The main ways to move money between banks

You can send money from one bank to another using a wire transfer, an ACH transfer, or a peer-to-peer payment app. Wire transfers move money the fastest—usually within hours—but cost $15 to $50 per transfer. ACH transfers are free or nearly free and take one to three business days. Peer-to-peer apps like Venmo or PayPal are when ready for friends but not designed for moving your own money between accounts.

Which method you choose depends on how fast you need the money to arrive and whether you're sending to someone else or moving your own funds. If you're moving money between your own accounts at different banks, ACH is usually the cheapest option. If you're sending to someone else and need it today, wire transfer is the standard choice, though it's more expensive.

Key Takeaways

  • Wire transfers arrive within hours but cost $15 to $50 and require the recipient's full banking details.
  • ACH transfers are free or cost $1 to $3, take one to three business days, and work for both your own accounts and payments to others.
  • You can start most transfers online through your bank's website or app, or by phone with customer service.
  • The recipient's routing number and account number are required for wire transfers; ACH transfers sometimes need only the account number.
  • Transfers initiated after 5 p.m. or on weekends typically process the next business day.

Wire transfers: fastest but most expensive

A wire transfer moves money directly from one bank to another through the Federal Reserve's wire network. The money usually arrives the same day if you send it before your bank's cutoff time—typically 2 p.m. or 3 p.m. on business days. If you send after the cutoff or on a weekend, it processes the next business day.

To send a wire, you need the recipient's full name, bank name, routing number, and account number. Some banks also ask for the recipient's address. You can initiate a wire through your bank's website, mobile app, or by calling customer service. The bank will charge you a fee—usually $15 to $50 depending on whether it's domestic (within the U.S.) or international. Some banks waive the fee if you maintain a high balance or have a premium account.

Wire transfers are irreversible once sent. If you make a mistake with the account number or routing number, the money may go to the wrong person, and recovering it is difficult and slow. Double-check all details before confirming the transfer.

ACH transfers: free or cheap and reliable

An ACH transfer (Automated Clearing House) moves money through a batch processing system that clears once or twice per day. Most ACH transfers take one to three business days to complete. They're free at most banks, though some charge $1 to $3 per outgoing transfer.

You can set up an ACH transfer through your bank's website or app by entering the recipient's routing number and account number. Some banks let you transfer to another account in your own name without providing those details—they'll recognize it as an internal transfer. For transfers to other people, you'll need their full banking information.

ACH transfers are safer than wires in one way: if you send money to the wrong account, the receiving bank can sometimes reverse it within a few days. The downside is the wait—if you need money today, ACH won't work. ACH also has a daily limit at most banks, usually $10,000 to $25,000 per day, though you can request a higher limit.

Peer-to-peer apps: when ready for people you know

Apps like Venmo, PayPal, Square Cash, and Zelle let you send money to another person's phone number or email address. The money usually arrives when ready or within minutes if both people use the same app. If they use a different app, the money goes to their bank account instead, which takes one to three business days.

These apps are designed for splitting rent, paying back a friend, or sending money to family. They're not the right tool for moving your own money between your own bank accounts—you'd be paying a person (yourself) rather than transferring funds directly. If you try to use them that way, you'll hit their daily sending limits quickly and may trigger fraud alerts.

Most peer-to-peer apps are free to use if the money comes from your bank account or debit card. They charge a fee—usually 1% to 3%—if you pay with a credit card. Some apps charge a small fee to send money internationally.

How to set up a transfer through your bank

Log into your bank's website or open the mobile app and look for "Send Money," "Transfer Funds," or "Pay Someone." You'll usually see options for wire transfer and ACH transfer listed separately. Select the type of transfer you want.

For a wire transfer, enter the recipient's name, bank name, routing number, and account number. Your bank may ask for the recipient's address and phone number. Review all details carefully—wire transfers cannot be reversed. Confirm the amount and the date you want the transfer to process. Your bank will show you the fee before you submit.

For an ACH transfer, the process is similar but usually simpler. Enter the recipient's routing number and account number, or select a saved payee if you've transferred to them before. Enter the amount and the date. Most banks let you schedule ACH transfers for a future date. Confirm and submit.

If you prefer not to use the website or app, call your bank's customer service line. A representative can walk you through the transfer over the phone and answer questions about fees and timing.

What information you need before you start

For a wire transfer, you need the recipient's full legal name (as it appears on their bank account), their bank's name, their routing number, and their account number. If the bank has multiple branches, confirm you have the routing number for the correct branch. Some banks ask for the recipient's address and phone number as well.

For an ACH transfer, you typically need only the routing number and account number. The recipient's name helps prevent mistakes, but many banks don't require it. If you're transferring to your own account at another bank, you may not need any of this information—your bank can recognize it as an internal transfer.

You can find a bank's routing number on their website, by calling customer service, or by looking at a check from that bank—the routing number is the first nine digits on the bottom left. The account number is usually printed on the check as well, or the account holder can find it in their online banking portal.

Timing, limits, and what can go wrong

Wire transfers initiated before your bank's cutoff time (usually 2 p.m. to 3 p.m. on business days) process the same day. Transfers sent after the cutoff or on weekends process the next business day. International wires may take two to five business days depending on the destination country and the receiving bank.

ACH transfers typically take one to three business days. Some banks offer "next-day ACH," which guarantees processing by the next business day for an extra fee. Transfers initiated on weekends or holidays are queued for the next business day.

Most banks limit how much you can transfer in a single day—often $10,000 to $25,000 for ACH transfers and higher for wires. If you need to send more, contact your bank to request a temporary increase. Some banks will raise your limit on the spot; others require a waiting period.

If a transfer fails, your bank will notify you and return the money to your account. This usually happens if the account number is wrong or the receiving bank rejects it for some reason. The return can take several business days. If you suspect fraud or an unauthorized transfer, contact your bank when ready—you have limited time to dispute it.

Frequently Asked Questions

Can I cancel a transfer after I've sent it?

Wire transfers cannot be cancelled once they've been sent—they process when ready or within hours. ACH transfers can sometimes be cancelled if you contact your bank before the transfer clears, usually within 24 hours of initiating it. Call your bank right away if you need to stop an ACH transfer. Peer-to-peer payments through apps like Venmo can sometimes be cancelled if the recipient hasn't claimed the money yet.

What's the difference between a routing number and an account number?

The routing number identifies the specific bank or branch where the account is held. The account number identifies the individual account within that bank. Both are needed for wire transfers. For ACH transfers, some banks need only the account number if you're already a customer. You can find both numbers on a check or by logging into online banking.

Why did my transfer take longer than expected?

Wire transfers initiated after your bank's cutoff time or on weekends process the next business day. ACH transfers can be delayed if the receiving bank is slow to process batches or if there's a holiday. If a transfer is delayed more than a few business days, contact your bank to check the status. Transfers to smaller banks or credit unions sometimes take longer than transfers between large national banks.

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

Giving your routing number and account number to someone you trust is generally safe for receiving money. However, be cautious about sharing this information with strangers or unverified businesses. Someone with both numbers could potentially set up unauthorized ACH transfers from your account, though your bank's fraud protections may catch them. Never share this information in response to an unsolicited email or phone call.

Can I transfer money between accounts at the same bank?

Yes, and it's usually free and when ready. Log into your online banking and look for "Transfer Between My Accounts" or similar. You typically don't need routing numbers or account numbers—your bank recognizes both accounts as yours. The money usually moves within minutes or hours, depending on the bank.