The most direct way depends on whether both accounts are at the same bank

If both accounts are at the same bank, you can transfer money between them in minutes using your online banking portal, mobile app, or by calling the bank. Log in, find the transfer or move money section, select the source and destination accounts, enter the amount, and confirm. The money usually arrives the same day or next business day.

If the accounts are at different banks, the process takes longer because the banks have to communicate through a clearing system. You have several options, each with different speeds and requirements. The method you choose depends on how quickly you need the money to arrive and what information you have about the receiving account.

Key Takeaways

  • Same-bank transfers happen within hours or one business day through your online banking portal or app.
  • Different-bank transfers require the recipient's routing number and account number, and typically take one to three business days.
  • Wire transfers are faster (same day or next business day) but cost $15 to $50 and cannot be reversed once sent.
  • ACH transfers are free or low-cost but take three to five business days and work only for standard bank accounts, not prepaid cards or some money market accounts.
  • You can initiate transfers from your sending bank's website or by phone, or from the receiving bank's website if you set up the sending account as external.

ACH transfers: the free option that takes three to five days

An ACH transfer (Automated Clearing House) is the standard way to move money between different banks at no cost. You provide the receiving bank's routing number and the recipient's account number. Your bank sends the request through the ACH network, which batches transfers and processes them overnight. The money usually arrives in three to five business days.

Most banks let you set up ACH transfers through their website or app. Go to the transfer section, select "external account" or "add payee," and enter the receiving bank's routing number and the account number. Some banks ask you to verify the account by depositing two small amounts (usually under $1 each) that the account holder must confirm. Once verified, you can transfer up to your bank's daily limit, which is often $10,000 to $25,000 but varies by institution.

ACH transfers work for checking and savings accounts at traditional banks and credit unions. They do not work for prepaid cards, money market accounts at some institutions, or accounts at non-bank payment services. If you are unsure whether the receiving account qualifies, call the receiving bank and ask whether they accept incoming ACH transfers.

Wire transfers: same-day or next-day delivery at a cost

A wire transfer moves money faster than ACH but costs money and cannot be reversed. Most banks charge $15 to $50 per outgoing wire, depending on whether it is domestic (within the United States) or international. The receiving bank may also charge a fee. The money usually arrives the same business day if you send it before the bank's cutoff time (often 2 p.m. or 3 p.m.), or the next business day if you miss the cutoff.

To send a wire, call your bank or visit a branch in person. You will need the receiving bank's name, routing number, the recipient's full name, account number, and sometimes the recipient's address. The bank will confirm all details before processing. Once the wire is sent, you cannot cancel it or reverse it, so double-check the account number and routing number before you authorize the transfer.

Wire transfers work for almost any type of bank account, including some money market and investment accounts. If you are wiring to an account outside the United States, ask your bank whether they charge an additional international wire fee and what information the receiving bank will need.

Setting up a transfer from the receiving bank's side

Some banks let you initiate a transfer by logging into the receiving account and pulling money from the sending account, rather than pushing it from the sending bank. This is useful if you do not have online access to the sending account or prefer not to share login credentials.

Log into the receiving bank's website or app, find the transfer or deposit section, and select "transfer from external account" or "add external account." Enter the sending bank's routing number and your account number at that bank. The receiving bank will verify the account (usually by depositing two small test amounts) and then you can pull money from it. The transfer still goes through the ACH network and takes three to five business days.

What information you need before you start

Before you transfer money to another bank, gather these details about the receiving account:

  • The receiving bank's name and routing number (a nine-digit code that identifies the bank in the ACH and wire systems).
  • The recipient's full name as it appears on the account.
  • The recipient's account number.
  • The account type (checking or savings).

You can find the routing number on the receiving bank's website, by calling the bank, or by looking at a check from that account (it is the first nine digits at the bottom left). The account number is usually printed on the check as well, or you can ask the account holder to provide it.

If you are sending a wire transfer, you may also need the recipient's address and a reference or description of the transfer. Ask your bank what they require before you call to send the wire.

Timing and what to expect during the transfer

Same-bank transfers usually complete within hours, sometimes the same day. Different-bank transfers depend on the method. ACH transfers take one to three business days in most cases, though some banks advertise next-day ACH for an extra fee. Wire transfers arrive the same business day if sent before the bank's cutoff, or the next business day otherwise.

Business days are Monday through Friday, excluding federal holidays. If you initiate a transfer on a Friday evening or over the weekend, it will not process until Monday. If Monday is a federal holiday, it will not process until Tuesday.

Once the transfer is sent, you cannot see real-time updates on where the money is. Your bank will show the transfer as pending or processing, and the receiving bank will show it as pending until it arrives. If a transfer does not arrive within the expected timeframe, contact your sending bank first to confirm it was processed. If it was processed but has not arrived after the expected number of business days, contact the receiving bank.

Limits and restrictions on transfers

Most banks set daily and monthly limits on how much you can transfer out of an account. These limits vary widely — some banks allow $10,000 per day, others allow $25,000 or more. You can usually increase your limit by calling the bank or visiting a branch, though some banks require you to wait a certain number of days after opening an account before raising the limit.

Savings accounts at some banks are subject to federal limits on the number of transfers you can make per month (historically six, though this rule has been relaxed in recent years). Check your account agreement or call your bank to find out whether this applies to you. Transfers between your own accounts at the same bank usually do not count toward this limit.

If you are transferring a large amount of money, your bank may flag the transfer for fraud review, which can delay it by a day or two. This is normal and is meant to protect your account. If the bank contacts you to verify the transfer, respond promptly so the transfer can be released.

Frequently Asked Questions

Can I transfer money to someone else's bank account?

Yes. You provide your bank with the other person's account number and routing number, and your bank sends the money to that account. You do not need the other person's permission, but you do need their account details. Make sure you have the correct account number before you send the transfer, because you cannot reverse an ACH transfer once it has been processed.

What if I enter the wrong account number?

If you catch the mistake before the transfer is processed, contact your bank when ready and ask them to cancel it. If the transfer has already been sent, contact your bank and the receiving bank to report the error. The receiving bank may be able to reverse the transfer or return the money, but this is not may provide. Wire transfers cannot be reversed, so the money may be lost if it went to the wrong account.

How do I know if the transfer was successful?

Log into your sending bank account and look for the transfer in your transaction history. It should show as completed or posted. You can also log into the receiving account and check whether the money has arrived. If you do not see it after the expected number of business days, contact your bank to investigate.

Can I schedule a transfer for a future date?

Yes. Most banks let you schedule transfers to happen on a specific date in the future. This is useful if you want to time a payment to arrive on a certain day. Log into your bank's website or app, set up the transfer, and select the date you want it to process. The bank will send it on that date, and it will arrive according to the normal timeline for that transfer type.

Is there a limit to how much I can transfer?

Yes, but it depends on your bank and account type. Most banks set daily limits of $10,000 to $25,000 for transfers out of checking accounts. You can usually request a higher limit by calling your bank or visiting a branch. Some banks also set monthly limits. Check your account agreement or call your bank to find out what your specific limits are.