The simplest way to transfer money between your accounts
If you are moving money between two accounts you own at the same bank, you can usually do it in seconds through your online banking portal, mobile app, or by calling the bank. Log in, find the transfer or move money option, select the account you are sending from and the account you are sending to, enter the amount, and confirm. The money arrives when ready or within one business day.
If your accounts are at different banks, the process takes longer but works the same way: you initiate the transfer from one bank, and it reaches the other within one to three business days. The receiving bank does not need to do anything — the sending bank handles the entire transfer.
You do not need permission from the receiving account, and you do not need to know anything except the account number and routing number of the bank you are sending to. If you are sending to your own account, you already have this information.
Key Takeaways
- Transfers between accounts at the same bank happen when ready or within one business day and can be done online, through an app, or by phone.
- Transfers between different banks take one to three business days and require only the receiving account number and routing number.
- You can set up recurring transfers if you move money on a regular schedule, such as monthly savings transfers.
- Some banks charge a small fee for transfers to other banks, though many do not — check your account agreement or call to confirm.
- If you make a mistake, contact your sending bank when ready; they can sometimes stop the transfer if it has not yet been processed.
Transfers within the same bank
The fastest transfers happen when both accounts are at the same bank. You can move money through your online banking portal by logging in, selecting "Transfer Funds" or "Move Money," choosing your sending and receiving accounts, entering the amount, and confirming. The money usually arrives the same day or by the next business day.
If you do not use online banking, call your bank's customer service line and ask to transfer funds. Have your account numbers ready. You can also visit a branch in person and ask a teller to move money between your accounts.
Some banks let you set up recurring transfers — automatic moves that happen on a schedule you choose, such as every payday or the first of each month. This is useful if you regularly move money to a savings account or another account for a specific purpose.
Transfers to a different bank
Moving money to an account at another bank takes longer because the two banks must communicate through a clearing system. The process usually takes one to three business days, depending on when you initiate the transfer and whether it is a business day.
To set up the transfer, you will need the routing number and account number of the receiving bank account. The routing number is a nine-digit code that identifies the bank; the account number identifies your specific account within that bank. You can find both on a check, on your bank statement, or by calling the receiving bank.
Log into your sending bank's online portal or app, select the transfer option, and choose "transfer to another bank" or "external transfer." Enter the receiving bank's routing number and the account number, give the transfer a name (such as "My Savings Account"), enter the amount, and confirm. The money will leave your sending account within one business day and arrive at the receiving bank within two to three business days after that.
What information you need to provide
For transfers within the same bank, you only need to know which account you are sending from and which account you are sending to. Your bank already has all the details.
For transfers to another bank, you need:
- The routing number of the receiving bank (nine digits)
- The account number of the receiving account
- The name of the account holder (some banks ask for this to confirm you are sending to the right place)
You do not need the receiving bank's permission, and you do not need to tell the other bank you are sending money. The receiving bank will accept the transfer automatically once it arrives.
Fees and limits
Many banks do not charge a fee for transfers between your own accounts, whether they are at the same bank or different banks. However, some banks charge a small fee — typically $1 to $3 — for transfers to other banks. Check your account agreement or call your bank to find out whether you will be charged.
Your bank may also set a limit on how much you can transfer in a single transaction or per day. These limits vary by bank and by account type. If you need to transfer more than your limit allows, call your bank and ask whether they can increase it temporarily or process a larger transfer manually.
Some banks also limit how many transfers you can make per month, though this is less common for transfers between your own accounts than it is for transfers to other people's accounts.
What to do if you make a mistake
If you entered the wrong account number or routing number, contact your sending bank when ready. If the transfer has not yet been processed — usually within a few hours of when you initiated it — the bank may be able to stop it or reverse it. The sooner you call, the better your chances.
If the transfer has already been sent to the other bank, your sending bank can file a trace to track down the money. This takes longer and is not always successful, but it is worth doing. Bring any confirmation number or receipt you have from the transfer.
If the money went to the wrong account at the right bank, the receiving bank can sometimes retrieve it, but this requires cooperation from the account holder who received it. Your bank will guide you through the process.
Recurring transfers and automation
If you move money on a regular schedule — such as transferring $200 to savings every payday — you can set up a recurring transfer and let it happen automatically. Most banks allow you to create these through their online portal or app.
To set up a recurring transfer, log into your bank, find the recurring or scheduled transfer option, and enter the amount, frequency (weekly, biweekly, monthly, etc.), and the date you want it to start. You can usually pause, change, or cancel a recurring transfer at any time.
Recurring transfers are useful for building savings without having to remember to move money manually each time. They also help you stick to a budget by moving money to a separate account before you have a chance to spend it.
Frequently Asked Questions
How long does it take for money to show up in the receiving account?
Transfers within the same bank usually arrive the same day or by the next business day. Transfers to another bank typically take one to three business days. Weekends and holidays do not count as business days, so a transfer initiated on Friday may not arrive until Tuesday.
Can I transfer money to someone else's account?
Yes, but that is a different process called a transfer to another person. You would need their routing number and account number, and the receiving bank may ask for their name to confirm the transfer is going to the right place. Some banks treat transfers to other people differently than transfers to your own accounts.
What if the receiving bank's routing number is wrong?
If you use the wrong routing number, the money may go to a different bank than you intended. Contact your sending bank right away with your confirmation number. They can attempt to trace the transfer and retrieve the money, though this is not always successful.
Do I need to tell the other bank I am sending money?
No. The receiving bank accepts incoming transfers automatically. You do not need to notify them in advance or give them permission. The money will arrive in the account you specified.
Can I cancel a transfer after I have sent it?
It depends on how quickly you act. If you contact your sending bank within a few hours of initiating the transfer, before it has been processed, they may be able to stop it. Once the transfer has been sent to the receiving bank, it usually cannot be cancelled, though you can ask the receiving bank to return it.