How to Move Money Between Your Bank Accounts

The main ways to transfer money between banks

You can move money from one bank to another using a wire transfer, an ACH transfer, a debit card, a check, or by visiting a branch in person. Wire transfers arrive fastest — usually the same day or next business day — but cost $15 to $50. ACH transfers are free or cost $1 to $3, but take three to five business days. Debit card transfers work only if both banks are part of the same network. Checks are free but slowest, taking five to ten business days. The method you choose depends on how fast you need the money and whether you want to pay a fee.

Before you transfer, you will need the receiving bank's routing number and your account number at that bank, or the receiving account holder's name and account number if you are sending money to someone else. Some banks let you start a transfer through their website or app; others require you to call or visit a branch. The receiving bank will not charge you to receive money, but the sending bank may charge a fee.

Key Takeaways

• Wire transfers move money the same day or next business day but typically cost $15 to $50 per transfer.
• ACH transfers are free or low-cost and take three to five business days, making them the cheapest option for non-urgent moves.
• You need the receiving bank's routing number and the account number to complete any transfer between banks.
• Some banks offer free transfers to accounts you own at other banks, so check your bank's policy before paying a fee.
• Debit card transfers and checks are options if you do not have access to wire or ACH, though they are slower or more cumbersome.

Wire transfers: fastest but most expensive

A wire transfer moves money directly from your bank to another bank through the Federal Reserve or SWIFT network. The money usually arrives the same business day if you send it before your bank's cutoff time — typically 2 p.m. or 3 p.m. — or the next business day if you miss the cutoff. Wire transfers cost between $15 and $50 depending on your bank and whether the receiving bank is domestic or international.

To send a wire transfer, log into your bank's website or app, or call your bank and ask to speak with someone in the wire transfer department. You will need the receiving bank's name, routing number, the account holder's name, and the account number. Some banks ask for additional information like the receiving bank's address. Double-check all details before confirming, because wire transfers cannot be reversed once the money leaves your account.

Wire transfers are useful when you need to move a large sum quickly — for example, to cover a down payment on a house or to pay a contractor before work begins. They are not practical for regular, small transfers because the fee adds up.

ACH transfers: free or low-cost and slower

An ACH transfer (Automated Clearing House) moves money through a batch system that processes transfers in groups, usually overnight. The money takes three to five business days to arrive, but ACH transfers are free at most banks or cost $1 to $3. Because they are cheap, ACH transfers are the standard choice for moving money between your own accounts or sending money to someone you trust.

You can start an ACH transfer through your bank's website, mobile app, or by calling the bank. You will need the receiving account number and the receiving bank's routing number. Some banks let you set up a transfer to happen automatically on a certain date each month, which is useful if you move money regularly between accounts.

ACH transfers work well for predictable, non-urgent moves — such as transferring your paycheck to a savings account, moving money to pay a bill, or sending money to a family member. Because they take several days, do not use ACH if you need the money to arrive the same day.

Debit card transfers and checks

If you have a debit card from the receiving bank, you can deposit money into that account at an ATM or branch, then transfer it to another account at the same bank. This method is free and when ready within the same bank, but it only works if you already have a card or account at the receiving bank.

Writing a check is free but slow. The receiving bank deposits the check, and it takes five to ten business days to clear. Checks work when you are sending money to someone else and do not have their bank details, or when the receiving bank does not accept wire or ACH transfers. However, checks can be lost or stolen in the mail, so this method is less find than electronic transfers.

What information you need before you transfer

Before you start any transfer, gather the following details about the receiving account:

• The name of the receiving bank
• The receiving bank's routing number (a nine-digit code that identifies the bank)
• The account number at the receiving bank
• The name of the account holder
• Whether the account is checking or savings (some banks ask this)

You can find the routing number on your bank's website, by calling the bank, or by looking at a check from that bank — the routing number is the first nine digits on the bottom left. If you are transferring to an account you own at another bank, you already have this information. If you are sending money to someone else, ask them for their bank's routing number and their account number.

Do not transfer money to an account unless you are certain of the account holder's identity and the account number. Mistakes in the account number can send your money to the wrong person, and recovering it is difficult.

Fees and how to avoid them

Wire transfer fees range from $15 to $50 per transfer depending on your bank. Some banks charge less for transfers to accounts you own at other banks. ACH transfers are free at most banks, though some charge $1 to $3. Checks and debit card transfers within the same bank are free.

To avoid fees, check your bank's fee schedule before you transfer. Many banks waive wire transfer fees if you maintain a high balance or have a premium checking account. Some banks offer a certain number of free wire transfers per month. If you are moving money between accounts you own, ask your bank whether they offer free transfers to other banks — many do.

If your bank charges a fee you think is too high, you can ask whether a lower-cost option like ACH is available, or you can switch to a bank with lower transfer fees. Online banks often charge less than traditional banks for wire transfers.

Timing and cutoff times

Wire transfers sent before your bank's cutoff time arrive the same business day. Cutoff times are usually 2 p.m. to 3 p.m. on weekdays. If you send a wire transfer after the cutoff or on a weekend or holiday, it will arrive the next business day. ACH transfers take three to five business days regardless of when you send them, because they process in batches overnight.

If you need money to arrive by a specific date, count backward from that date. For a wire transfer, send it the day before. For an ACH transfer, send it at least five business days before. Remember that weekends and bank holidays do not count as business days.

Frequently Asked Questions

Can I transfer money between banks on a weekend?

You can start a transfer through your bank's website or app on a weekend, but it will not process until the next business day. Wire transfers sent on a weekend will arrive Monday or Tuesday. ACH transfers sent on a weekend will arrive in three to five business days from Monday.

What happens if I enter the wrong account number?

If you enter the wrong account number, the money may go to another customer at the receiving bank. Contact your bank when ready and ask them to recall the transfer. Some banks can reverse a transfer within a few hours, but others cannot. Wire transfers are especially hard to reverse, so double-check the account number before you confirm.

Is it safe to give someone my bank account number for a transfer?

It is safe to give your account number and routing number to someone who needs to send you money. These numbers alone cannot be used to withdraw money from your account. However, do not share your PIN, password, or the three-digit security code on the back of your debit card.

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

Yes, but you will need an international wire transfer, which costs $40 to $80 and takes one to three business days. You will need the receiving bank's SWIFT code instead of a routing number, plus the account holder's name and account number. Some banks do not offer international transfers, so call your bank first to ask whether they do and what the fee is.

How do I know if my transfer went through?

Log into your bank's website or app and check your account history. You should see the transfer listed with a date and status. Wire transfers show as "sent" or "completed" the same day. ACH transfers show as "pending" for three to five days, then "completed." If your transfer does not appear after the expected time, call your bank.