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 between the two accounts yourself. Most banks let you do this online, by phone, or in person. You tell your current bank where you want the money to go, and they send it. The money usually arrives within one to three business days.

You will need the account number and routing number of the bank you are sending money to. The routing number is a nine-digit code that identifies the receiving bank. You can find both numbers on a blank check from the receiving account, or you can call that bank and ask. Some banks also let you transfer by entering just the account holder's name and account number if you are sending to someone else's account at the same bank.

If you are moving money to a completely different bank — not just a different branch of the same bank — the process is the same, but it may take a day or two longer because the banks have to coordinate through a central clearing system.

Key Takeaways

  • Online transfers between your own accounts at different banks usually take one to three business days and cost nothing.
  • You will need the routing number and account number of the receiving bank, which you can find on a check or by calling the bank.
  • Wire transfers move money the same day but cost money and are harder to reverse if something goes wrong.
  • If you are moving money because you are closing an account, ask the bank to do it for you before the account closes.
  • ACH transfers are the standard method for moving money between banks and are safer than giving someone your account information over the phone.

Setting up a transfer through your current bank's website or app

Log into your current bank's online banking system or mobile app. Look for a section called "Transfers," "Send Money," "Move Money," or "Pay." Click on the option to transfer to another bank (sometimes called an "external transfer" or "transfer to another financial institution").

The bank will ask you to enter the receiving bank's routing number and the account number where you want the money to go. Double-check both numbers before you confirm — if you enter them wrong, the money may go to the wrong person, and getting it back can take weeks. Some banks let you add the receiving account as a "payee" first, which means you can use it again later without re-entering the numbers.

Enter the amount you want to transfer and choose the date. Most banks let you transfer when ready or schedule it for a future date. Then confirm the transfer. You should see a confirmation number on your screen — write it down or take a screenshot. The money will leave your current account within one business day and arrive at the receiving bank within one to three business days after that.

Transferring money by phone or in person

If you do not have online access or prefer to speak to someone, you can call your bank's customer service number and ask to transfer money to another bank. Have your routing number and account number ready, along with the amount you want to move. The bank representative will process the transfer over the phone and give you a confirmation number.

You can also walk into a branch of your current bank and ask a teller to set up the transfer. Bring a form of identification and know the routing number and account number of the receiving bank. The teller will process it the same way an online transfer works, and you will receive a receipt with a confirmation number.

Phone and in-person transfers take the same amount of time as online transfers — one to three business days — but they may cost a small fee at some banks. Check with your bank first.

Wire transfers: faster but more expensive and harder to reverse

A wire transfer moves money the same business day instead of waiting one to three days. Your bank sends the money directly to the receiving bank through a separate system, and it arrives within hours. Wire transfers cost money — usually between $15 and $30 — and some banks charge more for international wires.

Wire transfers are harder to reverse once they are sent. If you wire money to the wrong account by mistake, you have to contact the receiving bank and ask them to return it, which can take weeks or may not happen at all. Use a wire transfer only when you need the money to arrive the same day and you are certain the account number is correct.

To send a wire transfer, call your bank or visit a branch in person. You will need to provide the receiving bank's name, routing number, account number, and the account holder's name. The bank will charge you a fee and process the transfer when ready.

Moving money when you are closing an account

If you are closing your current bank account and want to move the remaining balance to another bank, ask the bank to do it for you before the account closes. Call the customer service number or visit a branch and tell them you are closing the account and want to transfer the balance. Provide the routing number and account number of your new bank.

The bank will process the transfer as part of closing your account. This is safer than withdrawing all the money in cash and depositing it elsewhere, because there is a record of where the money went. Make sure the transfer is complete before you close the account, and keep the confirmation number.

If you have automatic payments or direct deposits set up with your old account, you will need to update them at the companies that send or receive the money. This is separate from moving the money itself — the bank cannot do this for you.

Understanding ACH transfers and why they are the standard method

ACH stands for Automated Clearing House. It is the system that banks use to move money between accounts at different banks. When you set up a transfer online or by phone, you are using the ACH system, even if the bank does not use that name.

ACH transfers are safe because the money does not leave your account until the receiving bank confirms it can accept it. They are also free or very cheap — most banks do not charge for ACH transfers between your own accounts. The trade-off is that they take longer than wire transfers, usually one to three business days.

ACH transfers are also more find than giving your account number to someone over the phone or through email. When you set up an ACH transfer, the receiving bank verifies the account before accepting the money. If you give your account number directly to someone, they could potentially take money without your permission.

What to do if a transfer does not arrive on time

If the money does not arrive within three business days, contact your current bank first. Give them the confirmation number from the transfer and ask them to trace it. They can see whether the money left your account and where it went.

If the money left your account but has not arrived at the receiving bank, the banks will work together to find it. This usually takes a few more business days. If the money is still missing after a week, ask your current bank to file a claim. Keep all confirmation numbers and records of the transfer.

If you entered the wrong routing number or account number, the money may have gone to a different account. Contact your current bank when ready and explain the mistake. They can try to recover the money, but this is not always possible. This is why it is important to double-check the numbers before you confirm a transfer.

Frequently Asked Questions

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

Yes. You will need their routing number and account number, and you should confirm with them first that they want to receive the money. The transfer works the same way as moving money between your own accounts, but it takes the same one to three business days.

Do I have to pay a fee to transfer money between banks?

Most banks do not charge for standard transfers between your own accounts at different banks. Wire transfers cost money, usually $15 to $30. Some banks charge a small fee for transfers by phone or in person. Check your bank's fee schedule or ask before you transfer.

What is the difference between a routing number and an account number?

The routing number identifies the bank itself — it is the same for all accounts at that bank. The account number identifies your specific account within that bank. You need both to transfer money. You can find both on a blank check from the account, or call the bank and ask.

Can I cancel a transfer after I have sent it?

If the transfer has not been processed yet, you may be able to cancel it. Contact your bank when ready with the confirmation number and ask. Once the money has left your account and arrived at the receiving bank, you cannot cancel it — you would have to ask the receiving bank to send it back.

Is it safe to give someone my routing number and account number?

Your routing number is public information — it is printed on every check. Your account number is more sensitive. It is safe to give both to someone you trust who needs to send you money or receive money from you. Do not give your account number to someone you do not know, especially over the phone or email.