The three ways to move money between your own accounts

You can move money from one bank to another in three main ways: a wire transfer, an ACH transfer, or a debit card withdrawal followed by a deposit at the new bank. Wire transfers are fastest but cost money. ACH transfers are free but take three to five business days. The debit card method works if you need cash in hand, but you lose the paper trail that a bank-to-bank transfer creates.

Which method you choose depends on how fast you need the money, whether you want to pay a fee, and whether you're moving all your money or just some of it. If you're closing an account at one bank and opening at another, the receiving bank can often pull the money for you — this is called an incoming transfer, and it's usually free.

Key Takeaways

  • ACH transfers are free and take three to five business days, making them the cheapest option for moving money between your own accounts at different banks.
  • Wire transfers move money the same day or next business day but cost between $15 and $30, depending on your bank.
  • Your new bank can often initiate the transfer for you when you open an account, pulling money directly from your old bank at no cost.
  • You will need your old bank's routing number and your account number to start a transfer from your new bank.
  • Moving cash by withdrawing at one bank and depositing at another works but leaves no automatic record that the money came from your old account.

ACH transfers: free but slower

An ACH transfer (Automated Clearing House) is the most common way to move money between banks for free. You initiate it from your new bank's website or app by entering your old bank's routing number and your account number there. The money then moves through the banking system automatically, usually arriving in three to five business days.

Most banks let you set up an ACH transfer in their online banking portal under a section called "Transfer Funds," "Move Money," or "External Transfers." You'll enter the amount, the date you want it to happen, and your old bank's details. The transfer is free, but the wait can be frustrating if you need the money right away.

ACH transfers work in both directions: you can pull money from your old account (by initiating at your new bank) or push money from your old account (by initiating at your old bank). Pulling is more common when you're switching banks, because you're already set up at the new one.

Wire transfers: fast but costly

A wire transfer moves money the same business day or by the next morning, depending on what time you send it and your bank's cutoff. You initiate it at your old bank by going to a branch, calling, or using online banking. You'll provide your new bank's routing number, your account number there, and the amount.

Wire transfers cost money — typically $15 to $30 per transfer, depending on your bank. Some banks charge less for domestic wires (moving money within the United States) than for international ones. A few banks waive the fee if you maintain a high balance or have a premium account, so it's worth asking.

Wire transfers are useful when you need money fast — for example, to cover a check you've already written or to fund a time-sensitive purchase. They're also useful if you're moving a large amount and want to avoid the three-to-five-day wait. For most routine account switches, though, the fee makes them unnecessary.

Letting your new bank pull the money for you

When you open a new bank account, the bank often offers to move your money from your old account automatically. This is called an incoming transfer or sometimes a "transfer in." The new bank initiates the ACH transfer on your behalf, so you don't have to log into your old bank or remember routing numbers.

To use this service, you'll need to provide your old bank's name, your account number there, and the amount you want moved. The new bank handles the rest. This is free and takes the same three to five business days as a regular ACH transfer, but it's simpler because you only have to deal with one bank.

Some banks will also move recurring payments (like direct deposit or automatic bill payments) from your old account to your new one, though you may need to update those yourself in your old bank's system to make sure nothing gets missed during the transition.

Withdrawing cash and depositing it yourself

If you need money when ready and don't want to pay a wire fee, you can withdraw cash from your old bank and deposit it at your new one the same day. This works, but it has a drawback: there's no automatic record connecting the two transactions, so if there's ever a question about where the money came from, you'll need to keep your withdrawal and deposit receipts.

This method is practical for smaller amounts — say, $500 to $2,000 — but becomes risky and inconvenient for larger sums. Carrying large amounts of cash exposes you to loss or theft, and banks are required to report cash deposits over $10,000 to the federal government, which can trigger questions if the deposit doesn't match a corresponding withdrawal you can document.

For most people moving money between their own accounts, a free ACH transfer or an incoming transfer through your new bank is the better choice. Cash withdrawal is useful mainly as a backup if you need money the same day and can't afford a wire fee.

What information you need to have ready

To start any bank-to-bank transfer, you'll need your old bank's routing number and your account number at that bank. The routing number is a nine-digit code that identifies your bank within the banking system. Your account number is unique to you and is usually 10 to 12 digits.

You can find both on the bottom left of any check from your old account, or by logging into your old bank's website or calling their customer service line. If you're initiating the transfer from your new bank, you'll enter these details into their transfer form. If you're initiating from your old bank (to push money out), you'll need your new bank's routing number and your account number there instead.

Some banks also ask for the name on the account and the type of account (checking or savings) to confirm the transfer is going to the right place. This is a safety measure to prevent sending money to the wrong person by mistake.

Timing and what to expect

ACH transfers typically take three to five business days, meaning weekdays only — transfers initiated on a Friday won't arrive until Tuesday or Wednesday at the earliest. Wire transfers are faster: if you send before your bank's cutoff time (usually 2 or 3 p.m.), the money arrives the same day; if you send after, it arrives the next business day.

During the waiting period, the money leaves your old account but hasn't arrived at your new one yet. This is normal and not a sign something went wrong. If a transfer doesn't arrive within the promised timeframe, contact your new bank first — they can track it on their end and tell you whether it's still in transit or if there was a problem.

Once the money arrives, it's available to use when ready. You don't need to wait for it to "clear" the way you do with a check deposit. If you're closing your old account, wait until the transfer shows up in your new account before you close the old one, just to be certain nothing went wrong.

Frequently Asked Questions

Can I transfer money if I don't have a check from my old account?

Yes. You can find your routing number and account number by logging into your old bank's website, calling their customer service line, or visiting a branch in person. You don't need a physical check — the numbers are all you need.

What happens if I enter the wrong account number?

The transfer will likely be rejected before it leaves your account, and the money will stay where it is. If it does go through to the wrong account, contact your bank when ready — they can attempt to recover it, but the process can take time. This is why banks ask you to confirm the account holder's name before sending large amounts.

Can I transfer money from someone else's account to mine?

No, not through a standard ACH or wire transfer. You can only transfer money from an account with your name on it. If someone else wants to send you money, they would initiate a transfer from their own account to yours, or you could ask them to write you a check or use a payment app like Venmo or PayPal.

Do I lose interest if I move money between accounts?

No. Interest accrues based on your balance at the end of each day, regardless of whether you're moving money. If you move money mid-month, you'll earn interest on the balance in each account for the days it was there.

Is there a limit to how much I can transfer?

ACH transfers sometimes have daily or monthly limits set by your bank — commonly $10,000 per day or $25,000 per month, though this varies. Wire transfers usually have higher limits or no limit at all. Check with your bank about their specific limits, or ask about increasing them if you need to move a large amount.