The fastest way depends on which banks you're moving between
Moving money from one account to another usually takes one to three business days, but the speed and cost depend on whether both accounts are at the same bank, whether you're moving within the same state, and which method you choose. If both accounts are at the same institution, you can often move money the same day through their website or app. If the accounts are at different banks, you'll need to set up a transfer through one of three main routes: ACH transfer (the standard method, takes one to three days), wire transfer (faster but costs money), or by linking accounts through your bank's bill pay system.
The method you pick matters because it affects how long you wait, whether you pay a fee, and how much control you have over the timing. Most people use ACH transfers because they're free and reliable, even though they're not when ready. Wire transfers cost $15 to $30 per transfer but move money the same day or next business day. Linking accounts directly through your bank's system is often free and can be faster than ACH, but not all banks offer it.
Key Takeaways
- Same-bank transfers usually happen the same day and are free through your bank's website or app.
- ACH transfers between different banks are free but take one to three business days and require your account number and routing number.
- Wire transfers move money faster (same day or next business day) but cost $15 to $30 and require the receiving bank's SWIFT code or wire instructions.
- You can also move money by writing a check, using a third-party payment app, or having your employer direct deposit split between accounts.
- Never share your full account number or routing number with anyone except your own bank or a transfer service you initiated yourself.
Same-bank transfers: the fastest and cheapest option
If both accounts are at the same bank, log into your online banking portal or mobile app and look for a "Transfer Funds" or "Move Money" option. You'll select the account you're transferring from, the account you're transferring to, and the amount. The money usually appears in the receiving account within hours or by the next business day, and there is no fee.
Some banks let you schedule transfers in advance, which is useful if you want to move money on a specific date each month. Check your bank's website or call their customer service line to confirm whether they offer this feature and whether there are any limits on how much you can transfer at once.
ACH transfers between different banks
An ACH transfer (Automated Clearing House) is the standard way to move money between accounts at different banks. It's free, reliable, and takes one to three business days. To set one up, you'll need the receiving account's routing number and account number. You can find these on a check from that account, or by calling the bank directly.
Log into your current bank's website or app and look for "Send Money," "External Transfer," or "ACH Transfer." Enter the receiving bank's routing number, the account number, and the amount. Your bank will ask you to confirm the receiving account by depositing two small test deposits (usually under $1 each) into that account first. Once confirmed, future transfers from that account are faster.
The main drawback is the wait: ACH transfers take one to three business days because the money passes through a clearing house that processes batches of transfers. Weekends and bank holidays add extra days. If you need money faster, a wire transfer is the alternative, though it costs money.
Wire transfers: faster but with a cost
A wire transfer moves money the same day or next business day and is the fastest method available. The cost is usually $15 to $30 per transfer, depending on your bank. Some banks charge less for domestic wires (within the United States) and more for international wires.
To send a wire, call your bank or visit a branch in person. You'll need to provide the receiving bank's name, the receiving account number, the receiving account holder's name, and the receiving bank's SWIFT code or ABA routing number. Your bank will confirm all details before processing the wire, because wire transfers cannot be reversed once sent.
Wire transfers are best for large amounts or time-sensitive moves. For routine monthly transfers of smaller amounts, ACH is usually the better choice because it's free.
Linking accounts through bill pay or third-party apps
Many banks let you link external accounts through their bill pay system, which can move money between accounts without using ACH. This method is sometimes faster than ACH and is always free. Log into your bank's website, find the bill pay or money transfer section, and add the external account as a payee. Then you can send money to that account like you would send a bill payment.
Third-party payment apps like PayPal, Venmo, Square Cash, and Zelle can also move money between bank accounts, though they're designed mainly for person-to-person transfers. If you're moving money to your own account, your bank's direct transfer method is usually simpler and faster.
Other ways to move money: checks, direct deposit, and cash
If you don't want to set up an electronic transfer, you can write a check from one account and deposit it into another. This takes three to five business days because of check clearing time. You can also withdraw cash from one account and deposit it into another, though this is only practical for small amounts and carries the risk of loss or theft.
If you receive a paycheck, you can ask your employer to split your direct deposit between two accounts. This is free and happens automatically on payday. Contact your HR or payroll department and provide them with the account numbers and routing numbers for each account where you want deposits to go.
What to watch out for when moving money
Never share your full account number or routing number with anyone except your own bank or a transfer service you initiated yourself. Scammers sometimes pose as bank employees and ask for this information. Your bank will never ask for your full account number by email or phone.
When setting up a transfer to a new account for the first time, move a small amount first to confirm the account details are correct. Once money is sent, you can't get it back if the account number was wrong. If you're moving money to an account at a different bank, double-check the routing number and account number before you confirm the transfer.
Watch for transfer limits. Many banks cap how much you can transfer electronically in a single day or per month. If you need to move a large amount, call your bank to ask about limits or to request a temporary increase.
Frequently Asked Questions
How long does it take to transfer money between two different banks?
ACH transfers take one to three business days. Wire transfers take the same day or next business day but cost $15 to $30. Checks take three to five business days. Weekends and bank holidays add extra days to all methods.
Do I need to go to a bank branch to transfer money?
No. You can set up ACH transfers and most same-bank transfers through your online banking portal or app. Wire transfers usually require a phone call or in-person visit, though some banks let you initiate them online.
What's the difference between a routing number and an account number?
A routing number identifies the bank itself and is the same for all customers at that bank. An account number identifies your specific account. You need both to transfer money to an account at a different bank.
Can I transfer money if I don't have checks from the receiving account?
Yes. Call the receiving bank directly and ask for the routing number and account number. You don't need a check to find this information.
What happens if I transfer money to the wrong account?
Contact your bank when ready. If the transfer hasn't cleared yet, your bank may be able to stop it. If it has cleared, your bank can contact the receiving bank and ask them to reverse it, but the receiving bank is not required to comply. This is why it's important to verify account details before transferring large amounts.