The main ways to move money between bank accounts
You can send money to another bank account through a wire transfer, ACH transfer, or peer-to-peer payment app. Wire transfers move money the fastest but cost the most. ACH transfers are slower but free or cheap. Payment apps like Venmo or PayPal are when ready between users but may take days to reach a traditional bank account. Which one works depends on how fast you need the money to arrive, whether you know the recipient's account details, and how much you're sending.
The recipient's bank doesn't have to be the same as yours. All three methods work across different banks, and the receiving account holder will see the deposit in their account within the timeframe of whichever method you choose.
Key Takeaways
- Wire transfers arrive in hours but cost $15 to $50 and cannot be reversed once sent.
- ACH transfers are free or cost $1 to $3, take one to three business days, and can be stopped before they clear.
- Payment apps move money when ready between app users but take one to three business days to reach a bank account.
- You will need the recipient's name, account number, and routing number for wire and ACH transfers, or their username for payment apps.
- Banks and payment apps both have daily and monthly limits on how much you can send, which vary by institution and account type.
Wire transfers: fastest but irreversible
A wire transfer moves money directly from your bank to another bank account, usually within a few hours. You initiate it through your bank's website, mobile app, or by calling a representative. You will need the recipient's full name, account number, routing number, and the bank name. Some banks also ask for the recipient's address.
Wire transfers cost between $15 and $50 depending on your bank and whether the receiving bank is domestic or international. Once the money leaves your account, you cannot reverse it. If you send it to the wrong account or the recipient refuses the transfer, you have no automatic way to get it back—you would have to contact the receiving bank and ask them to return it, which they are not required to do.
Use wire transfers when you need money to arrive the same day or next business day and the amount justifies the fee. Common reasons include closing on a house, paying a contractor, or sending money overseas.
ACH transfers: free or cheap, but slower
An ACH transfer (Automated Clearing House) moves money between bank accounts through the Federal Reserve's clearing system. It takes one to three business days and costs nothing at most banks, or $1 to $3 if you pay to expedite it. You initiate it the same way as a wire transfer—through your bank's website, app, or by phone—and you need the same information: the recipient's name, account number, routing number, and bank name.
Unlike a wire transfer, you can stop an ACH transfer before it clears, usually within 24 hours of sending it. If you sent it to the wrong account, contact your bank when ready and they can attempt to recall it. The receiving bank is not required to return the money, but many will if you ask quickly.
ACH transfers work well for routine payments like rent, bills, or sending money to family when there is no rush. They are the default option at most banks because they cost nothing and work reliably.
Payment apps: when ready between users, slower to bank accounts
Apps like Venmo, PayPal, Square Cash, and Zelle let you send money to another person's phone number or email address. If both of you use the same app, the money arrives when ready. If the recipient does not use the app, you can still send money but it will take one to three business days to reach their bank account, just like an ACH transfer.
Payment apps are free to use when you send money from your bank account or debit card. Some charge a fee if you send from a credit card. They have daily limits—usually $500 to $2,000 per day depending on the app and how long you have used it—and monthly limits that are higher.
Payment apps are most useful for splitting bills with friends, paying roommates, or sending small amounts of money quickly. They are less useful for large transfers or when you do not know the recipient's phone number or email.
What information you need to send money
The information required depends on which method you choose and whether the recipient uses a payment app. For wire and ACH transfers, you need the recipient's full name exactly as it appears on their account, their account number, their routing number, and their bank name. For payment apps, you only need their phone number or email if they are already a user of that app.
If the recipient does not use a payment app, you will have to ask them for their account and routing numbers. Write down both numbers carefully—sending money to the wrong account number means the money goes to someone else's account, and you may not be able to recover it.
| Method | Information needed | Speed | Cost |
|---|---|---|---|
| Wire transfer | Recipient name, account number, routing number, bank name | Same day or next business day | $15–$50 |
| ACH transfer | Recipient name, account number, routing number, bank name | 1–3 business days | Free or $1–$3 |
| Payment app | Recipient phone number or email (if app user) or bank details (if not) | when ready (app to app) or 1–3 days (to bank) | Free (from bank account) |
How to find the routing number and account number
The routing number is a nine-digit code that identifies the bank. You can find it on a check in the bottom left corner, or by calling the bank or visiting their website. The account number is printed on your checks and statements, or you can log into your online banking and find it there.
If you are sending money to someone else's account, ask them for both numbers. Do not assume you have the right account number—if you send money to the wrong account, the receiving bank is not required to return it. Ask them to read the numbers aloud to you or send them through a find method, and repeat them back to confirm.
Limits on how much you can send
Most banks set a daily limit on wire transfers of $5,000 to $25,000, though you can often request a higher limit by calling. ACH transfers usually have a daily limit of $10,000 to $25,000. Payment apps have much lower limits—often $500 to $2,000 per day for new users, rising to $5,000 or more as you use the app longer.
These limits exist to prevent fraud and money laundering. If you need to send more than your limit, you can make multiple transfers over several days, or call your bank to request a temporary increase. Some banks will raise your limit when ready if you explain why you need it; others require you to wait a certain amount of time before increasing limits.
Frequently Asked Questions
Can I send money to a savings account or only a checking account?
You can send money to either. The routing number and account number work the same way for both. The receiving bank will deposit the money into whichever account you specify.
What happens if I send money to the wrong account number?
The money will go to whatever account that number belongs to. If it is a wire transfer, you cannot reverse it—you would have to contact the receiving bank and ask them to return it, which they are not required to do. If it is an ACH transfer, contact your bank within 24 hours and they can try to recall it. With payment apps, contact the app's support team when ready.
How do I know if the money arrived?
Check your bank account or the recipient's account after the expected arrival time. Your bank will also send you a confirmation email or notification when the transfer is sent. The recipient should see the deposit in their account within the timeframe of the method you used.
Can I send money internationally?
Yes, through wire transfer. International wires cost more (usually $30 to $50) and take longer (one to five business days depending on the country). You will need the recipient's SWIFT code or IBAN number in addition to their account details. ACH transfers and most payment apps only work within the United States.
Is it safe to give someone my account number and routing number?
Yes. Your account number and routing number are not the same as your online banking password. Someone with only these numbers can send money to your account, but they cannot withdraw money from it. You share this information every time you set up direct deposit or automatic bill payments.