The three ways to transfer money between banks

You can move money from one bank to another using an ACH transfer, a wire transfer, or by having your new bank pull the funds directly during account setup. ACH is slowest but free. Wire is fastest but costs money. The direct pull—sometimes called a "bank-to-bank transfer" or part of a new account setup—sits in the middle on both speed and cost.

Which one you use depends on how fast you need the money to move, whether you want to pay a fee, and whether you're moving everything at once or just sending money periodically. Most people use ACH for routine transfers. Wire transfers are for when you need the money the same day or next business day. The direct pull is mainly useful when you're opening a new account and want to move your balance over.

Key Takeaways

  • ACH transfers are free and take three to five business days, and you can set them up online through your bank's website or app without calling anyone.
  • Wire transfers move money the same day or next business day but cost $15 to $50 depending on your bank, and require you to provide the receiving bank's routing number and your account number.
  • When you open a new bank account, you can ask the new bank to pull your balance from your old bank using your old account number and routing number—this is often free and takes one to three business days.
  • The receiving bank's routing number is a nine-digit code specific to that bank's location; you can find it on a check, call the bank, or search online.
  • Both banks can see the transfer once it enters the system, so if money goes missing, contact your sending bank first—they can trace it.

ACH transfers: free and standard

An ACH transfer (Automated Clearing House) is the most common way to move money between banks. Your bank sends an electronic instruction to the receiving bank through a shared network. The whole process is automated—no person at either bank handles your money directly.

To start an ACH transfer, log into your bank's website or app, find the "Transfer" or "Send Money" section, and enter the receiving bank's routing number, your account number at that bank, and the amount. Your bank will ask you to confirm the receiving bank's name. The transfer then sits in a queue. Your bank sends it out, usually the same day or next business day, and the receiving bank processes it on their end. The whole journey takes three to five business days.

ACH transfers are free at most banks. Some banks charge a small fee—$1 to $3—if you exceed a certain number of transfers per month, but the transfer itself costs nothing. There is no limit on how much you can transfer in a single ACH, though your bank may have internal limits on how much you can move in a day or a month. If you hit that limit, you can call your bank and ask them to raise it temporarily.

Wire transfers: fast and costly

A wire transfer moves money the same business day if you send it before your bank's cutoff time (usually 2 p.m. or 3 p.m.), or the next business day if you miss the cutoff. Wire transfers are processed manually by bank staff, which is why they're faster and why they cost money.

To send a wire, you will need to call your bank or visit a branch in person. Online wire initiation is rare. Have ready the receiving bank's routing number, the account number, the account holder's name, and the amount. Your bank will confirm all the details with you before sending. Wire transfers typically cost $15 to $50 depending on your bank and whether the receiving bank is domestic or international. Domestic wires are cheaper than international ones.

Once a wire is sent, it cannot be stopped. If you provide the wrong account number, the money goes to that account anyway, and recovering it requires the receiving bank to contact the account holder and ask them to return it—a process that can take weeks or fail entirely. For this reason, wire transfers are best used only when you trust the receiving account details and need the speed.

Direct pulls when opening a new account

When you open a new bank account, many banks offer to pull your balance from your old bank automatically. You provide your old bank's routing number and your old account number, and the new bank initiates the transfer on your behalf. This is often free and takes one to three business days.

The advantage is that the new bank handles the transfer details, so you do not have to remember routing numbers or navigate your old bank's website. The disadvantage is that you can only use this method once, during account setup. If you want to move money later, you'll need to use ACH or wire.

Finding your bank's routing number

Every bank has a routing number—a nine-digit code that identifies that bank's location within the Federal Reserve system. You need this number to send money to someone at that bank.

The easiest way to find a routing number is to look at a check from that bank. The routing number is the first nine digits on the bottom left of the check. If you do not have a check, call the bank's customer service line and ask for the routing number. You can also search online: type the bank name and "routing number" into a search engine, and the bank's official website will usually appear first with the number listed.

Be careful to use the routing number for the specific branch location if the bank has multiple routing numbers. Most large banks have one routing number nationwide, but some regional banks have different numbers by state or region. If you're unsure, call the bank and confirm.

What happens if the transfer goes wrong

If money disappears during a transfer, contact your sending bank first. They can see whether the transfer left their system and trace it to the receiving bank. If the receiving bank confirms they never got it, your sending bank can file a trace and usually refund you within one to two weeks.

If the money arrived at the wrong account because you provided the wrong account number, contact your sending bank when ready. They will contact the receiving bank and ask the account holder to return the funds. This is not may provide to work—the account holder can refuse—but banks will try. Wire transfers are harder to recover than ACH transfers because they move so fast, so double-check account numbers before sending a wire.

If you sent money to the right bank but the receiving person says they never got it, ask them to check their bank account directly rather than relying on their memory. Transfers sometimes arrive without a notification, or the notification goes to spam email. If it truly is not there after five business days, contact your sending bank and ask them to trace it.

Timing and business days

Bank transfers use business days, not calendar days. Business days are Monday through Friday, excluding federal holidays. A transfer initiated on Friday afternoon will not start processing until Monday. A transfer initiated on a Monday holiday will not start until Tuesday.

ACH transfers typically take three to five business days from the time your bank sends them. Wire transfers take one business day if sent before cutoff, or two if sent after. The direct pull during new account setup usually takes one to three business days. These are estimates—some transfers arrive faster, and some take longer depending on the receiving bank's processing speed.

If a transfer is taking longer than expected, wait until the maximum time has passed before contacting your bank. ACH transfers can take up to five business days, so a transfer initiated on a Monday might not arrive until the following Monday. Only contact your bank if it has been longer than that.

Frequently Asked Questions

Can I transfer money between accounts at the same bank?

Yes, and it's usually when ready or takes just a few hours. Log into your bank's app or website, find the transfer section, and move money between your own accounts. You don't need routing numbers—your bank already knows both accounts belong to you. This is the fastest way to move money if both accounts are at the same institution.

Do I need to tell the receiving bank I'm sending them money?

No. The transfer will arrive in their account automatically once it clears. If you're sending money to a person, you might want to tell them so they know to expect it and can confirm it arrived. If you're sending to a business, check their invoice or payment instructions first—some businesses require a note or reference number with the transfer.

What if I send money to the wrong bank by mistake?

Contact your bank when ready. If the transfer hasn't left their system yet, they may be able to stop it. If it has already left, your bank will trace it to the receiving bank. The receiving bank will see the transfer came in but was meant for someone else, and they can hold it or return it. This process takes time, so the sooner you call, the better.

Is there a limit to how much I can transfer?

Your bank may have daily or monthly limits on ACH transfers, but these vary by bank and account type. Wire transfers usually have higher limits. Call your bank to ask what your limit is, or check your account settings online. If you need to transfer more than your limit allows, you can ask your bank to raise it temporarily, though they may require you to call rather than do it online.

Why does my bank ask for the receiving account holder's name?

Banks use the name as a verification step. If the name on the account doesn't match the name you provided, some banks will flag the transfer or reject it to prevent fraud. Make sure the name you enter matches exactly what appears on the receiving account—including middle initials or suffixes.