The simplest way to move money between your own accounts

The fastest and safest way to move money from one bank to another is to set up a transfer directly between the two banks. You tell your new bank the account number and routing number of your old bank, and the new bank pulls the money over. This usually takes one to three business days and costs nothing.

You can do this through your new bank's website, mobile app, or by calling them. Have your old bank account number and routing number ready — you can find both on a check, or by logging into your old bank's website and looking at account details.

The money moves from your old account to your new account automatically. Your old bank does not need to approve it or do anything on their end. Once the transfer lands, you can close the old account if you want to.

Key Takeaways

  • A direct transfer between banks takes one to three business days and is free — you initiate it from your new bank, not your old one.
  • You will need your old account number and routing number, both of which appear on any check or in your old bank's online portal.
  • If you need money the same day, withdraw cash from your old bank and deposit it at your new bank in person.
  • Closing your old account after the transfer is complete prevents accidental charges and keeps your financial life simpler.
  • If your old bank is out of state or online-only, a direct transfer still works the same way — the routing number handles finding the right bank.

When you need the money right away

If you need to move money today and cannot wait three business days, withdraw cash from your old bank and deposit it at your new bank in person. This works the same day and costs nothing, though you will need to be at a physical branch during business hours.

This method works best for smaller amounts. If you are moving a large sum, ask the teller at your new bank whether they have a limit on cash deposits in a single day — some banks flag very large cash deposits for review, which can delay access to the money.

Moving money if you do not have online access

If you do not use online banking or prefer to handle this in person, you can visit your new bank's branch and ask them to set up the transfer for you. Bring your old account number and routing number, or bring a recent statement from your old bank.

The bank employee will fill out the transfer request and submit it the same way an online transfer would go. You will still wait one to three business days for the money to arrive, but you do not need to use a computer or app.

What happens if the transfer fails or takes longer

Most transfers arrive within the stated timeframe, but occasionally they get delayed. This usually happens because the account number or routing number was entered incorrectly, or because the old bank is processing a high volume of transfers.

If your transfer does not arrive after three business days, contact your new bank and give them the date you requested it. They can check the status and resubmit it if something went wrong. Keep your transfer confirmation number (your new bank will give you one) so you can reference it.

Do not close your old account until the money shows up in your new account. If the transfer fails and you have already closed the account, the money can get stuck, and you will need to contact both banks to sort it out.

Moving money from an old bank you no longer use

If your old bank is closed or you have not used it in years, the process is the same — you still need the account number and routing number. If you cannot find a statement, call the old bank's customer service line and ask for your account number and routing number. They will verify your identity and give you both.

If the account has been inactive for a very long time, some states hold the money as unclaimed property. Before you try to transfer it, check your state's unclaimed property database (usually run by the state treasurer's office) to see if the account is listed there. If it is, you may need to file a claim with the state instead of transferring it directly.

Transferring money between accounts at the same bank

If both accounts are at the same bank, the transfer is even simpler. Log into your online banking, go to the transfer section, and move money between your own accounts. This usually happens when ready or within a few hours, and it costs nothing.

You can also call the bank or visit a branch and ask them to move the money for you. Since both accounts are in the same system, the bank can do this right away without waiting for a transfer to process.

Frequently Asked Questions

Can I transfer money if I still owe the old bank money?

Yes. The old bank cannot stop you from transferring your own money out. However, if you have an overdraft or unpaid fees, the bank may deduct those from your account before or after the transfer. Check your account balance and any outstanding fees before you transfer.

What if I enter the wrong account number?

The transfer will likely be rejected before it goes through, and your new bank will tell you the account number does not match. If it does go through to the wrong account, contact your new bank when ready. They can attempt to recover the funds, but it may take time and the other bank's cooperation.

Do I have to close my old account right after the transfer?

No, but it is a good idea. Keeping an old account open costs nothing, but it can lead to accidental charges, forgotten fees, or confusion about where your money is. Once you confirm the transfer arrived, closing the account keeps your finances cleaner.

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

Not through a direct bank transfer between accounts. To send money to another person, you would use a service like a wire transfer, a money transfer app, or a check. Your bank can explain which option works best for your situation.

What if the two banks are in different states?

It makes no difference. The routing number tells the banking system which bank to find, regardless of where it is located. A transfer between a bank in California and a bank in New York works exactly the same way as a transfer between two banks in the same state.