The three ways to transfer money between banks

You can move money from one bank to another in three main ways: an ACH transfer (the slowest but free option), a wire transfer (fast but costs money), or a same-day ACH (newer, faster than regular ACH, sometimes free). Which one you use depends on how quickly you need the money and whether you want to pay a fee.

Before you start any transfer, you will need the receiving bank's routing number and the account number where the money should land. If you are sending money to someone else's account, you will also need their name exactly as it appears on their account. Getting these details wrong is the most common reason transfers fail or land in the wrong place.

All three methods move money electronically — there is no paper check or cash involved. The money leaves your account at your sending bank and arrives at the receiving bank's account. The time it takes and the cost depend on which method you choose.

Key Takeaways

  • ACH transfers are free and take three to five business days, making them the cheapest option for transfers that are not urgent.
  • Wire transfers move money the same day or next business day but usually cost between $15 and $30, and the money cannot be reversed once sent.
  • Same-day ACH is faster than regular ACH (usually one business day) and may be free depending on your bank, though not all banks offer it yet.
  • You need the receiving bank's routing number and the account number to start any transfer, and the account holder's name must match exactly.
  • If a transfer fails, the money returns to your account automatically, usually within five to ten business days.

ACH transfers: free and slow

An ACH transfer (Automated Clearing House) is the standard way banks move money between accounts. It is free, but it takes time — usually three to five business days for the money to arrive. If you transfer money on a Friday, it will not arrive until the following Wednesday or Thursday at the earliest.

To start an ACH transfer, log into your bank's website or app and look for "transfer funds," "send money," or "move money." You will enter the receiving bank's routing number (a nine-digit code that identifies that bank), the account number, and the account holder's name. Your bank will then send the transfer request through the ACH network, which processes transfers in batches rather than when ready.

ACH transfers work well when you have time to wait. They are free, and there is no limit on how much you can send (though some banks set their own caps). The main drawback is the wait — if you need money today or tomorrow, ACH will not work.

Wire transfers: fast and expensive

A wire transfer moves money the same business day or the next business day, depending on what time you send it and whether the receiving bank is in the same country. Wire transfers usually cost between $15 and $30, though some banks charge more. Once the money leaves your account, you cannot get it back — wire transfers are permanent.

To send a wire transfer, call your bank or visit a branch in person. Many banks do not allow wire transfers through their app or website for security reasons. You will need the receiving bank's routing number, the account number, the account holder's name, and sometimes the receiving bank's address. Your bank will verify all the details before sending.

Wire transfers are the right choice when you need money to arrive quickly and you are willing to pay the fee. They are also common for large purchases like a down payment on a house. Because wire transfers cannot be reversed, banks ask you to confirm the details carefully before sending.

Same-day ACH: the middle ground

Same-day ACH is a newer option that works like a regular ACH transfer but moves faster — usually arriving within one business day instead of three to five. Some banks offer it for free, while others charge a small fee (usually $1 to $5). Not all banks support same-day ACH yet, so check with your bank first to see if it is available.

Same-day ACH is useful when you need money faster than a regular ACH transfer but do not want to pay wire transfer fees. The process is the same as a regular ACH transfer — you enter the routing number, account number, and account holder's name through your bank's website or app. Your bank will tell you whether same-day ACH is available for that particular receiving bank.

Finding your bank's routing number and account number

You will need two pieces of information to receive a transfer: your bank's routing number and your account number. Your routing number is a nine-digit code that identifies your specific bank branch. Your account number is unique to your account and is usually 10 to 12 digits long.

You can find both numbers on the bottom left of your checks — the routing number comes first, then your account number. If you do not have checks, log into your bank's website or app and look for account details, account information, or account summary. You can also call your bank's customer service line and ask them to read you both numbers.

If you are receiving a transfer, give the sender your routing number and account number. If you are sending a transfer, you need the receiving bank's routing number and the receiving account's account number. Make sure you have the right routing number for the right bank — some large banks have different routing numbers for different regions.

What happens if a transfer goes wrong

If you enter the wrong account number or routing number, the transfer will usually fail and the money will return to your account automatically. This process takes three to ten business days, depending on the banks involved. You will see the money back in your account, and then you can try again with the correct information.

If the account number is correct but the account holder's name does not match exactly, some banks will reject the transfer and send the money back. Other banks will accept it anyway. To be safe, make sure the name matches the account exactly — if the account is under "Robert Smith," do not send it to "Bob Smith."

If you sent money to the wrong person's account on purpose (for example, you sent it to the wrong friend), contact your bank right away. Banks can sometimes reverse transfers within a few hours, but only if you catch the mistake quickly. After that window closes, the money belongs to the other account holder, and your bank cannot force them to return it.

Limits on how much you can transfer

Most banks set daily and monthly limits on how much you can transfer. A typical limit might be $10,000 per day or $25,000 per month, though these numbers vary widely by bank. If you need to transfer more than your limit, you can call your bank and ask them to raise it temporarily, or you can make multiple transfers over several days.

Wire transfers sometimes have higher limits than ACH transfers, and some banks will remove limits entirely if you visit a branch in person. If you are transferring a very large amount, call your bank ahead of time to make sure the transfer will go through without hitting a limit.

Frequently Asked Questions

How long does a transfer between banks actually take?

ACH transfers take three to five business days. Same-day ACH takes one business day. Wire transfers take the same business day if sent before 2 p.m., or the next business day if sent after. Weekends and holidays do not count as business days, so a Friday transfer will not arrive until the following Monday or Tuesday at the earliest.

Can I transfer money to a bank account in another country?

Yes, but you will need to use an international wire transfer, which is more expensive and requires additional information like the receiving bank's SWIFT code (similar to a routing number for international banks). International transfers take longer and may cost $30 to $50 or more. Some banks do not offer international transfers at all, so check with yours first.

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

You can search for it on the Federal Reserve's routing number database at frbservices.org, or you can call the receiving bank directly and ask. You can also ask the person receiving the money to look it up on their checks or in their bank's app. Do not guess — using the wrong routing number will send your money to the wrong bank.

Is there a limit to how much I can transfer at once?

Yes, your bank sets daily and monthly limits. These vary by bank and account type, but common limits are $10,000 per day or $25,000 per month. You can call your bank and ask them to raise your limit, or you can split the transfer into multiple smaller transfers over several days.

What is the difference between a transfer and a payment?

A transfer moves money between accounts you own or accounts you control. A payment is money you send to a business or person for a bill or purchase. The process is similar, but payments often go through a different system (like bill pay) and may have different timing and limits.