The basic steps: what happens when you send money

To transfer money to another person's bank account, you need their name, account number, and routing number (if sending within the US). You initiate the transfer through your own bank's website, mobile app, or in person. Your bank then sends instructions to the recipient's bank, the funds move from your account to theirs, and the transaction settles — usually within one to three business days for domestic transfers.

The speed and method depend on which transfer type you choose. A wire transfer moves faster but costs money. An ACH transfer (Automated Clearing House) is free but takes longer. A same-day ACH is faster than standard ACH but not available from every bank. Each method uses different routing paths and has different limits on how much you can send.

The recipient does not need to do anything on their end. Once you send the money and it clears, it lands in their account automatically. They will see it as a deposit from your name or your bank.

Key Takeaways

  • You need the recipient's full name, account number, and routing number to send a domestic bank transfer.
  • ACH transfers are free and take one to three business days; wire transfers cost $15 to $50 and arrive the same day or next day.
  • Your bank's website or app is the fastest way to send money; you can also visit a branch in person.
  • Once the transfer settles, the money is in the recipient's account and cannot be reversed without their permission.
  • International transfers require additional information (SWIFT code, IBAN) and take five to ten business days.

Getting the information you need from the recipient

Before you start a transfer, contact the person you are sending money to and ask for their banking details. You need their full legal name (the name on the account), their account number, and their bank's routing number. The routing number is a nine-digit code that identifies the bank; it is not the same as the account number.

The recipient can find their routing number on their bank's website, by calling their bank's customer service line, or by looking at the bottom left of a check. Many banks also display it in their mobile app under account details. Ask them to double-check the number before you use it — a wrong routing number will send the money to the wrong bank, and recovery takes time.

If you are sending money internationally, you will also need the recipient's SWIFT code (an eight or eleven-character code that identifies their bank worldwide) and their IBAN (International Bank Account Number), which varies in length by country. These are harder to find and sometimes require calling the recipient's bank directly.

ACH transfers: free but slower

An ACH transfer is the most common way to move money between US bank accounts. It is free, but it takes one to three business days to settle. Your bank batches ACH transfers together and sends them through the Federal Reserve's clearing system in scheduled batches throughout the day.

To send an ACH transfer, log into your bank's website or app, select "Send Money" or "Transfer Funds", choose the recipient's bank, and enter their name, account number, and routing number. You will then enter the amount and a description (optional but helpful for the recipient). Most banks let you schedule an ACH transfer for a future date if you do not need it to go out when ready.

ACH transfers have limits. Most banks allow $10,000 to $25,000 per transaction, though some allow more if you call and request a higher limit. If you are sending a large amount, you may need to split it across multiple days or contact your bank to raise your limit temporarily.

Wire transfers: faster but with a cost

A wire transfer moves money the same day or next business day, depending on what time you send it and whether the receiving bank processes it when ready. Wire transfers cost between $15 and $50, depending on your bank and whether the transfer is domestic or international. Once sent, a wire transfer cannot be reversed — the money is in the recipient's account and belongs to them.

To send a wire transfer, go to your bank's website, app, or visit a branch in person. You will enter the recipient's name, account number, routing number, and the amount. Some banks require you to come in person for large wire transfers or if you are a new customer. The bank will confirm the details with you before processing.

Wire transfers have higher limits than ACH transfers — often $5,000 to $100,000 per transaction, though this varies by bank. If you need to send more, contact your bank to request a temporary increase. International wire transfers take longer (three to five business days) and cost more ($30 to $75 or higher), because they pass through multiple banks and currency exchanges.

Same-day ACH and real-time payment options

Some banks now offer same-day ACH, which settles the same business day instead of the next day. This is free like standard ACH but faster. Not all banks participate in same-day ACH, and not all accounts are enrolled, so check with your bank whether it is available to you.

A newer option is real-time payments (RTP), which move money in seconds rather than hours or days. These are still rolling out across US banks, so availability is limited. Ask your bank whether they support RTP transfers. If both your bank and the recipient's bank participate, you can send money that arrives almost when ready.

Both same-day ACH and real-time payments are free or low-cost, making them good alternatives to wire transfers if your bank offers them. Check your bank's website or call to find out which options are available on your account.

What happens after you send the transfer

Once you initiate a transfer, your bank will deduct the money from your account when ready (or on the scheduled date if you scheduled it for later). The recipient's bank will receive the transfer instructions and deposit the money into their account. The time this takes depends on the transfer type: ACH takes one to three business days, wire transfers take hours to one business day, and real-time payments take seconds.

You can track the status of your transfer through your bank's website or app. Look for a "Pending Transfers" or "Transaction History" section. Once the transfer shows as "Complete" or "Settled", the money is in the recipient's account. If it shows as "Failed" or "Returned", your bank will return the money to you, usually within one to two business days.

If the transfer fails, the most common reasons are a wrong account number, a wrong routing number, or a mismatch between the account number and the name you entered. Contact your bank to find out why it failed, correct the information, and try again.

Transfers between your own accounts at different banks

If you are transferring money between accounts you own at two different banks, the process is the same as sending to someone else — you still need the account number and routing number of the receiving account. However, some banks let you link your accounts together, which makes future transfers faster and easier.

To link accounts, go to your bank's website and look for "Link External Account" or "Add Account". You will enter the other bank's routing number and your account number there. Your bank will verify the link by depositing two small amounts (usually under $1) into that account, and you will confirm the amounts to prove you own it. Once verified, you can transfer between the accounts without entering the routing number each time.

Frequently Asked Questions

Can I cancel a transfer after I send it?

It depends on the transfer type. ACH transfers can usually be cancelled within a few hours of sending, before they leave your bank's system. Wire transfers cannot be cancelled once sent — the money is in the recipient's account. If you sent money to the wrong person by wire, contact your bank when ready and ask them to reach out to the receiving bank, but recovery is not may provide.

What if I enter the wrong account number?

The transfer will likely fail and bounce back to your account within one to three business days. If it does go through to the wrong account, contact your bank when ready. They can ask the receiving bank to return the funds, but the other bank is not required to comply if the account holder refuses. This is why confirming the account number with the recipient before sending is important.

How much can I transfer at once?

ACH transfers are usually limited to $10,000 to $25,000 per transaction. Wire transfers allow $5,000 to $100,000 or more, depending on your bank. If you need to send more, contact your bank to request a temporary limit increase, or split the transfer across multiple days.

Do I need the recipient's permission to send them money?

No. You can send money to anyone whose account number and routing number you have. The recipient does not need to approve it or do anything on their end — the money deposits automatically once it clears.

What is the difference between a routing number and an account number?

A routing number identifies the bank (nine digits). An account number identifies your specific account at that bank (usually ten to twelve digits). You need both to send a transfer. The routing number tells your bank which bank to send the money to; the account number tells that bank which account to deposit it into.