How to Move Money From Your Schwab Account to Bank of America

The fastest way to transfer from Schwab to Bank of America

You can move money from Charles Schwab to Bank of America in one to three business days using an external transfer. Schwab calls this a "transfer out," and you initiate it from your Schwab account by providing your Bank of America account number and routing number. Schwab will send the money directly to your Bank of America account—you do not need to contact Bank of America or do anything on their end.

The process takes a few minutes to set up online, and the money typically arrives within one to three business days. If you need the money faster, Schwab also offers same-day transfers for a fee, though this is only available for certain account types and transfer amounts.

Key Takeaways

• External transfers from Schwab to Bank of America are free and take one to three business days through Schwab's online platform.
• You will need your Bank of America account number and routing number, which you can find on a check or in your Bank of America online account.
• Schwab allows you to set up the transfer entirely online without calling customer service or visiting a branch.
• Same-day transfers are available through Schwab for an additional fee if you need faster delivery, though availability depends on your account type.

Finding your Bank of America account and routing numbers

Before you start the transfer, you need two pieces of information from your Bank of America account: your account number and your routing number. Both appear on the bottom left of any check you have from that account—the routing number is the first set of nine digits, and your account number follows it.

If you do not have a check, you can find both numbers in your Bank of America online account. Log in, go to your account details or account information section, and look for "Account Number" and "Routing Number." You can also call Bank of America at the number on the back of your debit card, and they will provide both numbers over the phone.

How to set up the transfer in Schwab

Log into your Schwab account online or through the Schwab mobile app. Navigate to the "Transfers" section, usually found under "Account Services" or "My Account." Select "Transfer Money Out" or "External Transfer"—the exact wording depends on which Schwab platform you use.

Choose Bank of America as the destination bank. If this is your first transfer to Bank of America, Schwab will ask you to add it as a new external account. Enter your Bank of America account number, routing number, and the account holder's name (which should match the name on your Schwab account). Schwab will verify the information before you confirm.

Enter the amount you want to transfer and select the date you want it to go out. Schwab will show you the expected arrival date, which is typically one to three business days later. Review all the details, confirm the transfer, and you are done—Schwab will send the money automatically on the date you chose.

What happens after you submit the transfer

Once you submit the transfer, Schwab processes it and sends it to Bank of America's receiving system. You will see the transfer listed in your Schwab account as "pending" until it clears. The money should arrive in your Bank of America account within one to three business days, depending on when you submitted it and whether it was a business day.

Bank of America will not send you a separate notification—the money will straightforward appear in your account. You can check your Bank of America balance online or through the app to confirm it arrived. If the transfer does not show up after three business days, contact Schwab to check the status, as delays occasionally happen due to banking system issues.

Same-day transfers and higher limits

Schwab offers same-day transfers for customers with certain account types, such as Schwab One brokerage accounts. If you are may be able to access, you can request a same-day transfer for an additional fee—typically $15 to $25, though this varies. Same-day transfers usually process within a few hours rather than one to three days.

There are also limits on how much you can transfer at once. Standard external transfers usually have a daily limit of $25,000 to $100,000, depending on your account type and history with Schwab. If you need to move more than your limit allows, you can submit multiple transfers on different days, or contact Schwab to discuss higher limits.

Transfers between Schwab and Bank of America if you own both accounts

If you have accounts at both Schwab and Bank of America under your name, you can link them for faster transfers. This is called "account linking" or "internal transfer," and it sometimes processes faster than a standard external transfer. To set this up, you will need to verify that you own both accounts, which Schwab does by sending small test deposits to your Bank of America account.

Once linked, transfers between the two accounts may arrive the same business day or next business day, depending on the time you submit them. You can manage linked accounts in Schwab's transfer section, and you can unlink them at any time if you no longer want to use that connection.

Frequently Asked Questions

How long does a Schwab to Bank of America transfer actually take?

Standard transfers take one to three business days. If you submit the transfer on a Friday afternoon, it may not process until Monday, and then take another one to three days to arrive. Same-day transfers are available for a fee and usually complete within a few hours on the same business day.

Is there a fee to transfer money from Schwab to Bank of America?

No, standard external transfers from Schwab are free. You only pay a fee if you choose Schwab's same-day transfer option, which typically costs $15 to $25. Bank of America does not charge you to receive the transfer.

What if I enter the wrong account number?

Schwab verifies account numbers before processing, so if you enter an incorrect number, the transfer will likely be rejected before it goes out. If it does go through to the wrong account, contact Schwab when ready—they can sometimes stop the transfer or help you recover the money, but the sooner you report it, the better your chances.

Can I schedule recurring transfers from Schwab to Bank of America?

Yes, Schwab allows you to set up recurring transfers to external accounts like Bank of America. You can choose weekly, monthly, or custom intervals. Set this up in the same transfer section where you would make a one-time transfer, and Schwab will repeat it automatically on your chosen schedule.

What if the transfer shows as pending for more than three days?

Contact Schwab's customer service to check the status. Delays occasionally happen due to banking system issues, holidays, or problems with the receiving bank. Schwab can tell you whether the transfer is still in progress or if something went wrong, and they can help you resolve it.