.
What information you need before you start
To transfer money out of your account, you need the receiving bank's routing number and the recipient's account number. The routing number identifies the bank; the account number identifies the specific account within that bank.
For transfers between your own accounts at different banks, you have this information already. For transfers to someone else, ask them for both numbers. They can find the routing number on their bank's website or by calling their bank. The account number appears on the bottom left of their checks, or they can log into their online banking and find it in their account details.
Do not transfer money based on account information someone sends you by email or text unless you have confirmed it through another channel. Scammers sometimes pose as people you know and send fake account details.
Transfers between your own accounts are simpler
If you own accounts at two different banks and want to move money between them, the process is straightforward. Log into your account at the sending bank, look for a "transfer" or "move money" option, and select the receiving bank from a list or enter its routing number. Then enter your account number at the receiving bank and the amount.
Many banks let you link external accounts in advance, which means you can set up the transfer in seconds the next time you need it. The first transfer to a new external account sometimes takes longer — up to five business days — because the bank verifies that you own the receiving account. After that, transfers are faster.
Some banks also let you set up recurring transfers, so the same amount moves on the same day each month. This is useful if you are moving money to savings or paying someone regularly.
International transfers work differently and cost more
Moving money to a bank account outside the United States involves additional steps and fees. Your bank uses the SWIFT network to send the transfer, which connects banks worldwide. The receiving bank may also charge a fee to receive the money.
International transfers typically take five to ten business days because the money passes through one or more intermediary banks. If the receiving account is in a different currency, your bank converts the money at their exchange rate and charges a conversion fee — usually 1 to 3 percent of the amount, though some banks charge more.
To send an international transfer, you need the recipient's full name, account number, and the receiving bank's SWIFT code (also called a BIC code). Some countries also require an IBAN (International Bank Account Number). Ask the recipient for all of this information before you start.
What to do if a transfer goes wrong
If money leaves your account but does not arrive at the receiving bank within the expected timeframe, contact your sending bank first. They can trace the transfer using the reference number they gave you when you sent it. The bank can confirm whether the money reached the receiving bank or got stuck in the clearing system.
If the money reached the receiving bank but went to the wrong account, contact that bank when ready and ask them to return it. Provide the reference number from your sending bank. The receiving bank is not legally required to return the funds, but most will cooperate if you act quickly.
If you sent a wire transfer to the wrong account, the situation is more difficult. Wire transfers are nearly impossible to reverse. Your only option is to contact the receiving bank, explain the mistake, and ask them to return the funds voluntarily. Document everything in writing.
If your bank made the error — for example, they sent the money to the wrong account despite you providing correct information — they are responsible for recovering it. Report the error in writing and ask the bank to initiate a recovery claim.
Frequently Asked Questions
How long does it take to transfer money between banks?
ACH transfers usually take one to three business days. Wire transfers take the same day or next business day but cost $15 to $50. International transfers take five to ten business days. Weekends and holidays do not count as business days.
Can I transfer money if I do not know the receiving account number?
No. You need both the routing number and account number to complete a transfer. If you do not have the account number, ask the recipient directly. Do not rely on account information sent by email or text.
What happens if I send money to the wrong account?
For ACH transfers, contact your bank and the receiving bank when ready. The receiving bank may return the funds if you ask quickly. For wire transfers, recovery is much harder because wires cannot be reversed. Contact the receiving bank and ask them to return the money voluntarily.
Do I get charged to receive a transfer from another bank?
Domestic ACH transfers are almost never charged to the receiving account. Wire transfers may have a receiving fee at some banks, usually $10 to $15. International transfers often have receiving fees. Ask your bank what they charge before you receive a large transfer.
Can I set up automatic transfers between banks?
Yes. Most banks let you set up recurring ACH transfers that move the same amount on the same day each month. You typically need to link the external account first, which takes one to five business days. After that, recurring transfers are available when ready.