How to Transfer Money Between Bank Accounts

The basic ways to move money from one account to another

You can transfer money between your own bank accounts, or send it to someone else's account, using several methods. The most common are online transfer (through your bank's website or app), wire transfer (faster but costs money), ACH transfer (slower but free), and in-person transfer (at a branch). Which one you use depends on how fast you need the money to arrive, whether you're sending it to your own account or someone else's, and how much it costs.

Each method works differently and takes a different amount of time. Some are when ready, some take a few business days, and some take a week or longer. Understanding what each one does helps you pick the right tool for what you're trying to do.

Key Takeaways

• Online transfers through your bank's website or app are free and usually arrive within one to three business days for transfers between your own accounts.
• ACH transfers are free but slower, typically taking three to five business days, and work for sending money to other people's accounts.
• Wire transfers arrive the same day or next business day but cost $15 to $30 and are harder to reverse if you make a mistake.
• In-person transfers at a bank branch are when ready but require you to visit during business hours and may have daily or monthly limits.
• You need the receiving account number and routing number (for ACH or wire) or just the account holder's name (for some online transfers).

Online transfer through your bank's app or website

This is the easiest method for most people. Log into your bank's website or mobile app, find the "Transfer" or "Send Money" section, and enter the receiving account number. If you're transferring to your own account at the same bank, the money usually arrives when ready or within one business day. If you're sending to another bank, it typically takes one to three business days.

You'll need to know the receiving account number and, if it's at a different bank, the routing number of that bank. Your bank will ask you to name the transfer (like "Savings Account" or "Mom's Checking") so you can find it later. Most banks let you save frequent recipients so you don't have to type the account number every time. There is no fee for online transfers between your own accounts or to other people's accounts at different banks.

ACH transfer for sending money to other people

ACH stands for Automated Clearing House, and it's the system banks use to move money between different institutions. When you send an ACH transfer, your bank collects the money from your account and sends it through the ACH network to the receiving bank, which deposits it into the recipient's account. This process takes three to five business days because the ACH network processes transfers in batches, not when ready.

ACH transfers are free and work for sending money to anyone with a U.S. bank account. You need their account number and routing number. Some banks let you start an ACH transfer through their website; others require you to give the recipient's information to the receiving bank, which then pulls the money from your account. ACH transfers are safer than cash or checks because there's a record of where the money went, but they're slower than wire transfers if you need the money to arrive the same day.

Wire transfer for fast, same-day money movement

A wire transfer moves money the same business day or next business day, making it much faster than ACH. Your bank sends the money directly to the receiving bank with your name and account information attached. Wire transfers cost $15 to $30 depending on your bank and whether you're sending money domestically (within the U.S.) or internationally.

To send a wire transfer, you'll need to visit your bank in person, call them, or use their website or app (if they offer it). You'll provide the recipient's full name, account number, routing number, and bank name. Wire transfers are hard to reverse once they're sent, so double-check all the information before you confirm. If you send money to the wrong account, you may not be able to get it back. Wire transfers are best used when you need money to arrive quickly and the cost doesn't matter, or when you're sending a large amount.

In-person transfer at a bank branch

You can walk into any branch of your bank and ask a teller to transfer money to another account. This is when ready if you're transferring to your own account at the same bank. If you're sending money to someone else's account at a different bank, the teller will process it as an ACH or wire transfer, which follows the same timelines as those methods.

In-person transfers are useful if you're not comfortable using online banking or if you need help with the process. Some banks limit how much you can transfer in person on a single day or per month, so ask the teller what your limit is. There's no fee for in-person transfers to your own accounts, but wire transfers sent in person still cost the standard wire fee.

What information you need to provide

The information required depends on the type of transfer and whether you're sending to your own account or someone else's. For transfers between your own accounts at the same bank, you usually only need the account number. For transfers to another bank, you need the receiving account number and the routing number of the receiving bank.

If you're sending money to another person, you'll also need their full name as it appears on their account. Some banks ask for additional details like the recipient's address or phone number. Wire transfers require the most information: the recipient's full name, account number, routing number, bank name, and sometimes the bank's address. Double-check all details before you send, especially for wire transfers, because mistakes are hard to fix.

How long transfers take and what affects the timeline

Online transfers between your own accounts at the same bank are usually when ready or arrive within one business day. Transfers to a different bank through your bank's online system typically take one to three business days. ACH transfers take three to five business days because the ACH network processes them in batches overnight. Wire transfers arrive the same business day if you send them before your bank's cutoff time (usually 2 or 3 p.m.), or the next business day if you send them after.

Weekends and bank holidays slow everything down. If you send a transfer on Friday evening, it won't process until Monday. If Monday is a holiday, it won't process until Tuesday. Some banks also have internal processing delays, so a transfer that should take one business day might take two. If your transfer hasn't arrived when you expected it, contact your bank to check the status.

Frequently Asked Questions

Can I transfer money to someone at a completely different bank?

Yes. You can use an ACH transfer (free, three to five business days), a wire transfer (costs money, same or next day), or your bank's online transfer tool (free, one to three business days). You'll need the recipient's account number and routing number for ACH or wire transfers.

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

The routing number identifies the bank where the account is held. The account number identifies the specific account within that bank. You need both for ACH and wire transfers. Your bank's routing number is usually printed on the bottom left of your checks, or you can find it on your bank's website.

Can I cancel a transfer after I send it?

It depends on the type. Online transfers and ACH transfers can sometimes be canceled if you contact your bank quickly, before the money leaves your account. Wire transfers are almost impossible to cancel once sent. Contact your bank when ready if you need to stop a transfer.

Is there a limit to how much I can transfer?

Yes, and it varies by bank and account type. Some banks limit daily transfers to $5,000 or $10,000, while others have higher limits. Check your bank's website or call them to find out your specific limit. You can often request a higher limit if you need to transfer more money.

Do I pay a fee for every transfer?

Online transfers and ACH transfers are free. Wire transfers cost $15 to $30. In-person transfers to your own accounts are free, but wire transfers sent in person still have a fee. Some banks charge fees for transfers if you exceed a certain number per month, so check your account terms.