Yes, you can transfer money from your savings account to another bank
You can move money from a savings account at one bank to a savings account, checking account, or money market account at a different bank. The transfer works the same way whether you're moving funds between two accounts you own or sending money to someone else's account. The main variables are how long it takes, what it costs, and which method you choose.
Most transfers happen through one of three routes: an ACH transfer (automated clearing house), a wire transfer, or a direct transfer initiated through your current bank's website or app. Each has different speed, cost, and security characteristics. The method you pick depends on how quickly you need the money to arrive and whether you're willing to pay a fee.
Key Takeaways
- ACH transfers are free or low-cost and take one to three business days, making them the default choice for most people moving money between their own accounts.
- Wire transfers move money the same day or next business day but typically cost $15 to $30 and carry higher fraud risk because they cannot be reversed once sent.
- You need the receiving bank's routing number and the account number where the money is going, whether that account belongs to you or someone else.
- If you're moving money to an account at a different bank that you own, you can set up the transfer through either your current bank or the receiving bank.
- Some banks charge fees for outgoing transfers; many do not, so check your account terms before you initiate the move.
ACH transfers: the standard route for most moves
An ACH transfer is an electronic payment that moves through the Federal Reserve's automated clearing house network. It is the most common way to move money between banks because it is free or costs only a few dollars, and it works for any U.S. bank account.
To start an ACH transfer, log into your savings account online or through your bank's app and look for a "transfer" or "send money" option. You will enter the receiving bank's routing number (a nine-digit code that identifies the bank) and the account number where the money should land. Your bank will then send the request through the ACH network. The money typically arrives in one to three business days. Weekends and federal holidays do not count as business days, so a transfer you start on Friday afternoon may not land until Wednesday.
Some banks charge $1 to $3 for outgoing ACH transfers, though many do not charge anything. Check your account agreement or call your bank to confirm whether there is a fee. If you are moving money to an account you own at another bank, some banks waive the fee because they know the transfer is low-risk.
Wire transfers: fast but irreversible and more expensive
A wire transfer moves money the same business day or the next business day and costs between $15 and $30 depending on your bank. Wire transfers are faster than ACH transfers because they bypass the clearing house network and move directly between banks.
To send a wire, call your bank or visit a branch in person. You will need to provide the receiving bank's routing number, the account number, and the account holder's name. Your bank will ask you to confirm all details before processing because wire transfers cannot be reversed once the money leaves your account. If you send the wire to the wrong account by mistake, the money is gone and recovery is difficult and uncertain.
Wire transfers are useful when you need money to arrive urgently—for example, to meet a closing important date on a home purchase or to pay a time-sensitive bill. They are not the right choice for routine transfers between your own accounts because the cost and irreversibility outweigh the speed benefit.
Transferring between your own accounts at different banks
If both accounts belong to you, you have two ways to set up the transfer. You can initiate it from your current bank (the one you are taking money from) or from the receiving bank (the one you want the money to go to).
Starting from your current bank is usually faster because you are already logged in and have your account information. You enter the receiving bank's routing number and your account number there, and the transfer begins when ready.
Starting from the receiving bank works too, but it may take longer because the receiving bank has to contact your current bank to pull the funds. Some banks call this a "pull transfer" and it can add a day or two to the timeline. This method is useful if you are opening a new account and want to move money into it before you have set up online access at your old bank.
What information you need before you start
Before you initiate any transfer, gather the following details about the receiving account:
- The receiving bank's routing number (nine digits; you can find this on the bank's website, on a check, or by calling the bank)
- The account number where the money should land
- The account holder's name (must match the name on the account exactly)
- The account type (savings, checking, or money market)
If any of this information is wrong—especially the account number or routing number—the money may land in the wrong account or be rejected and returned to you. If the account holder's name does not match the account exactly, some banks will reject the transfer as a fraud prevention measure.
Fees, timing, and what can go wrong
Most banks do not charge for incoming transfers, but some charge $1 to $5 for outgoing transfers. A few banks limit the number of transfers you can make from a savings account per month (often six), though this rule is less common than it used to be. Check your account agreement or call your bank to understand what applies to your account.
If a transfer fails, the most common reasons are a wrong routing number, a wrong account number, or a mismatch between the account holder's name and the name on file. Your bank will usually notify you within one to three business days that the transfer was rejected, and the money will be returned to your account within a few more days.
If you send money to the wrong account by mistake and it is an ACH transfer, contact your bank when ready. Your bank can attempt to recall the transfer, but success is not may provide, especially if the receiving bank has already released the funds. If it is a wire transfer, contact your bank right away, but be prepared for the possibility that recovery is not possible.
Moving money to an account that belongs to someone else
You can transfer money from your savings account to someone else's account at a different bank using the same ACH or wire transfer methods. You will need their routing number, account number, and the exact name on their account.
ACH transfers are the standard choice for this because they are free or low-cost and the recipient does not need to do anything on their end—the money lands automatically. Wire transfers work too but cost more and are usually reserved for urgent situations.
Some banks ask you to confirm that you know and trust the recipient before processing a transfer to a new external account, as a fraud prevention step. You may have to wait 24 hours after adding the account before you can transfer money to it.
Frequently Asked Questions
How long does it take to transfer money from one bank to another?
ACH transfers take one to three business days. Wire transfers take the same business day if sent before your bank's cutoff time (usually 2 or 3 p.m.) or the next business day if sent after. Weekends and federal holidays do not count as business days.
Do I have to pay a fee to transfer money between my own accounts?
Most banks do not charge for ACH transfers between your own accounts. Some charge $1 to $3 for outgoing transfers. Wire transfers typically cost $15 to $30. Check your account agreement or contact your bank to confirm what applies to you.
What happens if I enter the wrong account number?
If the account number is wrong, the receiving bank will usually reject the transfer and return the money to your account within a few business days. If the money lands in someone else's account by mistake, contact your bank when ready, though recovery is not may provide.
Can I cancel a transfer after I have sent it?
ACH transfers can sometimes be cancelled if you contact your bank before the transfer clears, which is usually within one business day. Wire transfers cannot be cancelled once sent. Contact your bank when ready if you need to stop a transfer.
Do I need to tell the other bank I am transferring money in?
No. Incoming transfers are automatic—the receiving bank processes them without any action from the account holder. You do not need to notify them in advance unless you want to let them know the money is coming.