A bank transfer moves money from your account to another person's account
A bank transfer is when you send money from your bank account to someone else's bank account. The money leaves your account, travels through the banking system, and lands in the other person's account. You do not hand over cash or write a check — the bank handles the movement electronically.
There are several ways to do a transfer, depending on who you are sending money to and how fast you need it to arrive. Some transfers happen the same day. Others take a few business days. The method you choose depends on whether you are sending money to someone at your own bank, someone at a different bank, or someone outside the United States.
Key Takeaways
- You can transfer money using your bank's website, mobile app, phone line, or by visiting a branch in person.
- Transfers between accounts at the same bank usually arrive within hours or the same day.
- Transfers to accounts at different banks take one to three business days and are called ACH transfers.
- You will need the recipient's full name, bank name, account number, and routing number to complete most transfers.
- Wire transfers are faster but cost money and cannot be reversed, so use them only when you are certain of the details.
What information you need before you start
Before you begin a transfer, gather the details of the person or business you are sending money to. You will need their full name exactly as it appears on their bank account — if the account says "Robert James Smith" and you type "Bob Smith", the transfer may be rejected or delayed.
You will also need the account number (the number of the account you are sending to) and the routing number (a nine-digit code that identifies the bank). If you are sending to someone at a different bank, ask them for both numbers. If you are sending to someone at your own bank, your bank's website usually has a list of customers you can send to, so you may not need the routing number.
For transfers outside the United States, you will need additional information such as the recipient's IBAN (International Bank Account Number) or SWIFT code (a code that identifies banks internationally). Ask the recipient for these details if you are sending money abroad.
Transferring money using your bank's website or app
Most banks let you transfer money through their website or mobile app. Log in to your account and look for a button or menu item that says "Transfer", "Send Money", or "Pay". Click it, and the bank will ask you to choose whether you are sending to someone at your bank or at a different bank.
If you are sending to someone at your bank, select their name from a list if they appear there, or enter their account number. If you are sending to a different bank, enter the recipient's name, account number, and routing number. Then enter the amount you want to send and choose the date you want the transfer to happen. Most banks let you schedule a transfer for a future date, or send it right away.
Review all the details before you confirm. Once you confirm, the transfer is usually locked in and cannot be changed. The bank will show you a confirmation number — write it down or take a screenshot in case you need to look up the transfer later.
Transferring money by phone or in person
If you do not want to use the website or app, you can call your bank's customer service line and ask to make a transfer. A representative will ask you the same questions the website would: who you are sending to, how much, and when. They will process the transfer over the phone.
You can also visit a branch in person and ask a teller to help you. Bring the recipient's information with you. The teller will enter the details into the system and process the transfer while you wait. This method is slower than using the website or app, but some people prefer it because they can ask questions face-to-face.
How long a transfer takes
The time depends on the type of transfer. A transfer between two accounts at the same bank usually arrives within hours or by the end of the same business day. A transfer to a different bank, called an ACH transfer, typically takes one to three business days. The money leaves your account right away, but it takes time to move through the banking system and land in the other account.
A wire transfer is faster — it usually arrives the same day or the next business day — but it costs money (usually between $15 and $30) and cannot be reversed once it is sent. Use a wire transfer only when you need the money to arrive quickly and you are completely certain the account details are correct.
Business days are Monday through Friday, excluding federal holidays. If you start a transfer on a Friday evening, it may not begin moving until Monday morning. If you start one on a holiday, it may not move until the next business day.
What to do if something goes wrong
If you made a mistake with the account number or routing number, the transfer may be rejected and the money will return to your account. This usually happens within a few business days. Check your account to see if the money came back, and if it did, try again with the correct information.
If the money left your account but never arrived at the other person's account, contact your bank right away. Tell them the confirmation number from your transfer and ask them to investigate. They can trace the transfer through the banking system and find out where it went. This process can take several days or weeks, so be patient.
If you sent money to the wrong person by mistake, call your bank when ready. For ACH transfers, your bank may be able to recall the transfer if the other bank has not released the money yet. For wire transfers, recall is usually not possible, so you would need to contact the recipient directly and ask them to send the money back.
Frequently Asked Questions
Can I transfer money to someone who banks at a completely different bank?
Yes. Use an ACH transfer, which takes one to three business days. You will need their full name, account number, and routing number. Your bank's website will have a field for "transfer to another bank" where you enter these details.
What happens if I type the wrong account number?
The transfer will likely be rejected and the money will return to your account within a few business days. If it does go through to the wrong account, contact your bank when ready with your confirmation number. They can attempt to recover the funds, though success depends on whether the receiving bank has already released the money.
Do I have to pay to transfer money?
Most banks do not charge for ACH transfers or transfers between accounts at the same bank. Wire transfers usually cost $15 to $30. Some banks charge a fee if you transfer money very frequently. Check your bank's fee schedule or ask a representative.
Can I cancel a transfer after I send it?
It depends on the type. For ACH transfers, you may be able to cancel within a few hours of sending, before the money leaves the banking system. For wire transfers, cancellation is usually not possible. Contact your bank right away if you need to cancel — do not wait.
What is the difference between a routing number and an account number?
The routing number identifies the bank (it is the same for all customers at that bank). The account number identifies your specific account at that bank. You need both to transfer money to someone at a different bank.