Openbank withdrawals work through standard bank transfer methods, not ATM cards

Openbank is an online-only bank, which means there are no physical branches and no ATM network attached to your account. To move money out, you use the same channels you would use to send money to anyone else: ACH transfers, wire transfers, or debit card transactions if you have a card linked to the account. The method you choose depends on how fast you need the money and where it needs to go.

Most Openbank customers use ACH transfers to move money to another bank account they own — a checking account at a traditional bank, for example. This is free and takes one to two business days. If you need the money faster or are sending it to someone else, a wire transfer is available but typically costs money and moves within hours.

Key Takeaways

  • ACH transfers from Openbank to another account you own are free and take one to two business days to complete.
  • Wire transfers move money the same day or next business day but cost a fee, usually between $15 and $25 depending on whether you are sending domestically or internationally.
  • You initiate withdrawals through the Openbank mobile app or website by linking the destination account and confirming the transfer amount.
  • Openbank does not charge withdrawal fees, but your receiving bank may charge an incoming wire transfer fee.
  • Debit card transactions and checks are not available on Openbank high yield savings accounts, so transfers are your only withdrawal method.

Setting up an ACH transfer to your main checking account

The most common withdrawal path is an ACH transfer to a checking account at another bank. Log into your Openbank account through the app or website, go to the Transfers section, and select "Send Money." You will be asked to choose or add a destination account. If this is your first transfer, you will need to provide the routing number and account number of the bank you are sending to.

Openbank will verify the destination account by depositing two small amounts (usually under $1 each) into that account over one to two business days. Once verified, you can initiate the transfer. Enter the amount you want to withdraw and confirm. The money will leave your Openbank account when ready, but it will not arrive at the destination bank until one to two business days later. There is no fee for this transfer on Openbank's side.

If you are moving money between accounts you own at different banks, this verification step happens only once per destination account. After that, you can transfer to the same account as many times as you want without re-verifying.

Wire transfers for faster withdrawals

If you need money the same day or the next business day, a wire transfer is faster than ACH but comes with a cost. Openbank charges a domestic wire transfer fee (the exact amount varies, but is typically $15 to $25) and an international wire fee if you are sending outside the United States. The receiving bank may also charge an incoming wire fee, which would be deducted from the amount that arrives.

To send a wire, go to Transfers in your Openbank account and select "Wire Transfer." You will enter the destination bank's routing number, the account number, and the account holder's name. For international wires, you will also need the SWIFT code of the receiving bank. Enter the amount and confirm. Domestic wires typically arrive within hours or by the next business day; international wires may take one to three business days depending on the receiving country.

Wire transfers are irreversible once sent, so double-check the account number and routing number before confirming. If you make a mistake, you cannot cancel the transfer — you would have to contact the receiving bank and ask them to return the funds, which they are not required to do.

Timing and business day rules

Openbank processes transfer requests during business hours, Monday through Friday. If you initiate an ACH transfer on a Friday afternoon, it will not leave your account until Monday, and it will not arrive at the destination until Tuesday or Wednesday. Weekends and federal holidays do not count as business days.

Wire transfers have a similar rule: if you send a wire after the daily cutoff time (usually 5 p.m. Eastern), it will be processed the next business day. Check the Openbank app or website for the exact cutoff time, as it may vary. Once a wire is sent, it moves through the Federal Reserve's wire system and typically arrives the same day or next business day, depending on the receiving bank's processing schedule.

ACH transfers move through the Automated Clearing House network, which batches transfers and processes them overnight. This is why ACH always takes at least one business day, even if you send it first thing in the morning.

What happens if you need cash when ready

Openbank does not issue debit cards for high yield savings accounts, so you cannot withdraw cash at an ATM or store. If you need physical cash, your only option is to transfer money to a checking account at a bank with ATM access, then withdraw from that account. This takes at least one business day with ACH.

If you have a checking account at another bank, the fastest path is to transfer via ACH to that account (one to two business days) and then use that bank's ATM or debit card. Some banks offer next-business-day ACH transfers, which would get you cash by the next morning. Check with your primary bank to see if they offer this service.

For same-day cash, you would need to use a wire transfer to move money to a checking account at a bank with when ready ATM access, then withdraw. This costs the wire fee plus any incoming wire fee your bank charges.

Limits on how much you can withdraw

Openbank does not publicly state a per-transaction limit for ACH or wire transfers, but federal regulations allow banks to set their own limits. Check your account settings or contact Openbank support to confirm the maximum amount you can transfer in a single transaction. Some banks limit large transfers to prevent fraud.

There is no limit on the number of transfers you can make per month, though some banks do impose limits on savings accounts specifically. Openbank's high yield savings account is a savings product, so confirm whether any monthly transfer limits explore to your account type. This is different from the old Regulation D, which limited savings account transfers to six per month — that rule was suspended in 2020 and has not been reinstated, but individual banks may still enforce their own limits.

Frequently Asked Questions

Can I withdraw money from Openbank using a debit card?

No. Openbank high yield savings accounts do not come with debit cards. You can only withdraw by transferring money to another bank account via ACH or wire transfer. If you need a debit card, you would need to open a checking account elsewhere or transfer money to a checking account that does have a card.

How long does it take for an ACH transfer to show up in my other bank?

One to two business days after you initiate the transfer. The money leaves your Openbank account right away, but it travels through the ACH network overnight and arrives at the destination bank the next business day or the day after. Weekends and holidays add extra days.

What happens if I enter the wrong account number for a transfer?

ACH transfers may be rejected if the account number does not match the account holder's name, in which case the money returns to your Openbank account within a few business days. Wire transfers are not reversible — if you send a wire to the wrong account, you have to contact the receiving bank and ask them to return it, which they are not required to do. Always verify the account number and routing number before confirming.

Does Openbank charge a fee to withdraw money?

No. ACH transfers are free. Wire transfers cost a fee (typically $15 to $25 for domestic wires), but that is the only withdrawal fee Openbank charges. Your receiving bank may charge its own incoming wire fee, which would be separate from Openbank's fee.

Can I set up automatic recurring withdrawals from my Openbank account?

Yes, through ACH transfers. You can set up recurring transfers to move money to another account on a schedule — weekly, monthly, or on a specific date. Set this up in the Transfers section of your Openbank account. Wire transfers are typically one-time only and do not support recurring scheduling.