Yes, and the method depends on whether the accounts are at the same bank or different ones
You can transfer money between bank accounts. The process takes anywhere from a few minutes to three business days, depending on which method you use and whether both accounts are at the same institution. Same-bank transfers are usually when ready or next-day. Transfers between different banks go through a system called the Automated Clearing House (ACH), which batches payments and settles them on a schedule — typically one to three business days.
The account you're sending from must be in your name or you must have authorization to move money from it. The receiving account can be yours at another bank, or it can belong to someone else if you're paying them. You'll need the receiving account number and routing number (for US transfers) or IBAN (for international transfers), but you don't need the recipient's permission to initiate the transfer.
Key Takeaways
- Same-bank transfers between your own accounts usually complete within hours or by the next business day.
- Transfers between different banks use the ACH system and typically take one to three business days to settle.
- You need the receiving account number and routing number, but the receiving bank account doesn't need to be in your name.
- Wire transfers are faster (same-day or next-day) but cost money and cannot be reversed once sent.
- Most banks let you set up recurring transfers if you move money on a regular schedule.
Same-bank transfers: the fastest option
If both accounts are at the same bank, the transfer is internal and doesn't leave the bank's system. Most banks process these when ready or within a few hours. Some banks post same-bank transfers by the end of the business day; a few still take until the next morning. Log into your online banking, select "Transfer" or "Move Money", choose the sending and receiving accounts, enter the amount, and confirm. The money appears in the receiving account almost when ready.
You can usually set up a recurring transfer this way if you move money regularly — for example, from checking to savings every payday. The bank will repeat the transfer on the schedule you set until you cancel it. There's no fee for same-bank transfers at most institutions.
ACH transfers between different banks: one to three days
When you transfer money to an account at a different bank, your bank sends the request through the ACH network. The ACH is a batch system run by the Federal Reserve and a private operator called The Clearing House. Banks submit transfers in batches at set times during the day, and the ACH processes those batches on a schedule. A transfer initiated early in the morning might settle the same day; one initiated in the afternoon might not settle until the next business day or the day after.
To make an ACH transfer, you'll need the receiving account's routing number (a nine-digit code that identifies the bank) and account number. You can find the routing number on the receiving bank's website, on a check, or by calling the bank. Enter these details into your bank's transfer form, specify the amount, and submit. Your bank will debit your account when ready or within a few hours, but the receiving account won't see the money until the ACH batch settles — usually one to three business days later.
ACH transfers are free or very low-cost at most banks. They're also reversible: if you send money to the wrong account, you can contact your bank and request a reversal within a set window (usually a few days). The receiving bank must cooperate, but the process exists.
Wire transfers: same-day or next-day, but irreversible
A wire transfer moves money faster than ACH but costs money and cannot be undone. Wire transfers typically settle the same day if sent before the bank's cutoff time (usually mid-afternoon), or the next business day if sent after. You'll need the receiving bank's routing number, the account number, and the account holder's name. Some banks also ask for the receiving bank's address.
Wire transfer fees range from $15 to $50 depending on the bank and whether the transfer is domestic (within the US) or international. Once the money leaves your account and arrives at the receiving bank, it's gone — you cannot reverse it. If you wire money to the wrong account, you'll need to contact the receiving bank and ask them to return it, which they may or may not do. Use wire transfers only when you're certain of the account details and the recipient.
What information you need for each type of transfer
| Transfer Type | Information Needed | Speed | Cost |
|---|---|---|---|
| Same bank | Receiving account number only | Minutes to hours | Free |
| ACH (different bank) | Routing number and account number | 1–3 business days | Free or under $1 |
| Wire transfer | Routing number, account number, account holder name, sometimes bank address | Same day or next day | $15–$50 |
How to find routing numbers and account numbers
The routing number is a nine-digit code that identifies a specific bank or branch. You can find it on a check from that bank (it's the first nine digits on the bottom left), on the bank's website, or by calling the bank's customer service line. The Federal Reserve also maintains a routing number lookup tool at frbservices.org.
The account number is usually 10 to 12 digits and identifies the specific account within that bank. It appears on checks, statements, and in online banking. If you're transferring to someone else's account, ask them for both numbers — don't guess or use incomplete information, because a wrong routing number will send the money to the wrong bank, and a wrong account number will send it to the wrong person at the right bank.
Timing and when money actually arrives
Same-bank transfers are the exception to timing delays. Everything else depends on when you initiate the transfer and when the receiving bank processes it. If you send an ACH transfer on a Friday afternoon, it won't settle until Monday or Tuesday because the ACH doesn't process on weekends. If you send a wire transfer after your bank's cutoff time (usually 2 or 3 p.m.), it goes out the next business day.
Business days are Monday through Friday, excluding federal holidays. If you initiate a transfer on a holiday or after hours, your bank will process it the next business day. Some banks let you schedule transfers in advance — you can set up a transfer to go out on a specific future date, which is useful if you want to time a payment to arrive when you know funds will be available.
Frequently Asked Questions
Can I transfer money to someone else's bank account?
Yes. The receiving account doesn't have to be in your name. You need the account number and routing number of the receiving account, and the account holder's name for wire transfers. ACH transfers and same-bank transfers don't require the recipient's permission — the money moves based on the account details you provide.
What happens if I send money to the wrong account number?
For ACH transfers, contact your bank when ready and request a reversal. Your bank will ask the receiving bank to return the funds, which they're required to attempt but not always able to do if the account holder has already spent the money. For wire transfers, contact your bank and the receiving bank directly — reversals are much harder and may not be possible. Always double-check account numbers before sending.
Why does my ACH transfer say it's pending for three days?
The ACH network processes transfers in batches on a set schedule, not in real time. Your bank debits your account when ready, but the receiving bank doesn't receive the funds until the ACH batch settles, which can take one to three business days depending on when you sent it and the receiving bank's processing schedule.
Is there a limit to how much I can transfer?
Most banks set daily and monthly limits on ACH transfers — commonly $10,000 per day or $25,000 per month, though these vary by bank and account type. Wire transfers usually have higher limits but may require approval for very large amounts. Check your bank's transfer limits in online banking or call customer service.
Can I cancel a transfer after I've sent it?
For ACH transfers, you can usually cancel within a few hours if the batch hasn't been submitted yet. Contact your bank when ready. Once the ACH batch is submitted, cancellation is much harder. For wire transfers, cancellation is almost impossible once the money has left your bank. Same-bank transfers cannot be cancelled because they're when ready.