The basic steps for a bank transfer

A bank transfer moves money from your account to someone else's account. You need four pieces of information to complete one: the recipient's full name, their bank account number, their routing number (a nine-digit code that identifies their bank), and the amount you want to send. Most banks let you do this online, by phone, or in person at a branch.

The process itself takes minutes, but the money doesn't arrive when ready. Transfers between accounts at the same bank usually land within one business day. Transfers to a different bank take one to three business days, depending on the banks involved and the time you send it. If you send a transfer after 5 p.m. on a Friday, it won't start moving until Monday morning.

Before you transfer, double-check the account number and routing number. A typo sends your money to the wrong person, and getting it back can take weeks or not happen at all. If you're unsure about the routing number, ask the person receiving the money or look it up on their bank's website.

Key Takeaways

  • You need the recipient's name, account number, routing number, and the amount before you start a transfer.
  • Transfers between the same bank usually arrive within one business day; transfers to a different bank take one to three business days.
  • Always verify the account and routing numbers before you send, because money sent to the wrong account is difficult to recover.
  • Transfers sent after business hours or on weekends don't begin processing until the next business day.

How to find the routing number you need

The routing number identifies the bank where the recipient's account lives. You can find it three ways: ask the person receiving the money, look it up on your bank's website (usually in the customer service or account information section), or call the bank's customer service line and give them the account holder's name and account number.

Some banks print the routing number on the bottom left of checks. If the recipient has checks from their account, the routing number is the first set of numbers on the bottom. Write it down carefully—a single digit wrong sends the transfer to the wrong bank.

Doing a transfer online through your bank's website or app

Log into your bank account online or open your bank's mobile app. Look for a button or menu item that says "Send Money," "Transfer," or "Pay." Click it and select "Transfer to Another Bank" or "External Transfer" (the exact wording varies by bank).

Enter the recipient's name, account number, and routing number. Some banks ask you to name this recipient so you can send them money again later without re-entering their details. Review all the information on the confirmation screen before you submit. Once you hit confirm, the transfer is locked in—you cannot cancel it if you notice a mistake.

Your bank will show you a confirmation number. Write it down or take a screenshot. If the transfer doesn't arrive when expected, you'll need this number to contact your bank and ask them to investigate.

Doing a transfer by phone or at a branch

Call your bank's customer service number (on the back of your debit card or on their website) and tell them you want to send a transfer. Have the recipient's name, account number, routing number, and the amount ready. The representative will walk you through the process and read back the details to confirm before processing.

If you prefer to do it in person, visit a branch during business hours with the same information. A teller can process the transfer on the spot. This method is slower than online—it may take an extra day to process—but some people prefer the face-to-face confirmation.

What happens if the transfer goes to the wrong account

If you send money to the wrong account number or routing number, the transfer will land in someone else's account. Your bank cannot straightforward reverse it and pull the money back. Instead, you have to contact your bank, report the error, and ask them to file a trace. Your bank then contacts the other bank and asks them to retrieve the funds.

The receiving bank will ask the account holder to return the money. If they refuse or the account is closed, recovery becomes difficult and may not happen at all. This process can take weeks. The best protection is to verify the account and routing numbers before you send anything.

Limits on how much you can transfer

Your bank may set a daily or monthly limit on how much you can transfer out of your account. These limits vary widely—some banks allow $10,000 per day, others allow $25,000 or more. If you need to send more than your limit, contact your bank and ask if they can raise it temporarily or if you need to split the transfer across multiple days.

Wire transfers (a faster, more expensive type of transfer) sometimes have higher limits than regular bank transfers. If you need to move a large amount quickly, ask your bank whether a wire transfer is an option and what it costs.

Frequently Asked Questions

Can I cancel a transfer after I send it?

It depends on how far the transfer has progressed. If you catch it within minutes of sending and your bank hasn't released the funds yet, they may be able to stop it. Call your bank when ready and give them the confirmation number. Once the transfer has left your bank, cancellation becomes much harder and may not be possible.

Why is my transfer taking longer than expected?

Transfers between different banks can take one to three business days. Weekends and bank holidays don't count as business days, so a transfer sent on Friday may not arrive until Tuesday. If it's been more than three business days, contact your bank with your confirmation number and ask them to investigate.

What's the difference between a bank transfer and a wire transfer?

A bank transfer is free or low-cost and takes one to three business days. A wire transfer is faster (usually same-day or next-day) but costs $15 to $50 depending on your bank. Use a wire transfer when you need money to arrive urgently; use a regular transfer when you have time to wait.

Do I need to tell the person I'm sending money to?

Yes. Let them know you're sending a transfer, how much, and when they should expect it to arrive. This way they won't be confused when the money shows up, and they can let you know if it doesn't arrive on time.