The fastest way depends on which banks you use and how soon you need the money there
If both accounts are at the same bank, you can move money between them in minutes through your online banking portal, mobile app, or by calling the bank. If the accounts are at different banks, the method and speed depend on what both banks offer. Most people use ACH transfers (Automated Clearing House), which are free but take one to three business days. Wire transfers arrive the same day or next business day but cost $15 to $50. Real-time payments through systems like FedNow or RTP are newer and faster, but not all banks support them yet.
Key Takeaways
- Same-bank transfers happen when ready through your online banking app or website, with no fees.
- ACH transfers between different banks are free but take one to three business days and require the receiving account number and routing number.
- Wire transfers cost money but arrive same-day or next-day; you will need the recipient's full name, account number, routing number, and sometimes their bank's address.
- Real-time payment systems like FedNow exist but are not yet available at all banks, so check with yours first.
- Peer-to-peer payment apps like Venmo, PayPal, and Cash App move money between people quickly but are not designed for your own accounts at different banks.
Same-bank transfers: when ready and free
If you have accounts at the same bank, log into your online banking portal or mobile app and look for a "Transfer" or "Move Money" option. You will select the account you are sending from, the account you are sending to, and the amount. The transfer completes when ready or within minutes. There are no fees.
You can also call your bank's customer service line and ask them to move money between your accounts over the phone. This takes a few minutes and is also free. Some banks allow you to set up standing transfers that happen automatically on a schedule—for example, moving $200 from checking to savings every payday.
ACH transfers between different banks: free but slower
ACH transfers are the standard way to move money between accounts at different banks. They are free and safe, but they take one to three business days. You initiate the transfer through your sending bank's website or app, and you will need the receiving account's routing number and account number.
To find the receiving account's routing number, ask the person who owns that account, or look it up on the receiving bank's website—most banks publish their routing number publicly. The account number is usually printed on checks or visible in that account's online banking portal. Once you enter both numbers and the amount, the transfer enters the ACH system. Your bank will debit your account when ready, but the receiving bank will not credit the other account until one to three business days have passed.
ACH transfers work in both directions. If someone else wants to send you money to your account at a different bank, you give them your routing number and account number, and they initiate the transfer from their bank. You do not have to do anything except wait for the money to arrive.
Wire transfers: faster but with a cost
A wire transfer moves money the same day or next business day and is the fastest option for moving money between different banks. Most banks charge $15 to $50 per wire transfer. You initiate a wire through your bank's website, app, or by calling customer service.
You will need to provide the receiving bank's name, the receiving account holder's full name, the account number, and the bank's routing number. Some banks also ask for the receiving bank's address or a SWIFT code if the money is going to another country. Wire transfers are final once sent—if you make a mistake with the account number, the money may go to the wrong person and recovering it is difficult. Double-check all details before confirming.
Incoming wire transfers appear in your account the same day or next business day, depending on what time the sending bank processes it and whether it is a business day. Wires sent on Friday evening may not arrive until Monday.
Real-time payments: the newest option, not everywhere yet
Some banks now offer real-time payments through systems like FedNow (run by the Federal Reserve) or RTP (Real-Time Payments, run by The Clearing House). These move money in seconds or minutes, not hours or days, and are free. However, not all banks participate yet, so you need to check whether both your bank and the receiving bank support real-time payments.
If both banks are on the same real-time payment network, you can initiate the transfer through your online banking portal just like an ACH transfer. The money arrives almost when ready. If your bank does not offer real-time payments yet, you will not see this option in your banking app, and you will need to use ACH or wire transfer instead.
Peer-to-peer apps: not the right tool for your own accounts
Apps like Venmo, PayPal, Cash App, and Square Cash move money quickly between people, but they are not designed to transfer money between your own accounts at different banks. These apps work by linking to your bank account and moving money through ACH in the background—so you get the same one- to three-day delay, plus you are routing the money through a third party.
Use these apps to send money to other people, not to move your own money between banks. For your own accounts, use your bank's transfer feature, ACH, or wire transfer instead.
What information you need before you start
| Transfer Type | Information Needed | Cost | Speed |
|---|---|---|---|
| Same bank | Just your account numbers | Free | when ready to minutes |
| ACH (different banks) | Receiving account number and routing number | Free | 1–3 business days |
| Wire transfer | Receiving bank name, account holder name, account number, routing number | $15–$50 | Same day or next business day |
| Real-time payment | Receiving account number and routing number (if both banks support it) | Free | Seconds to minutes |
Frequently Asked Questions
Can I transfer money on a weekend or holiday?
You can initiate a transfer any time through your online banking app or website. However, the receiving bank will not process it until the next business day. If you send a wire on Saturday, it will not arrive until Monday. ACH transfers also do not process on weekends or federal holidays, so a transfer sent Friday evening may not arrive until Wednesday.
What if I enter the wrong account number?
For ACH transfers, contact your bank when ready. They may be able to recall the transfer before it processes, but this is not may provide. For wire transfers, the money is usually gone—contact your bank and the receiving bank right away, but recovery is difficult and not always possible. Always double-check account and routing numbers before confirming any transfer.
Is there a limit to how much I can transfer?
Most banks set daily and monthly limits on ACH transfers, often $10,000 to $25,000 per day, though this varies by bank and account type. Wire transfers usually have higher limits or no limit. Call your bank to find out your specific limits, or check your online banking portal—many banks show your remaining transfer limit there.
Do I need to tell my bank I am transferring money to another bank?
No. You do not need permission or advance notice. However, if you are transferring a large amount, your bank may flag it as unusual activity and contact you to confirm it is legitimate. This is a fraud prevention measure and is normal.
Can I set up automatic transfers between accounts at different banks?
Yes. Most banks let you set up recurring ACH transfers through their online banking portal. You choose the frequency (weekly, monthly, etc.), the amount, and the receiving account, and the transfer happens automatically on schedule. You can change or cancel it anytime through your banking app.