The three ways to transfer money to another bank

You can move money to another bank in three main ways: ACH transfer (the slowest and cheapest), wire transfer (the fastest and most expensive), or external transfer (moving money between accounts you own at different banks). Which one you use depends on how fast you need the money to arrive and how much you want to pay in fees.

Most people use ACH transfers for everyday moves between banks because they are free or very cheap. Wire transfers cost money — usually $15 to $30 — but the money arrives the same day or next business day. External transfers are when ready if both banks are connected through the same network, but only work when you own both accounts.

Before you start any transfer, you will need the receiving bank's routing number and the account number where the money is going. If you are sending money to someone else's account, ask them for these numbers directly — do not guess or use a number from the internet.

Key Takeaways

  • ACH transfers are free or cost $1 to $3, take three to five business days, and work through your bank's website or mobile app.
  • Wire transfers arrive the same day or next business day but cost $15 to $30 and require you to visit your bank or call.
  • You need the receiving bank's routing number and the account number of the person receiving the money before you start.
  • ACH transfers can be reversed up to one business day after you send them; wire transfers usually cannot be reversed once sent.
  • If you own accounts at both banks, an external transfer may move money when ready without fees.

ACH transfers: free, slow, and reversible

An ACH transfer is a request sent through the banking system that tells your bank to move money to another bank on your behalf. ACH stands for Automated Clearing House — it is the network that handles most routine money movements between banks. The transfer goes through a clearing process that takes time, which is why it is slower than other methods.

To start an ACH transfer, log into your bank's website or mobile app and look for a button or menu item that says "Transfer Money," "Send Money," or "External Transfer." You will enter the receiving bank's routing number, the account number, the amount, and the date you want the transfer to happen. Most banks let you schedule a transfer for a future date or send it right away.

ACH transfers take three to five business days to complete. This means if you send money on a Monday, it may not arrive until Thursday or Friday. Weekends and bank holidays do not count as business days. The receiving bank cannot speed this up — the delay is built into the ACH system itself.

The cost is usually zero, though some banks charge $1 to $3 per outgoing transfer. Check your bank's fee schedule or ask a teller what they charge. If you are moving money between your own accounts at two different banks, many banks do this for free and may even call it an "internal transfer" rather than an ACH transfer.

Wire transfers: fast, expensive, and final

A wire transfer is a direct instruction to your bank to send money when ready to another bank. Unlike an ACH transfer, which goes through a clearing process, a wire transfer moves money directly from one bank to another. This speed comes with a cost: wire transfers usually charge $15 to $30 per transfer.

To send a wire transfer, you will need to visit your bank in person, call the bank's wire transfer department, or use your bank's website if it offers wire transfers online. You will provide the same information as an ACH transfer — the receiving bank's routing number, account number, and amount — but you may also need to provide the receiving person's name and address.

Wire transfers sent before your bank's cutoff time (usually 2 p.m. or 3 p.m. on business days) arrive the same day. Transfers sent after the cutoff arrive the next business day. Once a wire transfer is sent, you usually cannot cancel it or get the money back, even if you made a mistake. For this reason, double-check the account number and routing number before you confirm the transfer.

Some banks limit how much you can wire in a single day, especially if you are a new customer. Ask your bank what your wire transfer limit is before you try to send a large amount.

External transfers between your own accounts

If you own accounts at two different banks, you can link them and move money between them without waiting or paying fees. This is called an external transfer or sometimes a linked transfer. The money usually moves when ready or within one business day, depending on whether the banks use the same network.

To set up a linked account, log into your bank's website or app and look for "Link Account," "Add External Account," or "Connect Bank." You will enter the other bank's routing number and your account number there. Some banks ask you to verify the account by making two small deposits and having you confirm the amounts — this takes a few days but proves you own the account.

Once the account is linked and verified, you can transfer money back and forth through your bank's transfer menu. The money usually arrives when ready if both banks are on the same network, or within one business day if they are not. There are no fees for external transfers between accounts you own.

What information you need before you start

Every transfer method requires the same basic information about where the money is going. If you do not have the correct details, the transfer will fail or go to the wrong account.

You need the routing number of the receiving bank. This is a nine-digit code that identifies the bank in the ACH and wire transfer systems. You can find it on the receiving bank's website, by calling the bank, or by asking the person who is receiving the money. Do not use a routing number you find on a random website — call the bank directly to confirm.

You also need the account number of the account where the money is going. This is usually 10 to 12 digits and is printed on checks or visible in the account holder's online banking. If you are sending money to someone else, ask them to give you both numbers directly.

Write down the routing number and account number before you start the transfer. Mistakes in these numbers are the most common reason transfers fail or go to the wrong place.

How long transfers take and what can go wrong

ACH transfers take three to five business days because the money has to move through a clearing system. Wire transfers arrive the same day or next business day. External transfers between your own accounts arrive when ready or within one business day. None of these timelines can be rushed — the delay is part of how the system works.

If a transfer fails, your bank will usually send you a message explaining why. Common reasons include a wrong routing number, a wrong account number, or an account that is closed. If the transfer fails, the money stays in your account and you can try again with the correct information.

If you send money to the wrong account by mistake, contact your bank right away. For ACH transfers, you have until one business day after you send the transfer to cancel it. For wire transfers, cancellation is usually not possible once the transfer is sent. Your bank may be able to contact the receiving bank and ask them to return the money, but this is not may provide.

Fees and limits at different banks

ACH transfer fees vary by bank. Most banks charge nothing for outgoing ACH transfers, but some charge $1 to $3. A few banks charge a fee for incoming transfers as well, though this is less common. Check your bank's fee schedule on their website or ask a teller.

Wire transfer fees are more consistent: most banks charge $15 to $30 per outgoing wire transfer. Some banks charge less for domestic wires (money staying in the United States) and more for international wires. A few banks waive wire fees if you maintain a high balance or have a premium account.

Banks also set daily and monthly limits on how much you can transfer. These limits are different at every bank and may be different depending on whether you are a new customer. If you are trying to move a large amount, contact your bank first to find out what your limit is and whether you need to do multiple transfers.

Frequently Asked Questions

Can I cancel a transfer after I send it?

ACH transfers can be cancelled up to one business day after you send them — contact your bank right away if you need to stop one. Wire transfers usually cannot be cancelled once sent. If you made a mistake on a wire transfer, call your bank when ready and ask them to contact the receiving bank, but there is no may provide they can recover the money.

What is the difference between a routing number and an account number?

A routing number identifies the bank itself — it is the same for everyone with an account at that bank. An account number identifies your specific account at that bank. You need both to send money to someone else's account.

Why does my ACH transfer say it is pending for so long?

ACH transfers take three to five business days by design — this is how long the clearing process takes. Weekends and bank holidays do not count as business days, so a transfer sent on Friday may not arrive until Wednesday or Thursday. If your transfer has been pending longer than five business days, contact your bank.

Is it safe to give someone my routing number and account number?

Yes, it is safe to share these numbers with someone who needs to send you money. These numbers are printed on your checks and are not secret. However, only share them with people you trust, and never share your PIN or password.

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

Yes, but you will need to use an international wire transfer, which costs more than a domestic wire and takes longer — usually three to seven business days. You will also need additional information like the receiving bank's SWIFT code. International transfers are more complicated, so call your bank to ask about the process and fees.