How To Move Money Between Your Bank Accounts

The most common ways to transfer money to another bank

You can move money to another bank account through a wire transfer, ACH transfer, or by writing a check. Wire transfers are fastest but cost money. ACH transfers are free or low-cost but take several business days. Checks are free but slowest. Which one works depends on how fast you need the money, whether you know the receiving account details, and how much you are sending.

All three methods require the same basic information: the receiving bank's name, the account holder's name, the account number, and the routing number (a nine-digit code that identifies the bank). Some banks let you set up transfers through their website or app in minutes. Others require you to call or visit a branch.

Key Takeaways

• Wire transfers move money the same day or next business day but typically cost $15 to $30 per transfer.
• ACH transfers are free or cost $1 to $3 but take three to five business days to complete.
• You need the receiving bank's routing number and the account number to set up any electronic transfer.
• Most banks let you initiate transfers online, by phone, or in person, and the method you choose affects how quickly the bank processes it.

Wire transfers: fastest but with a fee

A wire transfer moves money directly from your bank to another bank's account. The sending bank deducts the money from your account when ready, and the receiving bank deposits it the same day or by the next business day. Wire transfers are the fastest option and work across all banks and credit unions.

Wire transfers cost money. Most banks charge $15 to $30 per outgoing wire transfer. Some banks charge less for transfers within the same bank or to accounts you have already set up. A few banks waive the fee if you maintain a high balance or have a premium account type.

To send a wire transfer, you will need the receiving bank's name, the account holder's name, the account number, and the routing number. Some banks also ask for the receiving bank's address. You can initiate a wire transfer through your bank's website, mobile app, by phone, or in person. Most banks process wires submitted before 2 p.m. on the same business day; wires submitted after that time or on weekends may not process until the next business day.

ACH transfers: free or low-cost and reliable

An ACH transfer (Automated Clearing House) moves money through a network that connects all U.S. banks and credit unions. ACH transfers are free or cost $1 to $3, depending on your bank. The trade-off is speed: ACH transfers typically take three to five business days to complete.

You initiate an ACH transfer the same way you would a wire transfer — through your bank's website, app, by phone, or in person. You need the same information: the receiving bank's name, account holder's name, account number, and routing number. Once you submit the transfer, your bank sends it into the ACH network, where it waits to be processed. The receiving bank then deposits the money into the account.

ACH transfers work well for planned transfers where you do not need the money when ready. Many people use ACH to move money between their own accounts at different banks, pay bills, or send money to family members. Because ACH transfers take several days, they are less useful if you need money the same day.

Checks: free but slowest

Writing a check is still a valid way to transfer money to another bank account, though it is the slowest method. The person who receives the check deposits it at their bank, and the check clears through the banking system over several business days — often five to ten days depending on the banks involved.

Checks are free to write if you already have a checkbook. They work well if you do not have the receiving account's routing number or if you prefer a paper record of the transaction. Checks are also useful if the receiving person does not have a bank account yet but plans to open one.

The main drawback is that checks can get lost in the mail, and there is no way to speed up the process once you have mailed it. If the check is lost or the recipient does not deposit it, you will not know for weeks.

How to find the routing number you need

The routing number is a nine-digit code that identifies a specific bank or credit union. You need it to send money electronically. You can find the routing number in several places: at the bottom left of your checks, on your bank's website (usually under "routing number" or "bank information"), by calling your bank's customer service line, or by visiting the Federal Reserve's routing number search tool at fedachdirectory.frb.org.

Make sure you have the correct routing number for the receiving bank and the correct branch, because some large banks have different routing numbers for different regions. If you enter the wrong routing number, the money may go to the wrong account or be rejected entirely.

Setting up a transfer through your bank

Most banks let you set up transfers through their website or mobile app without visiting a branch. Log into your account, look for a "Transfer" or "Send Money" option, and select the account or bank you want to send money to. If this is your first transfer to that account, you will usually need to add it as a new recipient by entering the receiving bank's name, account holder's name, account number, and routing number.

Some banks verify new recipients by depositing two small amounts (usually under $1 each) into the account and asking you to confirm the amounts. This verification step can take one to two business days. Once the account is verified, you can transfer money to it when ready.

If you prefer not to use the website or app, you can call your bank's customer service line or visit a branch in person. Phone and in-person transfers may take longer to process because a bank employee has to enter the information manually.

What happens if something goes wrong

If you send money to the wrong account, contact your bank when ready. Wire transfers are harder to reverse than ACH transfers. For a wire transfer, your bank may be able to recall the money if the receiving bank has not yet released it, but this is not always possible. For an ACH transfer, your bank can file a dispute, but it may take several weeks to resolve.

If a check is lost or deposited to the wrong account, you can stop payment on the check (usually for a $25 to $35 fee) and write a new one. Keep records of all transfers, including confirmation numbers, dates, and amounts, so you can track what happened if there is a problem.

Frequently Asked Questions

How long does it take to transfer money between banks?

Wire transfers take one business day or same-day if submitted before 2 p.m. ACH transfers take three to five business days. Checks take five to ten business days depending on the banks and mail delivery. The exact timing varies by bank and day of the week.

Can I transfer money on a weekend or holiday?

You can submit a transfer request on a weekend or holiday through your bank's website or app, but the bank will not process it until the next business day. Wire transfers submitted after 2 p.m. on a business day may also wait until the next day to process.

What if I do not know the receiving account's routing number?

Ask the person who owns the account to provide it, or call their bank directly and ask for the routing number. You can also search the Federal Reserve's routing number directory at fedachdirectory.frb.org if you know the bank's name and state.

Is there a limit to how much money I can transfer?

Most banks set daily or monthly transfer limits that vary by account type and how long you have been a customer. Check your bank's website or call customer service to find out your specific limits. You may be able to request a higher limit.

Do I need to tell the other bank I am sending money?

No. The receiving bank will deposit the money automatically once it arrives. However, if you are sending money to someone else's account, it is a good idea to let them know so they are not surprised by the deposit and can confirm they received the correct amount.