The fastest way depends on how soon you need the money there
The method you choose determines how long the transfer takes and what it costs. A wire transfer moves money the same day or next business day but costs $15 to $50. An ACH transfer (Automated Clearing House) takes three to five business days and is usually free. A debit card or check works if you need to move money to someone else's account, not your own. If both accounts are at the same bank, an internal transfer is instant and free.
Start by knowing which bank holds the money you want to move and which bank will receive it. If you are moving money between your own accounts at different banks, you will need the receiving account's routing number and account number. If you are sending money to someone else, you need their account details and their permission.
Key Takeaways
- Wire transfers arrive the same day or next business day but cost $15 to $50 and cannot be reversed once sent.
- ACH transfers are free or low-cost and take three to five business days, making them the default choice for routine moves between your own accounts.
- Internal transfers between accounts at the same bank are instant and free, so check whether both your accounts are already at one institution.
- You will need the receiving account's routing number and account number to start any transfer; your bank can provide both if you ask.
- Transfers initiated before 2 p.m. on a business day usually process faster than those sent after hours or on weekends.
Wire transfers: same day, but expensive and final
A wire transfer moves money directly from one bank to another through the Federal Reserve or SWIFT network. The money leaves your account immediately and arrives at the receiving bank the same business day or by the next morning. Once sent, a wire cannot be reversed—the receiving bank has the money and you cannot get it back without the recipient's cooperation.
Wire transfers cost between $15 and $50 depending on your bank and whether the receiving bank is domestic or international. Domestic wires (within the United States) are cheaper and faster than international wires. You initiate a wire by calling your bank, visiting a branch, or using online banking if your bank offers it. Have the receiving account's routing number, account number, and account holder's name ready.
Use a wire transfer when you need money to arrive the same day, such as for a down payment on a house, a time-sensitive payment, or an urgent bill. Do not use it for routine transfers between your own accounts, because the cost and irreversibility are not worth the speed.
ACH transfers: free, slow, and reversible
An ACH transfer is the standard way to move money between banks. The money moves through the Automated Clearing House network, which batches transfers and processes them overnight. A transfer initiated on a Monday morning typically arrives by Wednesday or Thursday. Transfers sent after 2 p.m., on weekends, or on holidays may not process until the next business day, adding one to two days to the timeline.
ACH transfers are free or cost $1 to $3 at most banks. Unlike a wire, an ACH transfer can be reversed within a few days if there is an error—the receiving bank can send the money back to your account. This makes ACH safer for routine transfers and transfers to people you do not know well.
Set up an ACH transfer through your bank's online portal, mobile app, or by calling customer service. You will need the receiving account's routing number and account number. Some banks let you add a receiving account as a "payee" so you can transfer to it repeatedly without re-entering the details each time. The first transfer to a new account sometimes takes longer (up to seven days) while the bank verifies the account exists.
Internal transfers: instant and free
If both accounts are at the same bank, you can transfer money between them instantly at no cost. Log into online banking or your mobile app, select "transfer between my accounts," choose the sending and receiving accounts, enter the amount, and confirm. The money appears in the receiving account within minutes, even on weekends or after hours.
Internal transfers are the fastest and cheapest option if you have multiple accounts at one bank. Check your account statements or log into online banking to see which bank holds each account. If you have accounts at different banks, you will need to use ACH or wire instead.
Using a debit card or check to move money to someone else
If you need to send money to another person's account but do not want to use a bank transfer, you can write a check or use your debit card. A check takes five to seven business days to clear, depending on the receiving bank and whether the check is deposited in person or through mobile deposit. A debit card payment (if the recipient accepts cards) is instant but may include a processing fee.
Checks are useful for one-time payments and leave a paper trail. Debit cards are faster but expose your card number to the recipient. Neither method is ideal for routine transfers between your own accounts.
What information you need to start a transfer
To transfer money to another bank account, you will need:
- The receiving bank's routing number (a nine-digit code that identifies the bank)
- The receiving account's account number
- The account holder's full name as it appears on the account
- The amount you want to transfer
If you do not have the routing number, ask the account holder or look it up on the receiving bank's website. Most banks publish routing numbers online. Your own bank can also provide the receiving bank's routing number if you give them the bank's name and location.
Double-check the account number and routing number before you send the transfer. A mistake in either one can send your money to the wrong account, and recovering it may take weeks or require the receiving bank's help.
How long transfers actually take
| Transfer Type | Timeline | Cost | Reversible? |
|---|---|---|---|
| Internal (same bank) | Instant to minutes | Free | Yes, usually |
| ACH (different banks) | 3–5 business days | Free to $3 | Yes, within days |
| Wire transfer | Same day or next business day | $15–$50 | No |
| Check | 5–7 business days | Free | Yes, if not cashed |
Business days are Monday through Friday, excluding federal holidays. Transfers initiated after 2 p.m. on a Friday will not process until Monday. Transfers initiated on a holiday will not process until the next business day.
What to do if a transfer goes wrong
If money does not arrive within the expected timeframe, contact your bank first. Ask them to trace the transfer using the confirmation number or reference ID from when you sent it. Your bank can tell you whether the money left your account and where it went.
If the money was sent to the wrong account, ask your bank to contact the receiving bank and request a reversal. This works best with ACH transfers, which can be reversed within a few days. Wire transfers cannot be reversed, but the receiving bank may still help if you contact them quickly and explain the error.
If the receiving account holder refuses to return the money, you may need to file a dispute with your bank or pursue the matter through small claims court. Keep all confirmation numbers, emails, and records of the transfer.
Frequently Asked Questions
Can I transfer money to someone else's account at a different bank?
Yes. Use an ACH transfer if you have time (three to five days) or a wire transfer if you need it the same day. You will need their account number, routing number, and full name. Some banks also let you send money through bill pay or peer-to-peer apps like Venmo or PayPal.
What happens if I enter the wrong account number?
The money may go to a different account at the same bank, or the transfer may be rejected if the account number does not match the routing number. Contact your bank immediately with the confirmation number. ACH transfers can sometimes be reversed within a few days; wire transfers cannot.
Do I need to tell the other bank I am sending money?
No. The receiving bank will accept the transfer automatically if the account number and routing number are correct. You may want to tell the account holder to expect the money so they know to look for it.
Is there a limit to how much I can transfer?
Most banks set daily or monthly limits on ACH transfers, often $10,000 to $25,000 per day. Wire transfers usually have higher limits. Contact your bank to learn your specific limits or to request a temporary increase.
Can I cancel a transfer after I send it?
ACH transfers can usually be cancelled within a few hours if you contact your bank before the transfer processes. Wire transfers cannot be cancelled once sent. Check with your bank about their cancellation window.