Yes, you can transfer money between bank accounts in most cases
You can move money from one bank account to another. The bank you're sending from will move the funds to the bank you're sending to, and the money usually arrives within one to three business days. The exact method depends on whether both accounts are at the same bank or different banks, and how quickly you need the money to arrive.
Most transfers are free, though some banks charge a fee for certain types of transfers or if you exceed a monthly limit. The process itself is straightforward — you give your receiving bank's details to your sending bank, and they handle the rest. You don't need permission from the receiving account holder, and the money goes directly into their account.
Key Takeaways
- Transfers between accounts at the same bank usually arrive the same day or next business day and are almost always free.
- Transfers between different banks take one to three business days and use a system called ACH, which is the standard method in the United States.
- You need the receiving account's routing number and account number, which you can find on a check, your bank statement, or by asking the other bank.
- Most banks let you set up recurring transfers if you move money on a regular schedule, such as monthly rent or savings contributions.
- Wire transfers are faster but cost money and are usually only worth it if you need the money the same day or if you're sending a large amount.
Transfers between accounts at the same bank
If both accounts are at the same bank, the transfer is the fastest and simplest option. Log into your online banking, go to the transfer section, select the account you want to send from and the account you want to send to, enter the amount, and confirm. The money usually arrives when ready or by the next business day, depending on the time of day you send it.
These transfers are free at nearly every bank. There is no paperwork, no routing numbers to look up, and no waiting. If you're moving money between your own checking and savings accounts, or between accounts you control, this is the method to use.
Transfers between different banks using ACH
ACH stands for Automated Clearing House, and it's the standard system banks use to move money between different institutions. When you transfer money from your bank to someone else's bank at a different institution, ACH is almost certainly what's happening behind the scenes.
To set up an ACH transfer, you'll need the receiving account's routing number and account number. The routing number identifies which bank the account is at. The account number identifies the specific account. You can find both on a check (the routing number is the first set of numbers on the bottom left, and the account number follows it), on your bank statement, or by calling the other bank and asking.
ACH transfers typically take one to three business days. If you send a transfer on a Friday evening, it may not arrive until Tuesday, because banks don't process transfers on weekends or holidays. The receiving bank may also hold the money for a day or two before releasing it, depending on their policies.
ACH transfers are free at most banks, though some charge a small fee — usually $1 to $3 — if you exceed a certain number of transfers per month. Check your bank's fee schedule or ask a representative if you plan to make frequent transfers.
Wire transfers for same-day or urgent money movement
A wire transfer is faster than ACH but costs money. Wire transfers usually arrive the same day if you send them before your bank's cutoff time (often 2 or 3 p.m.), and they work between banks, internationally, and to non-bank accounts like payment services.
Wire transfers typically cost $15 to $30 per transfer, depending on your bank and whether you're sending money domestically or internationally. Because of the cost, most people use wire transfers only when they need money urgently or when they're sending a large amount where the fee is a small percentage of the total.
To send a wire transfer, you'll need the same information as an ACH transfer — the receiving bank's routing number and the account number — plus the receiving person's name and address. You can usually set up a wire transfer through online banking, but some banks require you to call or visit a branch.
Setting up recurring transfers for regular payments
If you move money on a regular schedule — such as monthly rent, a regular savings contribution, or a payment to a family member — you can set up a recurring transfer. This tells your bank to automatically send the same amount on the same day each month (or week, or however often you choose).
Recurring transfers use the same methods as one-time transfers: ACH for different banks, or internal transfers for accounts at the same bank. The advantage is that you don't have to remember to initiate the transfer each time. You can usually set up, pause, or cancel a recurring transfer through your online banking at any time.
Many people use recurring transfers for rent, insurance payments, or automatic savings. If you set up a recurring transfer, make sure you have enough money in your account each time the transfer is scheduled, or the transfer may fail and you could face overdraft fees.
What information you need before you transfer
Before you start a transfer, gather the details of the receiving account. If you're transferring to another person's account, ask them for their bank name, routing number, and account number. If you're transferring to your own account at another bank, you can find this information on a check or statement from that bank.
Double-check the account number and routing number before you confirm the transfer. A mistake in either number could send your money to the wrong account. If you're unsure, call the receiving bank and verify the information before you send anything.
You'll also need to know how much you want to transfer and when. Some banks have daily or monthly limits on how much you can transfer, especially for new accounts or new recipients. If you're transferring a large amount, check your bank's limits first or call ahead to make sure the transfer will go through.
What happens if a transfer goes wrong
If you send money to the wrong account by mistake, contact your bank when ready. If the transfer hasn't cleared yet, your bank may be able to stop it. If it has already arrived at the other bank, your bank can request that the other bank return the money, but the other bank is not required to do so. The faster you act, the better your chances of recovery.
If a transfer fails — for example, because the account number was wrong or the receiving bank rejected it — your bank will usually send the money back to your account within a few business days. You'll receive a notification explaining why the transfer failed. Check your account to make sure the money returned, and contact your bank if it doesn't arrive within the timeframe they quoted.
If you're transferring money to someone you don't know well or to a new recipient, consider sending a small test transfer first to make sure the account details are correct before you send a larger amount.
Frequently Asked Questions
Can I transfer money to someone else's bank account?
Yes. You can transfer money to any bank account as long as you have the routing number and account number. The receiving person doesn't need to do anything — the money goes directly into their account. You don't need their permission, though it's obviously a good idea to tell them you're sending money so they know to expect it.
Why does my transfer take three days when the bank says it's when ready?
ACH transfers process through a clearing system that runs on a fixed schedule, so even if your bank sends the transfer when ready, it may take one to three business days to reach the other bank. Some banks offer "next-day ACH" or "same-day ACH" for an extra fee. Wire transfers are truly same-day if sent before the cutoff time, but they cost money.
What's the difference between a routing number and an account number?
The routing number identifies the bank or credit union. The account number identifies your specific account at that bank. You need both to transfer money to a different bank. On a check, the routing number is the first set of numbers at the bottom left, and the account number comes right after it.
Can I transfer money if I don't have online banking?
Yes. You can visit a branch in person or call your bank and ask a representative to set up the transfer for you. Some banks charge a small fee for phone or in-person transfers, while online transfers are free. Ask your bank about their options and any fees before you call.
Is there a limit to how much I can transfer?
Most banks have daily or monthly limits on transfers, especially for new accounts or new recipients. The limit varies by bank and account type. Check your bank's website or call to find out your specific limit. If you need to transfer more than your limit, you may be able to request a higher limit or make multiple transfers over several days.