What "transfer cash" means and your main options

Transferring cash means moving money from one bank account to another. The term usually covers moving money between your own accounts at the same bank, between accounts at different banks, or sending money to someone else's account. The method you use depends on where the money is going and how fast you need it to arrive.

Your main options are a bank transfer (also called an ACH transfer or wire transfer), a peer-to-peer payment app, a cashier's check, or a withdrawal and deposit in person. Each one works differently, costs different amounts, and takes a different amount of time. The right choice depends on whether you are moving money between your own accounts, sending it to someone you know, or paying a business.

Key Takeaways

  • ACH transfers between your own accounts at the same bank usually arrive the same day or next business day and cost nothing.
  • Transfers between different banks take one to three business days and are free through most banks' online platforms.
  • Wire transfers arrive within hours but cost $15 to $50 and are harder to reverse if you make a mistake.
  • Peer-to-peer apps like Venmo and PayPal let you send money to friends when ready or within one business day, usually for free.
  • A cashier's check is a physical document you can hand to someone or mail, and it clears within a few business days.

Transferring money between your own accounts at the same bank

If both accounts are at the same bank, log into your online banking platform or mobile app and look for a link labeled "Transfer Funds," "Move Money," or "Between My Accounts." You will enter the amount, pick the account you are sending from and the account you are sending to, and confirm. Most banks process these transfers the same day or by the next business day, and they cost nothing.

Some banks let you set up recurring transfers if you move the same amount regularly — for example, moving $200 from checking to savings every payday. You can usually schedule a one-time transfer to happen on a specific date in the future, which is useful if you know money is coming in and want to move it automatically.

Transferring money to a different bank

To move money to an account at a different bank, you need the other account's routing number and account number. The routing number is a nine-digit code that identifies the bank; the account number identifies the specific account. You can find both on a check, or by calling the other bank or logging into their online platform.

Log into your current bank's online platform and look for "Transfer Funds," "External Transfer," or "Send Money." Enter the receiving bank's routing and account numbers, the account holder's name, the amount, and the date you want the transfer to happen. Most banks process these transfers for free and they arrive within one to three business days. The exact timing depends on both banks' processing schedules — some banks process transfers overnight, others take longer.

If you transfer money regularly to the same account, most banks let you save that account as a "payee" so you do not have to re-enter the routing and account numbers each time. The first transfer to a new payee sometimes takes longer because the bank verifies the account details.

Wire transfers for faster, larger amounts

A wire transfer moves money within hours instead of days, but it costs $15 to $50 depending on your bank and whether the money is going to a domestic account (within the United States) or international account. Wire transfers are often used for large purchases like a down payment on a house, or when you need money to arrive the same day.

To send a wire transfer, call your bank or visit a branch — most banks do not let you start a wire through their online platform because they want to verify your identity and the receiving account details. You will need the receiving bank's routing number, the account number, the account holder's name, and the amount. The bank will charge you a fee and the money will usually arrive within a few hours.

Wire transfers are difficult to reverse if you make a mistake or if someone tricks you into sending money to the wrong account. Before you send a wire, triple-check the account number and routing number. If the money goes to the wrong place, contact your bank when ready — they may be able to stop the transfer if it has not been processed yet, but once it arrives at the receiving bank, recovery is much harder.

Peer-to-peer payment apps for sending money to people

Apps like Venmo, PayPal, Square Cash, and Zelle let you send money to friends and family using their email address or phone number instead of asking for their bank account details. Most of these transfers are free and arrive when ready or within one business day, depending on the app and the receiving bank.

To use a peer-to-peer app, read it on your phone, create an account, and link your bank account or debit card. Search for the person you want to send money to by their email or phone number, enter the amount, and confirm. The money moves from your bank account to theirs. Some apps let you send money to people who do not have the app yet — they receive a notification and can claim the money by downloading the app and linking their account.

These apps are convenient for splitting rent, paying back a friend, or sending a gift, but they are not ideal for large amounts or formal payments. Some apps have daily or monthly limits on how much you can send. Check your app's terms to see whether there are fees for sending money to people at different banks, or for when ready transfers.

Cashier's checks for formal payments and mailing

A cashier's check is a check written by the bank itself, not by you. The bank guarantees the money is there, so the person receiving it knows it will not bounce. Cashier's checks are useful when you need to pay a large amount and the person receiving it wants proof the money is real — for example, a landlord, a car seller, or a contractor.

To get a cashier's check, visit your bank branch with your debit card or ID. Tell the teller you want a cashier's check, the amount, and who it should be made out to. The bank will charge a small fee, usually $5 to $15. The teller will write the check and you can hand it to the person or mail it. The receiving person deposits it at their bank and the money clears within a few business days.

Cashier's checks are also useful if you do not want to give someone your bank account number, or if you need to send money by mail and do not want to send cash. The check is safer than cash because it can only be deposited into the account it is made out to.

Withdrawing and depositing cash in person

If you need to move money between accounts at different banks and you have time, you can withdraw cash at one bank and deposit it at another. This works for any amount, but it is slower than a transfer and you are handling physical cash, which carries the risk of loss or theft.

Go to your current bank's branch or ATM, withdraw the amount you need, and then go to the other bank's branch or ATM and deposit it. If you deposit at an ATM, the money may take one to three business days to appear in your account. If you deposit at a branch, it usually appears the same day or next business day. This method is free but it is inconvenient for large amounts and it is not practical if the two banks are far apart.

Frequently Asked Questions

How long does it take for money to show up after I transfer it?

Transfers between accounts at the same bank usually arrive the same day or next business day. Transfers between different banks take one to three business days. Wire transfers arrive within hours. Peer-to-peer apps can be when ready or take one business day depending on the app and the receiving bank. Deposits made at an ATM take one to three business days; deposits at a branch usually arrive the same day or next business day.

Do I have to pay a fee to transfer money?

Most transfers between accounts at the same bank and transfers between different banks through your bank's online platform are free. Wire transfers cost $15 to $50. Peer-to-peer apps are usually free but some charge a fee for when ready transfers or for sending money to people at certain banks. Cashier's checks cost $5 to $15. Withdrawing and depositing cash is free but takes more time.

What information do I need to transfer money to someone else's account?

For a bank transfer, you need the receiving bank's routing number and the account number. For a peer-to-peer app, you need their email address or phone number. For a wire transfer, you need the routing number, account number, account holder's name, and sometimes the bank's address. For a cashier's check, you need the name you want it made out to.

Can I cancel a transfer after I send it?

Transfers between accounts at the same bank and ACH transfers between different banks can sometimes be stopped if you contact your bank when ready and the transfer has not been processed yet. Wire transfers are very difficult to stop once they are sent. Peer-to-peer transfers are usually when ready and cannot be reversed. If you make a mistake, contact your bank or the app right away.

What is the difference between an ACH transfer and a wire transfer?

An ACH transfer is a standard bank transfer that takes one to three business days and is usually free. A wire transfer is faster (within hours) but costs money and is harder to reverse. Use ACH for routine transfers and wire transfers when you need money to arrive quickly or when the receiving bank requires it.