The three main ways to send money to another bank
You can move money to another bank in three ways: an ACH transfer (the slowest and usually free), a wire transfer (the fastest but costs money), or a third-party service like PayPal or Venmo (fast, but only works between people, not to business accounts). Which one you use depends on how quickly you need the money there and whether you are sending to a person or a business.
All three methods require the same basic information from the person or business receiving the money: their name, the bank name, the account number, and the routing number (a nine-digit code that identifies their bank). You will enter this information into your own bank's website or app, or give it to a bank employee in person.
The money does not leave your account when ready in any method — your bank processes the transfer, and the receiving bank receives it on their own schedule. During that time, the money is in transit and you cannot spend it.
Key Takeaways
- ACH transfers are free or very cheap, but take one to three business days and work best when you are not in a hurry.
- Wire transfers move money the same day or next business day, but cost between $15 and $50 depending on your bank.
- You need the recipient's full name, account number, routing number, and bank name before you start any transfer.
- Third-party services like Venmo and PayPal are fast between people but do not work for paying businesses or bills.
ACH transfers: free but slower
An ACH transfer (Automated Clearing House) is the most common way to move money between banks. Your bank sends the money through a network that processes thousands of transfers at once, which is why it is free or costs only a dollar or two. The trade-off is speed: the money usually arrives in one to three business days.
To start an ACH transfer, log into your bank's website or app, find the "transfer" or "send money" section, and choose "transfer to another bank." You will enter the recipient's name, account number, routing number, and bank name. Some banks let you save this information so you do not have to type it every time. Then you choose the amount and the date you want the transfer to happen — you can schedule it for today or a future date.
ACH transfers work between any two banks in the United States. They are the right choice when you have time and want to avoid fees — for example, moving money from a savings account at one bank to a checking account at another, or sending money to a family member who is not in a rush.
Wire transfers: fast but expensive
A wire transfer moves money the same business day or the next morning, depending on what time you send it and your bank's cutoff time. The speed costs money: most banks charge between $15 and $50 per wire transfer. Some banks charge less for domestic wires (within the United States) and more for international ones.
To send a wire transfer, call your bank or visit a branch — most banks do not let you start a wire through their app or website for security reasons. You will give the bank employee the same information: the recipient's name, account number, routing number, and bank name. The employee will confirm the details with you before sending, because wire transfers cannot be reversed once they leave your bank.
Wire transfers are the right choice when you need money to arrive quickly and the recipient is expecting it. They are common for down payments on houses, large purchases, or sending money to someone in another country. Because they cannot be reversed, be very careful that you have the correct account number and routing number before you confirm.
Third-party services: fast for person-to-person transfers
Services like Venmo, PayPal, Square Cash, and Zelle let you send money to another person using just their phone number or email address, and the money often arrives within minutes or hours. These services are free or very cheap, and they are much easier than remembering routing numbers.
The catch is that these services only work between people, not to business accounts or bill payments. If you are paying a utility company, a credit card, or a business, you cannot use Venmo or PayPal — you have to use an ACH transfer or wire transfer instead. Also, these services usually have daily limits on how much you can send, often between $500 and $2,000 per day depending on the service and how long you have had the account.
To use one of these services, you read the app, link your bank account, and search for the person by their phone number or email. You enter the amount and send it. The recipient gets a notification and can accept the money into their own bank account. Some services let the money sit in the app as a balance instead of moving it to a bank right away.
What information you need before you start
No matter which method you choose, you need four pieces of information about the person or business receiving the money. Write these down before you log into your bank, because you will need to enter them exactly as they appear.
The recipient's full name: This should match the name on their bank account. If it does not match exactly, the receiving bank may reject the transfer or hold it while they investigate.
The account number: This is usually 8 to 17 digits and identifies the specific account at the bank. You can find it on a check, a bank statement, or by asking the recipient directly.
The routing number: This is a nine-digit code that identifies the bank itself, not the account. You can find it on a check (it is the first set of numbers at the bottom left), on the bank's website, or by calling the bank and asking. If you are sending money to someone at the same bank as you, you may not need the routing number.
The bank name: You need to know which bank the recipient uses. If you are not sure, ask them or look at their check or bank statement.
How long transfers actually take
The time it takes for money to arrive depends on the method and the banks involved. ACH transfers typically take one to three business days, but some banks advertise "next-day ACH" for an extra fee. Wire transfers usually arrive the same business day if you send before your bank's cutoff time (often 2 or 3 p.m.), or the next business day if you send after. Third-party services like Venmo can move money in minutes, but the money may take an extra day to appear in the recipient's bank account if they do not transfer it out of the app right away.
Business days means Monday through Friday, not counting holidays. If you send a transfer on Friday afternoon, it will not start processing until Monday. If you send on a holiday, it will not process until the next business day.
Some banks hold transfers for a day or two before releasing them, especially if it is the first time you are sending money to that account. This is a fraud prevention measure. If your transfer is held, the bank will tell you how long the hold will last.
What can go wrong and how to fix it
The most common mistake is entering the wrong account number or routing number. If the numbers do not match an account at the receiving bank, the transfer may bounce back to you in a few days, or it may go into the wrong account. This is why it is important to double-check the information before you confirm.
If you realize you made a mistake right after you send the transfer, call your bank when ready. If the money has not left yet, the bank may be able to cancel it. If it has already left, you will have to contact the receiving bank and ask them to reverse it — this is not always possible, especially with wire transfers.
If money goes into the wrong account by mistake, you can contact your bank and the receiving bank to report it. They will investigate and may be able to recover the money, but this can take weeks. This is another reason to be very careful with the account number before you send.
Frequently Asked Questions
Can I transfer money to a bank account at a different bank using my bank's app?
Yes, most banks let you transfer to another bank through their app or website using ACH. Wire transfers usually require you to call or visit a branch. Third-party services like Venmo work through their own app, not your bank's app.
What is the difference between a routing number and an account number?
The routing number identifies the bank itself — all customers at that bank share the same routing number. The account number identifies your specific account at that bank. You need both to send money to someone.
If I send money to the wrong account, can I get it back?
It depends on how fast you act. If you catch the mistake before the money leaves your bank, you may be able to cancel it. If it has already arrived at the wrong account, you will have to ask that bank to reverse it, which they are not required to do. Wire transfers are especially hard to reverse once they leave.
Why do wire transfers cost money but ACH transfers do not?
Wire transfers move money the same day, which requires your bank to process it when ready and take on more risk. ACH transfers batch thousands of transfers together and process them overnight, which is cheaper. Your bank passes the savings on to you by making ACH free.
Can I use Venmo or PayPal to pay my electric bill?
No, those services only work between people. To pay a bill, you need to use your bank's bill pay feature, an ACH transfer, or a wire transfer. Your utility company can tell you which methods they accept.