The three main ways to transfer money between banks

You can move money between banks in three ways: ACH transfer (the slowest but free option), wire transfer (the fastest but costs money), or debit card (when ready but only works if you have the card). Which one you use depends on how fast you need the money and whether you want to pay a fee.

ACH stands for Automated Clearing House. It is a network that banks use to send money to each other. When you start an ACH transfer, your bank collects the money from your account, bundles it with thousands of other transfers, and sends it all at once to the receiving bank. That bundle takes one to three business days to arrive. Because the process is automated and batched, banks do not charge you for it.

A wire transfer is different. Your bank sends your money directly to the other bank, often the same day. Because a person at your bank has to process it and verify the receiving account details, you pay a fee — usually between $15 and $30. Wire transfers are final once sent, which is why they are used for large purchases like down payments on homes.

A debit card transfer works only if you have a debit card linked to the account you want to send money from. You use that card to withdraw cash or make a purchase, and the money leaves your account when ready. This is not really a transfer between banks — it is spending from one account — but it moves money out of one bank and into another person's or business's account when ready.

Key Takeaways

  • ACH transfers are free and take one to three business days, and you can set them up online or by phone without visiting a branch.
  • Wire transfers move money the same day but cost $15 to $30 and require you to provide the receiving bank's routing number and the recipient's account number.
  • You need the receiving bank's routing number and the recipient's account number to start any transfer; you can find the routing number on the receiving bank's website or by calling them.
  • Money sent by ACH or wire goes to the account holder whose name and number you provide, so double-check both before confirming the transfer.

How to set up an ACH transfer

Log into your bank's website or app and look for a link that says "Transfer Money," "Send Money," or "Pay Someone." You will be asked to enter the receiving bank's routing number (a nine-digit code that identifies the bank) and the recipient's account number (the number of the specific account at that bank where the money will land). You will also enter the amount and a description of what the transfer is for.

The receiving bank's routing number is not secret — you can find it on the bank's website, usually in a section called "Routing Numbers" or "Bank Information." You can also call the bank and ask. The account number comes from the person or business you are sending money to; they should give it to you, or you can ask them to send you a blank check, which has the account number printed on it.

Once you enter all the information, your bank will show you a summary. Read it carefully — especially the account number and the amount — before you confirm. After you confirm, the transfer is scheduled. Your bank will deduct the money from your account within one business day, and the receiving bank will add it to their account within one to three business days after that.

Some banks let you schedule an ACH transfer for a future date. This is useful if you know you will have money in your account on a certain day but not today. You can set the transfer to go out automatically on that day.

How to send a wire transfer

Call your bank or go to a branch to send a wire transfer. You cannot usually start a wire online because banks want to verify your identity and the receiving account details before they send money that cannot be reversed. Have the following information ready: the receiving bank's routing number, the recipient's full name, the recipient's account number, and the amount you want to send.

Your bank will ask you to confirm all the details out loud or in writing. They will tell you the fee (usually $15 to $30 for a domestic wire, more for international). Once you agree, they will deduct the money from your account and send it to the receiving bank. The receiving bank usually receives it the same business day, sometimes within hours.

Wire transfers are permanent. Once the money reaches the receiving bank, you cannot cancel it or get it back unless the recipient agrees to send it back. This is why wire transfers are used for large, important payments and why scammers often ask victims to send money by wire — the victim cannot reverse it.

What information you need before you start

Before you transfer money, you need to know where it is going. Ask the person or business you are sending money to for their bank's routing number and their account number. If they give you a routing number that does not match their bank's website, stop and ask them again — scammers sometimes give fake routing numbers to intercept transfers.

You also need to know the recipient's full legal name — the name on their bank account. If you send money to "John Smith" but the account is registered to "John Michael Smith," the receiving bank may reject the transfer or hold it while they figure out who it belongs to.

Write down all this information before you start the transfer. Do not rely on memory or a text message you received. Mistakes in the account number or routing number can send your money to the wrong person, and you may not be able to get it back.

How long transfers take and what "business days" means

Business days are Monday through Friday, excluding federal holidays. Weekends and holidays do not count. If you start an ACH transfer on a Friday, the clock does not start until Monday. If you start one on Monday and it takes three business days, the money arrives Thursday.

ACH transfers usually take one to three business days. Some banks promise one-day ACH, which means the money arrives the next business day. Wire transfers usually arrive the same business day if you send them before your bank's cutoff time (often 2 p.m. or 3 p.m.). If you send a wire after the cutoff, it goes out the next business day.

The receiving bank may hold the money for a day or two even after it arrives, especially if the account is new or the transfer is large. This is called a hold, and banks do it to prevent fraud. You can ask the receiving bank how long they will hold the money.

What to do if a transfer goes to the wrong account

If you realize you sent money to the wrong account number, contact your bank when ready. If the transfer has not left your bank yet, they may be able to cancel it. If it has already left, your bank can contact the receiving bank and ask them to return the money, but they cannot force them to do so. The receiving bank will try to contact the account holder and ask them to send the money back, but if the account holder refuses or has already spent it, you may not recover it.

This is why wire transfers are riskier than ACH transfers — wire transfers cannot be reversed. With ACH transfers, your bank has more time to catch a mistake and stop the transfer before it reaches the other bank.

To avoid sending money to the wrong place, always verify the account number with the recipient before you transfer. Ask them to confirm it out loud or in writing. If something feels wrong — if they are asking you to send money to an account in a different name, for example — ask questions before you send anything.

Fees and limits on transfers

ACH transfers are free. Your bank will not charge you to send one, and the receiving bank will not charge the recipient to receive one. This is one reason ACH transfers are popular for regular payments like rent or paycheck deposits.

Wire transfers cost money. Domestic wire transfers (within the United States) usually cost $15 to $30. International wire transfers cost more, sometimes $40 to $50 or higher. Some banks charge different amounts depending on whether you send the wire online, by phone, or in person. Ask your bank for the fee before you confirm the transfer.

Banks may also limit how much you can transfer. Some banks limit ACH transfers to $10,000 per day or $25,000 per month, though these limits vary. Wire transfers may have higher limits or no limit at all. If you need to transfer more than your bank's limit, you can ask them to raise it, or you can make multiple transfers on different days.

Frequently Asked Questions

Can I transfer money between banks on a weekend?

You can start the transfer on a weekend, but it will not process until the next business day (Monday). If you start an ACH transfer on Saturday, it will not leave your bank until Monday, and it will not arrive at the receiving bank until Tuesday through Thursday. Wire transfers started on a weekend will also wait until Monday to process.

What if I do not know the receiving bank's routing number?

Call the receiving bank's customer service line and ask for their routing number. You can also visit their website — most banks list it in a section called "Routing Numbers" or "Bank Information." If you have a blank check from an account at that bank, the routing number is printed on the bottom left.

Is it safe to give someone my account number for a transfer?

Yes, your account number alone cannot be used to withdraw money from your account. Someone would need your routing number, account number, and authorization from you to start a transfer. However, only give your account number to people and businesses you trust. If a stranger asks for it, ask why they need it before you share it.

Can I cancel a transfer after I send it?

With ACH transfers, you may be able to cancel if you contact your bank quickly — usually within one business day of sending it. With wire transfers, you cannot cancel once the money has left your bank. Call your bank when ready if you need to cancel a transfer.

What happens if the receiving account does not exist?

If you send money to an account number that does not exist, the receiving bank will reject the transfer and send the money back to your bank. This usually takes a few business days. The money will reappear in your account, though your bank may charge you a fee for the failed transfer.