The simplest way to transfer money between your own accounts
The fastest way to move money between accounts at the same bank is through your online banking portal or mobile app. Log in, find the transfer or move money section, select the account you're sending from and the account you're receiving into, enter the amount, and confirm. The money usually arrives within minutes to a few hours, and it costs nothing.
If you don't use online banking, you can call your bank's customer service line and ask them to move money between your accounts over the phone. You'll need to verify your identity and provide the account numbers, but the process takes about ten minutes. The transfer still happens within hours.
Some banks also let you transfer money in person at a branch. Bring your ID and tell a teller which accounts you want to move money between. This method works the same day, though it requires a trip to the bank during business hours.
Key Takeaways
- Transfers between your own accounts at the same bank happen within hours through online banking, a phone call, or a branch visit, and cost nothing.
- Moving money to an account at a different bank takes one to three business days and requires you to set up the receiving account as a linked transfer destination first.
- Wire transfers move money the same day but cost between $15 and $30 and are harder to reverse if you make a mistake.
- ACH transfers are slower but free, and work for both checking and savings accounts at any U.S. bank.
- Never share your account password with anyone, even if they claim to be from your bank.
Transferring money to a different bank
Moving money to an account at a different bank takes longer because the banks have to communicate through a system called the ACH network (Automated Clearing House). The transfer usually takes one to three business days, depending on which banks are involved and what time of day you send it.
Before you can transfer money out, you need to tell your first bank about the receiving account. Log into your online banking and look for a section called "Link Account," "Add External Account," or "Manage Transfer Destinations." You'll enter the other bank's routing number (a nine-digit code that identifies that bank) and your account number at that bank. Your bank will then send two small test deposits to that account, usually within one business day. You'll need to log into the receiving bank and confirm the amounts of those deposits to prove you own the account. Once confirmed, you can transfer money whenever you want.
This verification step protects you from accidentally sending money to the wrong place. It takes a few days the first time, but you only have to do it once per receiving account.
Wire transfers for same-day movement
A wire transfer moves money the same business day, but it costs money and is harder to reverse. Most banks charge between $15 and $30 to send a wire transfer domestically (within the United States). International wire transfers cost more, usually $40 to $50.
To send a wire, call your bank or visit a branch with the receiving bank's routing number, the receiving account number, and the name on the receiving account. The bank will confirm all the details with you before sending, because once the money leaves, you cannot get it back if you made a mistake. Wire transfers are useful when you need money to arrive the same day, such as for a down payment on a house or a time-sensitive payment.
Some banks let you send wires through online banking, but many still require you to call or visit in person. Ask your bank which method they offer.
What happens if you send money to the wrong account
If you made a mistake with an ACH transfer (the slow, free kind), contact your bank right away. They can sometimes stop the transfer if it hasn't processed yet, or they can contact the receiving bank and ask them to return the money. This process takes time, but recovery is often possible.
Wire transfers are much harder to reverse. Once the money arrives at the receiving bank, that bank has no obligation to return it unless the receiving account holder agrees. If you sent a wire to the wrong account, your bank can ask the receiving bank to help, but there's no may provide. This is why wire transfers require you to confirm all details before sending.
For both types of transfer, the sooner you notice the mistake and contact your bank, the better your chances of recovery. Don't wait.
Understanding routing numbers and account numbers
A routing number is a nine-digit code that identifies a specific bank or branch. Every bank has one (sometimes more than one). You can find your bank's routing number on the bottom left of your checks, on your bank's website, or by calling customer service. If you're sending money to another bank, you need their routing number, not yours.
An account number is unique to your individual account. It's usually 10 to 12 digits and identifies which account at that bank the money should go into. You can find it on your checks, your bank statements, or by logging into online banking. When you're sending money to someone else, you need their account number at their bank.
Always double-check both numbers before confirming a transfer. A single wrong digit can send your money to a stranger's account.
Transfers that take longer than expected
ACH transfers usually take one to three business days, but they can take longer if you send the transfer late in the day or on a weekend. Banks only process ACH transfers on business days (Monday through Friday, excluding federal holidays). If you send a transfer on Friday evening, it won't start processing until Monday, and it might not arrive until Wednesday or Thursday.
Some banks also hold transfers for a day or two if the amount is unusually large or if your account is new. This is a fraud prevention measure. If your transfer is delayed, contact your bank to ask why. They can tell you whether it's still processing or whether something is holding it up.
Keeping your transfer information safe
Routing numbers and account numbers are not secret — you can see them on your checks and share them freely. However, never share your online banking password, PIN, or security codes with anyone, even if they claim to be from your bank. Your bank will never ask you for your password.
When you're setting up a transfer to someone else's account, make sure you're using your bank's official website or app, not a link from an email or text message. Scammers sometimes send fake emails that look like they're from your bank and try to trick you into entering your password on a fake website.
If you're unsure whether an email or call is really from your bank, hang up and call your bank's official customer service number (the one on the back of your debit card or on your bank statement). Never use a phone number from an email or text message.
Frequently Asked Questions
Can I transfer money on weekends or holidays?
You can start a transfer any time through online banking or your mobile app, but banks only process ACH transfers on business days. A transfer started on Saturday won't process until Monday. Wire transfers also only process on business days, so a wire sent on Friday evening won't leave until Monday.
What's the difference between a transfer and a payment?
A transfer moves money between accounts you own. A payment sends money to someone else, usually to pay a bill. The process is similar, but payments go to external accounts and transfers move money between your own accounts.
Do I need to know the receiving bank's routing number for every transfer?
You only need the routing number the first time you link an external account. After that, your bank remembers it, and you can transfer to that account again without re-entering the routing number.
Why does my bank ask me to confirm small test deposits?
The test deposits prove you own the receiving account. If someone tries to transfer your money to an account they control, they won't be able to confirm those deposits because they don't have access to that account. It's a security step that protects you.
What should I do if I don't recognize a transfer out of my account?
Contact your bank when ready. Report it as unauthorized and ask them to reverse it. Banks have procedures to investigate unauthorized transfers and can often return your money. The sooner you report it, the better your chances of recovery.