The three main ways to transfer money between banks

You can move money between banks in three ways: ACH transfer (the slowest but free), wire transfer (the fastest but costs money), or debit card (when ready if you have the card number). Which one you use depends on how fast you need the money and whether you want to pay a fee.

All three methods require the same basic information: the bank name and routing number of the bank you're sending money to, plus the account number where it should land. If you're sending money to someone else's account, you'll also need their name exactly as it appears on their account. If you're moving your own money between accounts you own, the process is simpler because you already have all that information.

The bank you're sending from (called the originating bank) will handle the actual transfer. You don't contact the receiving bank directly. Most banks let you start a transfer through their website, mobile app, or by calling customer service.

Key Takeaways

  • ACH transfers are free and take one to three business days, making them the cheapest option for money you don't need when ready.
  • Wire transfers move money the same day or next business day but cost between $15 and $30, depending on your bank.
  • You need the receiving bank's routing number and the account number where money should land, plus the account holder's name.
  • Most banks let you start a transfer online or through their app, and you can cancel an ACH transfer up to the day it processes.
  • Wire transfers cannot be cancelled once sent, so double-check the account number before you confirm.

ACH transfers: free but slower

An ACH transfer is a batch payment system run by the Federal Reserve. Your bank collects transfer requests throughout the day, bundles them together, and sends them to the receiving bank in a scheduled batch. This is why ACH transfers take one to three business days — they're not when ready, but they're free.

To start an ACH transfer, log into your bank's website or app and look for "Transfer Money," "Send Money," or "Pay to Another Bank." You'll enter the receiving bank's name, the routing number (a nine-digit code that identifies that specific bank), the account number, and the name on the account. Some banks ask you to verify the receiving account by making two small test deposits first — this protects you from sending money to the wrong place.

ACH transfers work best when you're moving your own money between accounts you control, or when you're paying someone and have time to wait. You can cancel an ACH transfer up until the day it processes, so if you realize you made a mistake, contact your bank when ready and ask them to stop it.

Wire transfers: fast but costly

A wire transfer is a direct electronic payment that moves money the same business day or the next morning, depending on what time you send it. Your bank deducts the money from your account right away and sends it directly to the receiving bank. Wire transfers cost money — typically $15 to $30 per transfer — because they're handled by staff and move outside the batch system.

To send a wire transfer, call your bank's wire department or use their website if they offer it online. You'll need the same information as an ACH transfer: the receiving bank's name and routing number, the account number, and the account holder's name. Some banks also ask for the receiving bank's address. Write down the confirmation number your bank gives you and keep it.

Wire transfers cannot be reversed or cancelled once they're sent. If you send money to the wrong account, you'll have to contact that bank and ask them to return it — and they're not required to do so. For this reason, wire transfers are best used when you know the receiving account is correct, or when speed is more important than the cost.

Debit card transfers: when ready but less common

Some banks and payment apps let you transfer money using a debit card number instead of a routing number and account number. This is when ready — the money moves right away — and it's free. However, not all banks accept incoming transfers this way, so you'll need to check whether the receiving bank supports it.

Debit card transfers work through a system called card-not-present processing, which is the same technology used when you buy something online. You enter the debit card number, expiration date, and CVV (the three-digit security code on the back), and the money moves when ready. This method is less common for bank-to-bank transfers than ACH or wire, but some online banks and fintech companies use it.

How to find your bank's routing number

Every bank has a routing number — a nine-digit code that identifies it in the Federal Reserve system. You need this number to receive an ACH or wire transfer. You can find your bank's routing number in several places: on the bottom left of your checks, on your bank's website (usually under "Routing Number" or "Bank Information"), or by calling customer service.

Be careful not to confuse your routing number with your account number. Your account number is unique to you; your routing number is the same for everyone at your bank. If you're receiving a transfer, give the sender your routing number and account number, but never give out your PIN or online banking password.

What information you need before you start

Before you transfer money, gather this information about the receiving account:

  • The name of the bank where the money is going
  • The routing number of that bank (nine digits)
  • The account number where the money should land
  • The full name of the account holder, exactly as it appears on the account
  • For wire transfers, sometimes the receiving bank's address

If you're moving money between your own accounts at different banks, you already have all this information. If you're sending money to someone else, ask them for their bank name, routing number, and account number. It's worth asking them to spell out their name and double-check the account number — a single wrong digit will send your money to the wrong place.

What happens after you send the transfer

Once you've submitted a transfer, your bank will send you a confirmation number. Write this down or take a screenshot. For ACH transfers, your bank will show you an estimated delivery date — usually one to three business days from the date you sent it. For wire transfers, the money typically arrives the same day if you send it before your bank's cutoff time (usually 2 or 3 p.m.), or the next business day if you send it after.

The receiving bank may hold the money for a day or two before it appears in the recipient's account, especially if it's a large transfer or a new receiving account. This is normal and is called a hold. If the money doesn't arrive within the time your bank quoted, contact your bank with your confirmation number and ask them to trace the transfer.

If you sent money to the wrong account by mistake, contact your bank when ready. For ACH transfers, you may be able to stop it if it hasn't processed yet. For wire transfers, you'll need to ask your bank to contact the receiving bank and request a return — but there's no may provide the other bank will send it back.

Frequently Asked Questions

Can I transfer money on a weekend or holiday?

You can start a transfer any time through your bank's website or app, but it won't process until the next business day. Banks and the Federal Reserve don't process transfers on weekends or federal holidays, so a transfer you send on Friday evening won't move until Monday.

What's the difference between a routing number and an account number?

Your routing number identifies your bank — it's the same for everyone at that bank. Your account number identifies your specific account at that bank. You need both to receive a transfer. Never share your account number with someone you don't trust, but it's safe to give it to people who need to send you money.

Is it safe to give someone my account number?

Yes, it's safe to give your account number and routing number to someone who needs to send you money. These two numbers alone cannot be used to withdraw money from your account — the sender can only deposit money. Never share your PIN, online banking password, or debit card number with anyone.

How much money can I transfer at once?

Most banks set daily and monthly limits on how much you can transfer. These limits vary by bank and by account type. Check your bank's website or call customer service to find out your limit. If you need to transfer more than your limit allows, you can ask your bank to raise it, though they may require you to come in person.

What if I send money to the wrong account?

Contact your bank when ready with your confirmation number. For ACH transfers, your bank may be able to stop it before it processes. For wire transfers, ask your bank to contact the receiving bank and request a return, but understand that the receiving bank is not required to send the money back.