The four ways to transfer money between banks

You can move money from one bank to another using an ACH transfer, a wire transfer, a debit card, or by writing a check. Each method moves the money differently, costs different amounts, and takes a different amount of time. The method you choose depends on how much money you're moving, how fast you need it to arrive, and whether you're moving it to your own account or someone else's.

ACH transfers are the slowest and cheapest. Wire transfers are the fastest and most expensive. Debit cards and checks fall somewhere in between. If you're moving money between accounts you own at different banks, ACH is usually the right choice. If you're sending money to someone else and they need it urgently, a wire transfer is standard.

Before you start, you'll need the receiving bank's routing number and the receiving account number. If you're sending money to someone else, ask them for these details directly — never guess or use a number from an old check. If you're moving your own money between banks you control, you can find both numbers on your statements or by logging into your online banking.

Key Takeaways

  • ACH transfers take three to five business days, cost nothing or a few dollars, and work for moving money between your own accounts or paying someone you know.
  • Wire transfers arrive the same day or next business day, cost $15 to $50 per transfer, and are the standard method for sending money to someone you don't have a banking relationship with.
  • You can start an ACH transfer through your bank's website or mobile app without leaving home, but you need the receiving bank's routing number and account number.
  • Wire transfers require you to provide the receiving bank's name, address, and SWIFT code if the money is going overseas, and some banks require you to do this in person or by phone.
  • Once you send a wire transfer, you cannot cancel it — so verify all details before you confirm.

ACH transfers: the standard choice for moving your own money

An ACH transfer (Automated Clearing House) is a batch transfer that moves through the Federal Reserve's system. Your bank collects all the ACH transfers it's sending that day, bundles them, and sends them to the receiving bank in one batch. This is why ACH transfers take three to five business days — they're not when ready, but they're reliable and cheap.

To start an ACH transfer, log into your bank's website or mobile app and look for "Transfer Money" or "Send Money." You'll enter the receiving bank's routing number, the account number, the account holder's name, and the amount. Your bank will verify the routing number automatically. Most banks let you set up the transfer to happen once or on a schedule (weekly, monthly, and so on).

ACH transfers are free at most banks, though some charge $1 to $3 if you're moving a large amount or if you're not a regular customer. There's no limit set by the Federal Reserve, but your bank may limit how much you can transfer in a single day — usually $10,000 to $25,000, though this varies. If you need to move more, you can split it across multiple days or call your bank to ask for a higher limit.

ACH transfers work best when you're moving money between accounts you own, or when you're paying someone you have an ongoing relationship with (like a contractor or a family member). The receiving person doesn't need to do anything — the money lands in their account automatically.

Wire transfers: when you need the money today or tomorrow

A wire transfer moves money directly from one bank to another through the SWIFT network (for international transfers) or the Federal Reserve's wire system (for domestic transfers). Wire transfers arrive the same business day if you send them before your bank's cutoff time (usually 2 p.m. or 3 p.m.), or the next business day if you send them after.

Wire transfers cost $15 to $50 depending on your bank and whether the money is staying in the United States or going overseas. Some banks charge more for international wires. Unlike ACH transfers, you cannot reverse a wire transfer once it's sent — the money leaves your account when ready and goes to the receiving account. This is why wire transfers are the standard for large purchases (like a down payment on a house) and why scammers often ask victims to send money by wire.

To send a wire transfer, you'll need the receiving bank's name and address, the receiving account number, and the receiving person's name. If the money is going overseas, you'll also need the receiving bank's SWIFT code (an eight- or eleven-character code that identifies the bank internationally). Some banks require you to provide this information in person or over the phone rather than through their website, especially for large amounts or international transfers.

Call your bank or log into your account to find out whether you can initiate a wire transfer online or whether you need to visit a branch or call. If you're sending money overseas, ask your bank whether they charge a fee on top of the wire fee — some banks add a "correspondent banking fee" when the money has to pass through multiple banks to reach its destination.

