The simplest way to transfer money between banks
The fastest way to move money between two banks is usually through online banking. Log into the bank you're sending money from, find the transfer or send money section, enter the receiving bank's routing number and your account number there, and the money moves in one to three business days. No forms, no fees (usually), no visit to a branch needed.
If you don't have online banking set up yet, you can call your bank's customer service line and ask them to do an external transfer for you over the phone. They'll ask for the same information — the other bank's routing number and your account number — and process it the same way. This takes the same one to three business days.
The reason it takes multiple days instead of being when ready is that banks process transfers in batches, usually once per day. A transfer you start on a Tuesday morning might not land until Thursday. Weekends and bank holidays add extra days.
Key Takeaways
- Online banking transfers between banks take one to three business days and are usually free, but you need the receiving bank's routing number and your account number there.
- If you don't have online banking, call your bank and they can process the transfer over the phone with the same information and timeline.
- Wire transfers move money the same day but cost money (usually $15 to $30) and require you to visit a branch or call and verify details.
- ACH transfers are the standard method banks use; they batch process once daily, which is why transfers take multiple days even though the money leaves your account right away.
- You can also set up a standing transfer to move money on a schedule, like every payday or the first of the month.
What information you need before you start
To transfer money out of your bank account, you need to know where it's going. Have ready: the name of the bank you're sending to, the account number at that bank, and that bank's routing number. The routing number is a nine-digit code that identifies the bank in the federal system. You can find it on a check from that account (it's the first set of numbers on the bottom left), or you can call that bank and ask.
You'll also need to know how much you're sending and when you want it to go. Some banks let you schedule a transfer for a future date; others send it right away. Check your bank's rules before you start.
If you're transferring to an account in someone else's name, most banks will let you do it, but some require you to call and verify first. Ask your bank before you try online.
How to do it through online banking
Log into your bank's website or app. Look for a section called "Transfer Money," "Send Money," "Transfers," or sometimes "Pay." Click that.
You'll see options like "Transfer between my accounts" (moving money within the same bank) and "Transfer to another bank" or "External transfer." Choose the second one.
Enter the receiving bank's routing number and your account number at that bank. Some banks ask for the account holder's name as well. Double-check these numbers — if you get them wrong, the money goes to the wrong account and getting it back takes time.
Enter the amount and choose whether you want it to go today or on a specific future date. Review everything, then confirm. Your bank will show you a confirmation number. Write it down or take a screenshot.
Wire transfers: faster but with a cost
If you need money to arrive the same day, a wire transfer is the only option. Wire transfers move through a different system (called SWIFT or the Federal Reserve wire system) and process in hours instead of days. But they cost money — usually $15 to $30 depending on your bank — and you almost always have to do them in person or over the phone.
To wire money, call your bank or visit a branch. You'll need the same routing number and account number, plus the receiving bank's name and address. The bank will verify your identity, take the fee from your account, and send the wire. Ask for a confirmation number and keep it.
Wire transfers are final once they're sent. If you wire money to the wrong account, you can't cancel it. The receiving bank has to contact the other bank and ask them to return it, which can take weeks or never happen. Only use wire transfers when you're certain of the account details.
Setting up automatic transfers on a schedule
If you move money between the same two accounts regularly — like every payday or the first of the month — you can set up a standing transfer or recurring transfer. This tells your bank to move the same amount on the same day automatically, without you having to start it each time.
In your online banking, look for "Recurring Transfer," "Automatic Transfer," or "Scheduled Transfer." Enter the receiving bank's routing number and account number, the amount, and the day you want it to happen. Most banks let you choose whether it happens weekly, twice a month, monthly, or on a custom schedule.
You can stop a standing transfer anytime by logging in and canceling it. If you need to change the amount or date, you can edit it instead of canceling and starting over.
What happens if something goes wrong
If you entered the wrong routing number or account number, the transfer usually bounces back to your account within three to five business days. Your bank will send you a notice saying the transfer failed. You can then try again with the correct information.
If the money went to the right bank but the wrong account (because you transposed a digit in the account number), it's more complicated. The receiving bank will see that the account number doesn't match any of their accounts and may hold the money or return it. Call your bank and explain what happened. They can contact the receiving bank and ask them to return it, but this can take weeks.
If you wired money to the wrong place, call your bank when ready. They can try to recall the wire, but success depends on whether the receiving bank has already released the funds. The sooner you call, the better your chances.
Fees and limits you should know about
Most banks don't charge for transfers between your own accounts at different banks. Some banks charge $1 to $3 per external transfer if you're not a premium customer. Wire transfers almost always cost money — $15 to $30 is typical.
Your bank may also have limits on how much you can transfer in a day or a month. These vary widely. Some banks let you transfer thousands in a single transaction; others cap it at a few hundred. If you need to move a large amount, call your bank first and ask what the limit is. They can sometimes raise it temporarily.
Transfers out of savings accounts may be limited by federal rules. The Regulation D rule historically limited certain transfers from savings accounts to six per month, though this rule has been relaxed. Ask your bank if your savings account has any transfer limits.
Frequently Asked Questions
How long does a transfer between banks actually take?
One to three business days is standard. The exact timing depends on when you start the transfer (morning transfers are usually faster than evening ones) and whether the receiving bank processes deposits on weekends. If you start a transfer on Friday evening, it might not arrive until Tuesday.
Can I transfer money to someone else's bank account?
Yes. You need their account number and their bank's routing number. Some banks ask you to verify the account holder's name before processing. You can transfer to anyone's account; the bank doesn't check whether you have permission from the account holder, so make sure you're sending to the right person.
What's the difference between a routing number and an account number?
The routing number identifies the bank itself — it's the same for everyone with an account at that bank. The account number identifies your specific account at that bank. You need both to transfer money. The routing number is usually nine digits; the account number is usually longer.
Can I cancel a transfer after I've started it?
If you cancel within a few hours of starting it, yes — call your bank right away and ask them to stop it. Once the transfer has processed (usually by the end of the business day), it's gone and you can't cancel it. If it went to the wrong place, you have to ask the receiving bank to return it.
Is it safe to give someone my routing number and account number?
Your routing number is public information — it's printed on every check. Your account number is more sensitive. Giving both to someone means they can transfer money out of your account, so only give them to people and organizations you trust. If you're worried about fraud, call your bank and ask them to monitor your account.