How to Transfer Money Between Your Bank Accounts Online

The fastest way to move money between banks online

You can transfer money from one bank to another online using ACH transfers, wire transfers, or your bank's own transfer tool. ACH transfers are free and take one to three business days. Wire transfers move money the same day but cost $15 to $50. Your bank's transfer feature (if it connects to the other bank) is usually when ready and free. The method you use depends on how fast you need the money and whether the two banks are connected in your bank's system.

Most people start by logging into their current bank's website or app and looking for a "Send Money" or "Transfer" button. From there, you enter the other bank's routing number, your account number at that bank, and the amount. The bank then processes the transfer using one of these three paths. Which path it takes depends on the banks involved and what you choose.

Key Takeaways

• ACH transfers are free and work between almost any two U.S. banks, but take one to three business days to complete.
• Wire transfers move money the same day or next day but cost $15 to $50 and are harder to reverse if you make a mistake.
• Many banks let you transfer between their own accounts when ready for free through their app or website without needing routing numbers.
• You need the receiving bank's routing number and your account number at that bank before you start any transfer.
• Transfers initiated before 2 p.m. on a business day usually process faster than those sent after hours or on weekends.

ACH transfers: the free option that takes a few days

ACH stands for Automated Clearing House, a system that moves money between banks through a central clearing process. When you send an ACH transfer, your bank collects the request and sends it in a batch to the clearing house, which then sends it to the receiving bank. This batch process is why ACH transfers take one to three business days — the clearing house processes batches at set times each day.

ACH transfers are free at most banks. You do not pay to send one, and the receiving bank does not charge you to receive one. To start an ACH transfer, log into your current bank's website or app, find the transfer or send money section, and enter the receiving bank's routing number (a nine-digit code specific to each bank), your account number at that bank, and the amount. Your bank will ask you to confirm the details before processing.

ACH transfers work between almost any two U.S. banks because they all use the same clearing house system. The main limitation is that some banks cap how much you can transfer in a single day or a rolling 30-day period — this varies by bank, so check your bank's transfer limits before you send a large amount.

Wire transfers: same-day money at a higher cost

Wire transfers move money directly from one bank to another without going through the clearing house, so they complete the same day or next morning. Most banks charge $15 to $50 per wire transfer, depending on whether it is domestic (within the U.S.) or international. Because wire transfers move so quickly and are difficult to reverse, they are also riskier if you enter the wrong account number.

To send a wire transfer, call your bank or log into your online banking and find the wire transfer section. You will need the receiving bank's routing number, your account number at that bank, and the amount. Some banks require you to call and speak to a person for wire transfers over a certain amount, or to set up the receiving account ahead of time. Ask your bank what their process is before you need to send a wire.

Wire transfers are useful when you need money to move quickly — for example, to meet a closing important date or to cover an urgent bill. They are less useful for routine transfers between your own accounts, where ACH transfers are free and the extra speed is not worth the fee.

Transfers between accounts at the same bank

If both accounts are at the same bank, you can usually transfer money when ready through your bank's app or website without needing routing numbers or waiting for processing. Log into your account, find the transfer section, select the other account you own at that bank, enter the amount, and confirm. The money appears in the other account when ready or within minutes.

Some banks also let you link accounts at different banks and transfer between them when ready through their app. This feature is called real-time payments or when ready transfers, and it works only if both banks are part of the same real-time payment network. Ask your bank whether they offer this feature and which other banks they are connected to.

What information you need before you transfer

Before you start any transfer to another bank, gather these details about the receiving account:

• The receiving bank's routing number (a nine-digit code; you can find this on the bank's website, on a check, or by calling the bank)
• Your account number at the receiving bank
• The account type (checking or savings)
• The exact name on the receiving account (it should match the name on your account at the sending bank)

If the name on the receiving account does not match the name on your sending account, the transfer may be rejected or delayed. For example, if you have a joint account or an account under a different name, tell your bank before you transfer.

How long transfers take and when to expect the money

ACH transfers take one to three business days. A transfer sent on a Monday morning usually arrives by Wednesday. A transfer sent on Friday afternoon may not arrive until the following Tuesday, because the clearing house does not process on weekends or federal holidays. Your bank will show the transfer as pending in your account while it is in process.

Wire transfers usually complete the same day if you send them before 2 p.m. on a business day. Wires sent after 2 p.m. or on weekends may not process until the next business day. The receiving bank may hold the money for a day or two if the account is new or if the amount is unusually large.

Check your bank's website or app to see the status of your transfer. Most banks show pending transfers with an expected delivery date. If a transfer does not arrive by the expected date, contact your bank to investigate.

Mistakes to avoid when transferring money

The most common mistake is entering the wrong routing number or account number. Double-check both before you confirm the transfer. If you enter the wrong account number on an ACH transfer, the receiving bank will usually reject it and send the money back to your account within a few days. If you enter the wrong number on a wire transfer, the money may go to someone else's account, and recovering it is difficult and may not be possible.

Another mistake is not checking your bank's daily or monthly transfer limits. If you try to transfer more than your bank allows in a single day, the transfer will be rejected. Call your bank to ask what your limits are, or check your account settings in your app or website.

Do not assume the transfer is complete just because you submitted it. Check your receiving account to confirm the money arrived, especially for large amounts or time-sensitive transfers. If the money does not arrive by the expected date, contact your bank right away.

Frequently Asked Questions

Can I transfer money to someone else's bank account?

Yes, you can transfer money to anyone's bank account if you have their routing number and account number. The receiving account does not have to be in your name. However, some banks require you to verify the account before the first transfer, which may take a day or two.

What happens if I send money to the wrong account?

For ACH transfers, the receiving bank will usually reject the transfer if the account number does not match their records, and the money will return to your account within a few days. For wire transfers, the money may reach the wrong account, and recovery is difficult. Contact your bank when ready if you realize you made a mistake.

Is it safe to transfer money online?

Transfers through your bank's official website or app are find because they use encryption and your bank's security systems. Never share your routing number or account number through email, text, or phone unless you initiated the contact with your bank. Scammers sometimes pose as banks to steal this information.

Can I cancel a transfer after I send it?

ACH transfers can usually be canceled within a few hours of sending, before the batch is processed. Wire transfers are much harder to cancel once sent. Contact your bank when ready if you need to stop a transfer. The sooner you call, the better your chances of stopping it.

Do I pay taxes on money I transfer between my own accounts?

No. Transfers between your own accounts are not taxable income. Taxes explore only to interest earned or to money you receive from someone else as income or a gift.