How to Transfer Money Between Your Bank Accounts Online

The fastest way to move money between banks

You can transfer money from one bank to another online using ACH transfers (Automated Clearing House), wire transfers, or your bank's bill pay feature. ACH is the slowest but free; wire transfers arrive the same day but cost $15 to $50; bill pay works if you're paying a person or business rather than moving to your own account. Most people use ACH because it's free and takes one to three business days.

The method you choose depends on how fast you need the money and whether you're moving it to an account in your own name or sending it to someone else. If you're moving money between accounts you own at different banks, ACH is usually the right choice. If you need it today, wire transfer is the only option, though it costs more.

Key Takeaways

• ACH transfers are free and take one to three business days, making them the cheapest way to move money between banks you own.
• Wire transfers arrive the same business day but cost $15 to $50 and require you to provide the receiving bank's routing number and your account number.
• You can start an ACH transfer from either your sending bank's website or your receiving bank's website, depending on which one offers the feature.
• Bill pay through your bank works for sending money to people or businesses, but not for transferring between your own accounts at different banks.
• Transfers initiated after 5 p.m. or on weekends typically don't process until the next business day.

Setting up an ACH transfer from your bank's website

Log into your sending bank's website or mobile app and look for "Transfer Funds," "Move Money," or "Send Money" in the main menu. Click that option and select "Transfer to Another Bank" or "External Transfer." You'll be asked to add the receiving bank's details: the bank's routing number (a nine-digit code your receiving bank can give you), your account number at that bank, and the account type (checking or savings).

Enter the amount you want to transfer and choose the date. Most banks let you schedule transfers for today or a future date. Review the details carefully—especially the account number, since a typo will send money to the wrong person. Then confirm and submit. Your bank will send the transfer through the ACH network, which typically takes one to three business days.

Some banks require you to verify the receiving account before you can transfer a large amount. They do this by sending two small deposits (usually under $1 each) to that account, then asking you to confirm the amounts. This takes an extra two to three business days but only happens once per account.

Receiving a transfer at your other bank

If you don't want to log into your sending bank, you can start the transfer from your receiving bank instead. Log into the bank where you want the money to arrive and look for "Receive Transfer," "Add External Account," or "Link Bank Account." You'll enter your sending bank's routing number and your account number there, then request the transfer amount and date.

This method is called a "pull" transfer because you're pulling money from your other account rather than pushing it. It works the same way and takes the same one to three business days. Some people prefer this method because they only have to log into one account.

When to use a wire transfer instead

Wire transfers move money the same business day, usually within a few hours. Use this method only when you need the money urgently, because wire transfers cost $15 to $50 depending on your bank. Domestic wires (within the United States) are cheaper than international wires.

To send a wire transfer, log into your bank's website and look for "Wire Transfer" or "Send Wire." You'll need the receiving bank's routing number, your account number at that bank, and sometimes the receiving bank's address. Enter the amount and confirm. The money will leave your account when ready, though it may take a few hours to appear in the receiving account. Wire transfers cannot be reversed once sent, so double-check the account number before you confirm.

Some banks charge a fee to receive a wire transfer as well as to send one. Ask both banks about their wire fees before you decide to use this method.

Using bill pay to move money to another person

If you're sending money to someone else rather than to your own account, bill pay is often free and works like an ACH transfer. Log into your bank's website, find "Bill Pay" or "Pay Bills," and add the person as a payee. Enter their mailing address, the amount, and the date you want the payment sent. Your bank will mail a check or send an ACH transfer on your behalf.

Bill pay typically takes three to five business days because the receiving person has to deposit the check or receive the ACH transfer. It's not the right tool for moving money between your own accounts—use ACH transfer instead. Bill pay is designed for paying utilities, credit card bills, rent, or sending money to friends and family.

What information you need before you start

Before you begin any transfer, gather the routing number and account number for the receiving bank. You can find the routing number by calling the bank, visiting their website, or looking it up on the American Bankers Association routing number search tool. The account number is usually on your checks or in your online banking portal.

Write down both numbers and double-check them against an official source—a check, a bank statement, or the bank's website. A single wrong digit will send your money to the wrong account, and recovering it can take weeks. If you're unsure about either number, call the receiving bank directly before you start the transfer.

Timing and when transfers actually process

ACH transfers initiated before 5 p.m. on a business day usually process that day and arrive within one to three business days. Transfers started after 5 p.m., on weekends, or on federal holidays don't process until the next business day. Some banks have earlier cutoff times, so check your bank's specific rules.

The receiving bank may hold the funds for one to five business days even after the transfer arrives, especially if it's a new account or a large amount. This is called a "hold" and is the receiving bank's way of making sure the transfer is legitimate. You can ask the receiving bank to remove the hold, but they're not required to do so when ready.

If you're moving a large amount of money, consider doing a smaller test transfer first. Send $10 or $20 to make sure the account number is correct, then do the full transfer once it arrives successfully.

Frequently Asked Questions

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

ACH transfers can usually be canceled within one business day if you contact your bank before the transfer processes. Wire transfers cannot be canceled once sent. Call your bank when ready if you need to stop a transfer—don't wait. Have your confirmation number ready.

Why is my transfer taking longer than three days?

Transfers initiated after 5 p.m. or on weekends don't start processing until the next business day. The receiving bank may also place a hold on new accounts or large amounts. If it's been more than five business days, contact your bank with your confirmation number and ask them to trace the transfer.

Do I have to pay a fee for an ACH transfer?

Most banks don't charge a fee for ACH transfers between your own accounts. Some online banks charge a small fee ($1 to $3) to receive transfers from other banks. Check your bank's fee schedule or call and ask before you transfer.

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

The routing number identifies the bank itself (nine digits). The account number identifies your specific account at that bank (usually 10 to 12 digits). You need both to transfer money. The routing number is the same for all customers at that bank; the account number is unique to you.

Can I transfer money to a bank account in another country?

Yes, but you'll need to use an international wire transfer, which costs more ($30 to $75) and takes longer (three to five business days). You'll need the receiving bank's SWIFT code instead of a routing number. International transfers are more complicated—call your bank for specific instructions.