Debit cards and checks: slower alternatives

If you have a debit card linked to your account, you can use it to withdraw cash and deposit it into another account. This is slow and inconvenient, but it works if you don't have online banking or if you're moving a small amount of cash. You'll pay ATM fees if you withdraw from an ATM that's not part of your bank's network.

Checks are still a valid way to move money, though they're becoming less common. Write a check from your account, sign it, and deposit it into the receiving account. Checks take five to ten business days to clear because the receiving bank has to physically transport the check to your bank or use a mobile deposit app to photograph it. Some banks no longer accept checks, so ask the receiving person whether they can deposit a check before you write one.

What to do if the transfer doesn't arrive

ACH transfers that don't arrive within five business days are usually stuck in the receiving bank's system. Contact your bank and ask them to trace the transfer — they'll need the date you sent it, the amount, and the receiving account number. Your bank can contact the receiving bank and ask where the money is. This usually takes a few days.

If the receiving bank says they never got the transfer, your bank will reverse it and put the money back in your account. If they say they got it but can't find it in the receiving account, the receiving person may need to contact their bank to look for it. This is rare but happens when the account number was slightly wrong or when the receiving bank's system had a temporary problem.

Wire transfers that don't arrive are more serious because you cannot reverse them. If you sent a wire transfer and the money didn't arrive, contact your bank when ready. They can try to recall the transfer, but this only works if the receiving bank hasn't released the money yet — usually within 24 hours. If the money was already released, your bank cannot get it back. This is why it's critical to verify all details (especially the account number) before you confirm a wire transfer.

How to avoid sending money to the wrong account

Before you transfer money, verify the receiving account number by asking the receiving person to confirm it out loud or by text message. Do not copy a number from an email or a website without confirming it separately. Scammers sometimes intercept emails and change the account number to their own account.

If you're sending money to a business, call their main phone number (not a number in an email) and ask them to confirm their banking details. If you're sending money to a person, ask them to send you a photo of a check or a bank statement showing the account number — this makes it much harder for a scammer to intercept.

Most banks offer a service called Positive Pay or Account Verification that lets you confirm the receiving account holder's name before the transfer goes through. This is especially useful for wire transfers. Ask your bank whether they offer this service and whether it costs extra.

Transferring money between accounts you own

If you're moving money between two accounts you own at different banks, you can set up an ACH transfer from either bank. Some banks let you add the other bank as a "linked account" in their mobile app, which makes future transfers faster. You'll need to verify that you own both accounts — your bank may ask you to confirm a small deposit they make to the receiving account, or they may ask you to log into the receiving bank's website while you're setting up the link.

Once the accounts are linked, you can transfer money between them as often as you want. There's usually no fee for transfers between your own accounts, even if they're at different banks. This is the easiest and cheapest way to move money if you have accounts at multiple banks.

Frequently Asked Questions

Can I cancel an ACH transfer after I send it?

Yes, but only if you contact your bank before the transfer leaves your bank — usually within a few hours of sending it. Once the transfer reaches the receiving bank, you cannot cancel it. If the receiving bank has already deposited the money into the receiving account, you'll have to ask that person to send the money back. Contact your bank when ready if you need to cancel.

What's the difference between a routing number and an account number?

A routing number identifies the bank (for example, all Chase checking accounts in New York have the same routing number). An account number identifies your specific account at that bank. You need both to transfer money. You can find both on the bottom left of a check, or by logging into your online banking.

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

No. Once you have their account number and routing number, you can send them money without asking. However, if you're sending a large amount or if you're sending money to someone you don't know well, it's polite to tell them first so they're not surprised when the money arrives.

What happens if I send money to the wrong account number?

The money will go to whatever account that number belongs to. If it's the wrong person's account, you'll have to contact that person and ask them to send the money back — your bank cannot force them to. This is why it's critical to verify the account number before you send, especially for wire transfers, which cannot be reversed.

Can I transfer money on weekends or holidays?

You can initiate a transfer on weekends or holidays, but it won't process until the next business day. If you send an ACH transfer on Friday evening, it will start processing on Monday morning and arrive Wednesday through Friday. If you send a wire transfer on Friday evening, it will process on Monday morning and arrive Monday or Tuesday.