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, you can move money between them in minutes using online banking, mobile app, or a phone call to customer service. If the accounts are at different banks, the speed depends on the method: a wire transfer takes a few hours to one business day, an ACH transfer takes one to three business days, and a check takes three to seven business days depending on how you deposit it. Some banks also let you link accounts at other institutions and transfer between them when ready through their app.
The method you choose also affects the cost. Most transfers between accounts at the same bank are free. Transfers between different banks are usually free if you use ACH, but wire transfers typically cost $15 to $30. Checks are free to write but take longer and require you to physically deposit or mail them.
Key Takeaways
- Same-bank transfers happen in minutes through your online banking portal, mobile app, or by calling customer service.
- Wire transfers between different banks cost $15 to $30 and arrive within hours to one business day.
- ACH transfers between different banks are usually free and take one to three business days.
- Some banks let you link external accounts and transfer when ready through their mobile app without fees.
- Checks are free but the slowest option, taking three to seven business days from deposit to availability.
Transferring money within the same bank
Log into your online banking portal or mobile app and look for a link labeled "Transfer," "Move Money," or "Between My Accounts." Select the account you want to send money from and the account you want to send it to, enter the amount, and confirm. The money appears in the receiving account within minutes, usually when ready.
If you do not have online access or prefer not to use it, call your bank's customer service number on the back of your debit card. Tell them you want to transfer money between two of your accounts, provide the account numbers, and state the amount. They will process it while you are on the phone or within a few minutes after you hang up. There is no fee for this service at any major bank.
Wire transfers between different banks
A wire transfer moves money from one bank to another in a few hours to one business day. You initiate it through your bank's online portal, mobile app, or by visiting a branch or calling. You will need the receiving bank's routing number (a nine-digit code that identifies the bank) and the receiving account number. Your bank will charge you a fee, typically $15 to $30 for a domestic wire.
Wire transfers are fast and reliable, but they are also permanent—once the money leaves your account, you cannot cancel it if you change your mind. Make sure the account number and routing number are correct before you confirm. If you send money to the wrong account, you will have to contact the receiving bank and ask them to reverse it, which they may or may not do depending on their policies.
To find a bank's routing number, visit the bank's website, call their customer service line, or search online for "[Bank Name] routing number." Write it down before you start the transfer so you have it ready.
ACH transfers between different banks
ACH stands for Automated Clearing House, and it is the standard way banks move money between accounts at different institutions. It is free at most banks, takes one to three business days, and is safer than a wire transfer because you can cancel it if you change your mind (as long as you cancel before it settles). You initiate an ACH transfer the same way you would a wire transfer—through your bank's online portal, app, or by calling—and you need the same information: the receiving bank's routing number and the receiving account number.
ACH transfers are slower than wires because the banks process them in batches at set times during the day. If you initiate a transfer at 2 p.m. on a Tuesday, it may not leave your account until the next morning, and it may not arrive at the receiving bank until Thursday. Weekends and bank holidays add extra days. Some banks offer "next-day ACH," which guarantees delivery by the next business day, but this is not standard everywhere.
Linking external accounts for when ready transfers
Many banks now let you link a savings account or checking account at another bank directly to your mobile app. Once linked, you can transfer money between them when ready without fees. The process usually takes a few minutes: you enter the external account number and routing number, the bank sends two small deposits (usually under $1 each) to that account, and you confirm the amounts in your app to verify you own the account.
This method is convenient if you move money between the same two accounts regularly. It is also free and when ready, so there is no reason not to set it up if your bank offers it. The downside is that not all banks support this feature, and some limit how much you can transfer per day or per month. Check your bank's app or website to see if this option is available to you.
Depositing a check from another bank
If you have a check drawn on another bank, you can deposit it into your account using mobile check deposit (photograph the front and back with your phone and submit through your app), by mailing it to your bank, or by visiting a branch in person. Mobile deposit is the fastest and most convenient option.
The money does not appear in your account right away. Your bank typically places a hold on the check for three to seven business days while it clears. During this time, the check is being routed to the bank that issued it to confirm the funds are there. Once the hold lifts, the money is yours. If the check bounces (the account does not have enough money), your bank will reverse the deposit and may charge you a fee.
Writing a check to transfer money from one of your accounts to another is also possible, but it is slow and impractical. You would write a check to yourself, deposit it, and wait for it to clear. Use one of the methods above instead.
What to do if a transfer goes wrong
If money does not arrive within the expected timeframe, contact your bank first. Ask them to confirm that the transfer was sent and provide you with a confirmation number or reference number. They can also tell you whether the receiving bank has received it and is processing it.
If the money was sent to the wrong account, the steps depend on the method. For ACH transfers, you can cancel within a few hours if the transfer has not yet settled. For wire transfers, you will need to contact the receiving bank and ask them to reverse it—they are not required to do so, but many will if you contact them quickly. For checks, there is nothing you can do once the check has been deposited and cleared, so you will have to ask the recipient to return the money.
If your bank made an error, they are responsible for fixing it. If you made an error (wrong account number, for example), you are responsible for recovering the money, which may not be possible. Always double-check the account number and routing number before you confirm a transfer.
Frequently Asked Questions
Can I transfer money on a weekend or holiday?
You can initiate a transfer any time through your online banking portal or app, but the bank will not process it until the next business day. If you initiate a transfer on Friday evening, it will not leave your account until Monday morning. Wire transfers initiated on a business day typically arrive the same day or the next day, but weekend transfers will not be processed until Monday.
Is there a limit to how much I can transfer?
Most banks set daily and monthly transfer limits to prevent fraud. The limits vary by bank and by account type. Check your bank's website or call customer service to find out what your limits are. You can usually request a higher limit if you need to transfer a large amount.
What if the receiving account number is wrong?
If you send money to a wrong account number at the correct bank, the receiving bank may reject the transfer and send it back to you. If the account number belongs to another customer at that bank, the money may go into their account, and you will have to contact the bank and ask them to reverse it. Always verify the account number before you confirm.
Do I need to tell the other bank I am receiving a transfer?
No. The receiving bank will accept the transfer automatically as long as the account number and routing number are correct. You do not need to do anything on the receiving end. The money will appear in the account once the transfer settles.
Which method is cheapest?
ACH transfers and same-bank transfers are free. Checks are free to write but cost time. Wire transfers cost $15 to $30. If you have the time to wait, ACH is the cheapest option for transfers between different banks.