The basic steps to send money from your bank account
To send money from your bank account, you need three things: the recipient's name, their bank account number, and their routing number (a nine-digit code that identifies their bank). You then tell your own bank to move the money—either through their website, mobile app, phone, or in person at a branch. Your bank deducts the amount from your account and sends it to the recipient's bank, which deposits it into their account. The whole process typically takes one to three business days, though some transfers are faster.
The method you choose depends on how quickly you need the money to arrive, whether you know the recipient's banking details, and what your bank offers. A wire transfer moves money the same day or next business day but costs $15 to $50. An ACH transfer (Automated Clearing House) takes two to three business days and is usually free. Peer-to-peer apps like Venmo or PayPal move money when ready between app users but may take a day or two to reach a bank account. Each has different limits on how much you can send.
Key Takeaways
- Wire transfers move money the fastest—usually the same day or next business day—but cost $15 to $50 and require the recipient's full banking details.
- ACH transfers are free or low-cost and take two to three business days, making them the standard choice for regular payments like rent or bills.
- Peer-to-peer apps send money when ready between users but may charge a fee if you want the money in a bank account the same day.
- You need the recipient's full name, account number, and routing number for bank-to-bank transfers; apps require only their username or phone number.
- Daily and monthly limits vary by bank and transfer type, so check your bank's rules before sending large amounts.
Wire transfers: fastest but most expensive
A wire transfer moves money directly from your bank to another bank on the same day or the next business day. Your bank deducts the full amount when ready, and the recipient's bank receives it within hours. Wire transfers are the fastest option and work across the country and internationally, but they cost money—typically $15 to $50 per transfer depending on your bank and whether it is domestic or international.
To send a wire, you need the recipient's full legal name, account number, routing number, and the name of their bank. Some banks also require the recipient's address. You can initiate a wire through your bank's website, app, or by calling or visiting a branch. Once you send it, the transfer cannot be reversed, so double-check all the details before confirming. Wire transfers are useful for large payments, time-sensitive transactions, or when you do not have a relationship with the recipient's bank.
ACH transfers: the standard for regular payments
An ACH transfer (Automated Clearing House) is the most common way to move money between bank accounts. It takes two to three business days and is free or costs only a few dollars. Your bank batches your transfer with thousands of others and sends them through the ACH network, which is why it takes longer than a wire. The recipient's bank receives the batch and deposits the money into their account.
You need the same information as a wire transfer: the recipient's name, account number, routing number, and bank name. Most banks let you set up recurring ACH transfers for bills, rent, or paycheck deposits. You can also make one-time transfers through your bank's website or app. ACH transfers have daily and monthly limits—many banks cap them at $10,000 per day or $25,000 per month, though you can request higher limits. Because ACH transfers take a few days, plan ahead if you need the money by a specific date.
Peer-to-peer apps: when ready between users, slower to bank accounts
Apps like Venmo, PayPal, Square Cash, and Zelle move money when ready between people who use the same app or service. You need only the recipient's username, email, or phone number—not their bank account details. The money appears in their app account right away, and they can spend it when ready or transfer it to their bank account later.
If the recipient wants the money in their actual bank account rather than staying in the app, the transfer takes one to three business days. Most peer-to-peer transfers between app users are free, but some apps charge a fee if you want when ready transfer to a bank account (usually 1 to 2 percent of the amount). These apps also have lower daily limits than banks—often $500 to $2,000 per day—though you can increase them by verifying your identity. Peer-to-peer apps work best for splitting bills, paying friends, or small regular payments.
What information you need for each transfer type
| Transfer Type | Information Needed | Speed | Cost |
|---|---|---|---|
| Wire transfer | Full name, account number, routing number, bank name, sometimes address | Same day or next business day | $15–$50 |
| ACH transfer | Full name, account number, routing number, bank name | 2–3 business days | Free or $1–$3 |
| Peer-to-peer app | Username, email, or phone number | when ready in app; 1–3 days to bank account | Free or 1–2% for when ready bank transfer |
How to send money through your bank's website or app
Most banks let you send money through their website or mobile app without visiting a branch. Log in to your account and look for a link labeled "Send Money," "Transfer," "Pay," or "Move Money." You will be asked to enter the recipient's information: their name, account number, routing number, and bank name. Some banks let you save frequent recipients so you do not have to re-enter their details each time.
After you enter the information, the bank shows you a confirmation screen with the amount, the recipient, and the expected delivery date. Review this carefully—especially the account number and routing number—before you confirm. Once you submit, the transfer is usually locked in and cannot be changed. If you made a mistake, contact your bank when ready; they may be able to stop the transfer if it has not yet been processed.
If you are sending money for the first time to a new recipient, some banks hold the transfer for 24 hours as a fraud check. This means the money will not leave your account until the next day. After the first transfer, subsequent transfers to the same person usually go through without delay.
Limits, timing, and what can go wrong
Every bank sets daily and monthly limits on how much you can transfer. These limits protect you from fraud and help the bank manage risk. A typical limit might be $10,000 per day or $25,000 per month, but this varies widely. If you need to send more, contact your bank and ask to increase your limit—they may do it when ready or after a review period.
Timing depends on the transfer type and when you send it. A wire sent before 2 p.m. on a business day usually arrives the same day; one sent after 2 p.m. or on a weekend arrives the next business day. ACH transfers take two to three business days regardless of when you send them. Weekends and bank holidays do not count as business days, so a transfer sent on Friday may not arrive until Tuesday.
The most common problems are incorrect account or routing numbers, which cause the transfer to fail or go to the wrong person. Always verify the recipient's details before sending. If money goes to the wrong account, contact your bank when ready—they can sometimes recall the transfer if it has not been processed yet. If the transfer fails, your bank will return the money to your account within a few business days.
Frequently Asked Questions
Can I cancel a transfer after I send it?
It depends on the transfer type and how quickly you act. Wire transfers cannot be reversed once they are sent, so contact your bank when ready if you made a mistake. ACH transfers can sometimes be stopped if you call your bank within a few hours of sending them, before they enter the clearing system. Peer-to-peer transfers between app users are when ready and cannot be reversed, but transfers to a bank account may be stoppable if the money has not yet left the app.
What is a routing number and where do I find it?
A routing number is a nine-digit code that identifies a specific bank or branch. You can find it on the bottom left of your checks, on your bank's website, or by calling customer service. The routing number tells the sending bank which institution to send the money to. Make sure you use the correct routing number for the recipient's bank and branch—using the wrong one can delay or misdirect the transfer.
Why does my transfer say "pending" and when will it complete?
A pending transfer is on its way but has not yet been deposited into the recipient's account. For wire transfers, pending usually means a few hours. For ACH transfers, pending means one to three business days. Once the transfer completes, it will no longer show as pending. If a transfer stays pending longer than expected, contact your bank to check the status.
Do I pay a fee if someone sends me money?
No. The sender pays any fees associated with the transfer. The recipient receives the full amount. Some peer-to-peer apps charge the sender a fee for when ready transfer to a bank account, but the recipient never pays a fee to receive money.
Can I send money internationally from my bank account?
Yes, through a wire transfer, but it costs more and takes longer than a domestic transfer. International wires typically cost $30 to $50 and take one to three business days. You will need the recipient's international bank account number (IBAN) and bank details. Some banks also offer international ACH transfers, which are cheaper but slower. Check with your bank about their international transfer options and fees.