Yes, you can send money between your own accounts at the same bank or different banks
Moving money from one of your accounts to another is one of the most straightforward banking tasks. If both accounts are at the same bank, you can usually do it when ready through online banking or at a branch. If the accounts are at different banks, the money takes one to three business days to arrive, and you'll need the receiving account's routing number and account number.
The method you use depends on which banks you're moving money between and how quickly you need it done. Most people can complete a transfer in minutes without leaving home, but it helps to understand what's happening behind the scenes so you know what to expect.
Key Takeaways
- Transfers between accounts at the same bank usually happen when ready or within hours, while transfers between different banks take one to three business days.
- You'll need the receiving account's routing number and account number to send money to a different bank.
- Online banking, mobile apps, and phone calls are the fastest ways to move money; visiting a branch works but takes longer.
- The bank receiving the money will not charge you a fee, but your bank might charge a small fee for certain types of transfers.
Transfers between accounts at the same bank
If you have two accounts at the same bank—say, a checking account and a savings account—moving money between them is the simplest option. Log into your online banking account or mobile app, find the transfer option (usually labeled "Transfer Funds" or "Move Money"), select the account you're sending from and the account you're sending to, enter the amount, and confirm.
The money typically arrives when ready or within a few hours. Some banks process same-bank transfers at the end of the business day, so if you send money at 6 p.m., it might not show up until the next morning. You can also call your bank's customer service line or visit a branch in person to request a transfer, though these methods take longer.
Same-bank transfers are almost always free. Your bank has no reason to charge you for moving your own money between accounts they already manage.
Transfers between accounts at different banks
Moving money to an account at a different bank requires more steps because the two banks need to communicate through a system called the Automated Clearing House (ACH). This is a network that handles electronic transfers between banks overnight.
To set up a transfer, you'll need the receiving account's routing number (a nine-digit code that identifies the bank) and account number. You can find both on a check, on the bank's website, or by calling the bank. Log into your sending bank's online banking or app, select the option to transfer to an external account, enter the receiving bank's routing number and your account number there, and follow the prompts.
The first time you transfer to a new external account, many banks require a verification step. They may send small deposits (usually under $1 each) to the receiving account, and you'll need to confirm the amounts to prove you own that account. This takes an extra day or two but happens only once per account.
After verification, transfers between different banks typically take one to three business days. Weekends and bank holidays don't count as business days, so a transfer you send on Friday might not arrive until Tuesday. Your bank may charge a fee for outgoing transfers to external accounts—typically $1 to $3—though many banks offer free transfers if you maintain a minimum balance or have a premium account type.
Wire transfers for faster movement between banks
If you need money to reach a different bank faster than the standard one to three days, you can use a wire transfer. Wire transfers move money the same business day, usually within hours. However, they cost more—typically $15 to $30 per transfer—and they're harder to reverse if you make a mistake.
To send a wire, you'll need the receiving bank's name, routing number, the account number, and the account holder's name. Call your bank or visit a branch to initiate a wire; most banks don't allow wire transfers through online banking alone because of the cost and risk. Have all the information ready before you call, because the bank will read it back to you to confirm before processing.
Wire transfers are useful for large amounts or time-sensitive situations, but for routine transfers between your own accounts, the standard ACH transfer is usually the right choice.
What you need to know about timing and fees
The speed of your transfer depends on when you send it and which banks are involved. Transfers sent before 2 p.m. on a business day usually process that day; transfers sent after 2 p.m. or on weekends typically process the next business day. Some banks have different cutoff times, so check your bank's website if timing matters.
Fees vary by bank and account type. Many banks offer free transfers between your own accounts, whether at the same bank or different banks, especially if you have a checking account with direct deposit or maintain a minimum balance. Premium or high-yield savings accounts sometimes come with free external transfers as a benefit. Check your account agreement or call your bank to learn what you're charged.
The receiving bank will not charge you a fee. Only the sending bank can charge you, and only for outgoing transfers to external accounts.
Sending money to someone else's account
If you're sending money to an account that belongs to someone else—not your own account at another bank—the process is the same, but the stakes are higher. You'll still use ACH transfers or wire transfers, and you'll still need the routing number and account number. However, once the money leaves your account, you can't get it back easily if you made a mistake or the recipient doesn't return it.
Before you send money to someone else, verify the account information directly with them. Call them or ask them in person; don't rely on email or text, because scammers can intercept messages. Ask them to confirm their full name, routing number, and account number, and repeat it back to them before you send anything.
If you're sending money to a business or organization, ask them for written instructions on how to pay. Many have specific accounts or payment methods they prefer.
Frequently Asked Questions
Can I transfer money between accounts at different banks on a weekend?
You can initiate the transfer on a weekend through online banking or your app, but the money won't actually move until the next business day. Banks don't process ACH transfers on weekends or holidays, so a transfer started Saturday morning won't arrive until Monday or Tuesday.
What happens if I enter the wrong account number?
The transfer may be rejected if the account number doesn't match the routing number you provided. If it goes through to the wrong account, contact your bank when ready. They can attempt to recover the funds, but success depends on whether the receiving bank cooperates. This is why wire transfers are harder to reverse—ACH transfers have more built-in safeguards.
Do I need to tell my bank before I transfer money to my own account at another bank?
No, you don't need permission. However, if you're moving a large amount, your bank might flag it as unusual activity and freeze the account temporarily as a fraud precaution. If this happens, call your bank to confirm the transfer is legitimate, and they'll release the hold.
Can I set up automatic transfers between my accounts?
Yes. Most banks allow you to schedule recurring transfers—for example, moving $200 from checking to savings every payday. Set this up in your online banking under "Scheduled Transfers" or "Recurring Transfers." You can change or cancel a scheduled transfer anytime before it processes.
What's the difference between a transfer and a payment?
A transfer moves money between accounts you own. A payment sends money to someone else's account or pays a bill. The process is similar, but payments have different protections and may take longer depending on who you're paying.