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, a transfer usually takes minutes to a few hours and costs nothing. If the accounts are at different banks, the method matters: a wire transfer arrives the same day but costs $15 to $30, while an ACH transfer (also called an electronic transfer) takes one to three business days and is usually free. A third option—moving cash in person—is when ready but only works if you have a branch nearby.

The account you're sending from must be a checking or savings account that allows transfers. Some accounts, like money market accounts or certain savings products, have limits on how many transfers you can make per month, though these rules have loosened in recent years. Before you start, have your receiving account number and routing number ready, or the receiving bank's name and address if you're doing this in person.

Key Takeaways

  • Same-bank transfers are free and nearly when ready, while transfers between different banks take one to three business days unless you pay for a wire.
  • You need the receiving account number and routing number (a nine-digit code) to transfer between banks; you can find the routing number on a check or by calling the receiving bank.
  • ACH transfers are free but slower; wire transfers cost $15 to $30 but arrive the same business day.
  • Some savings accounts limit the number of transfers you can make per month, so check your account terms before setting up recurring transfers.
  • If you're moving a large amount, your bank may flag the transfer for fraud review, which can add a day or two to processing time.

Same-bank transfers: the fastest and cheapest option

If you have two accounts at the same bank, log into your online banking portal or mobile app and look for "Transfer Funds" or "Move Money." You'll select the account you're sending from, the account you're sending to, and the amount. The transfer usually posts within minutes during business hours, or within a few hours if you initiate it after hours or on a weekend.

You can also call your bank's customer service line and ask them to move money between your accounts over the phone. This takes slightly longer—usually a few hours—but requires no login and no app. There is no fee for same-bank transfers, and there are no limits on how much you can move at once (though very large transfers may trigger a fraud review).

ACH transfers between different banks: free but slower

An ACH transfer is an electronic payment that moves through the Automated Clearing House network. It's free and works between any two banks in the United States, but it takes one to three business days. Most banks show the transfer as "pending" when ready, then mark it as complete once the receiving bank has processed it.

To set up an ACH transfer, log into your sending bank's online portal and select "External Transfer," "Add Payee," or similar language. You'll enter the receiving bank's name, the receiving account number, and the receiving account's routing number. The routing number is a nine-digit code unique to each bank branch; you can find it on a check from that account, or call the receiving bank and ask for it. After you submit the transfer, most banks let you cancel it for a few hours if you catch a mistake, but once it's processed, you cannot reverse it.

Some banks cap the amount you can transfer in a single day or per month, especially if this is your first transfer to that account. If you hit a limit, you can either wait and transfer the rest later, or call your bank and ask them to raise the limit.

Wire transfers: fast but expensive

A wire transfer moves money the same business day, usually within a few hours. The cost is typically $15 to $30 per transfer, depending on your bank. Wire transfers are useful when you need money to arrive urgently, but they're not reversible once sent, so double-check the account number before you confirm.

To send a wire, call your bank or visit a branch in person. You'll need the receiving bank's name, address, and routing number, plus the receiving account number and the account holder's name. Your bank will ask you to confirm all of this information out loud before processing. Some banks also let you initiate a wire through online banking, but you'll still need to call to authorize it.

Incoming wires usually appear in your account the same day they're sent, though some banks hold them for a fraud review, which can delay posting by a day. If the receiving bank is closed (on weekends or holidays), the wire will arrive the next business day.

In-person transfers at a branch

If you have a branch of your bank nearby, you can walk in and ask a teller to transfer money between your accounts. Bring your ID and the account number of the account you're sending to. The teller can move the money when ready, and it will post to your receiving account within minutes.

This method works well if you're moving a large amount and want to avoid triggering a fraud review, because the teller can document that you authorized the transfer in person. It's also useful if you're not comfortable with online banking or if you need to move cash (though the teller will deposit it into your account, not hand it to you as bills).

What happens if something goes wrong

If you send money to the wrong account number, the transfer may still go through—the routing number and account number are what matter, not the account holder's name. Once an ACH transfer or wire is processed, you cannot reverse it. If you sent it to the wrong place, contact your bank when ready and ask them to attempt a recall, but there's no may provide the receiving bank will cooperate.

If your bank suspects fraud—for example, you're transferring a much larger amount than usual, or to a new account—they may place a hold on the transfer for 24 to 48 hours while they verify it's legitimate. You can speed this up by calling your bank and confirming the transfer yourself. If your bank denies the transfer, they'll tell you why and you can resubmit it once the issue is resolved.

If money leaves your account but doesn't arrive at the receiving bank within the expected timeframe, contact both banks. The sending bank can trace the transfer using the confirmation number you received, and the receiving bank can check whether it arrived but was held or rejected.

Recurring transfers and automatic payments

Most banks let you set up a recurring transfer—for example, moving $500 from checking to savings every payday. You can do this through online banking by selecting the transfer, choosing "Repeat," and setting the frequency (weekly, biweekly, monthly, etc.). The bank will automatically process the transfer on the date you choose, and you can edit or cancel it anytime.

Recurring transfers are useful for building savings without having to remember to move money manually. They work the same way as one-time transfers—same-bank transfers are when ready, and transfers between banks take one to three business days. If you set up a recurring transfer for a date that falls on a weekend or holiday, most banks will process it on the next business day.

Frequently Asked Questions

Can I transfer money between banks on a weekend or holiday?

You can initiate the transfer anytime, but it won't process until the next business day. Both banks must be open for the transfer to complete, so a transfer you start on Friday evening won't arrive until Monday or Tuesday, depending on whether Monday is a holiday.

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

The routing number identifies the bank or branch (nine digits), while the account number identifies your specific account at that bank (usually 10 to 12 digits). You need both to transfer money between banks. The routing number is the same for all accounts at that bank location; the account number is unique to you.

Is there a limit to how much I can transfer?

Banks don't usually cap the total amount you can transfer, but they may flag very large transfers for fraud review, which adds a day or two. Some savings accounts have limits on the number of transfers per month (often six), though this applies to transfers out of the account, not into it. Check your account terms or call your bank to confirm.

What if I accidentally send money to someone else's account?

Contact your bank when ready and ask them to attempt a recall. For ACH transfers, the receiving bank may be able to reverse it if they haven't released the funds yet. For wire transfers, a recall is much harder because wires are designed to be final. The receiving bank is not required to return the money, though many will if you ask politely and explain it was a mistake.

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

No. The money will arrive in their account automatically once the transfer processes. If you're sending money to someone else's account, it's courteous to let them know it's coming, but it's not required for the transfer to go through.