The fastest way depends on how soon you need the money there
A bank transfer moves money from your account to someone else's account at a different bank. The speed and cost depend on which method you choose: wire transfer, ACH transfer, or real-time payment. Wire transfers arrive the same day but cost $15 to $50. ACH transfers are free but take 3 to 5 business days. Real-time payments (like Zelle or FedNow) arrive in minutes to hours and are usually free, but not all banks offer them yet.
Before you start, you need the recipient's bank account number and routing number. If you do not have these, ask them directly or check a recent check they wrote to you — the routing number is the first nine digits on the bottom left, and the account number follows.
Key Takeaways
- Wire transfers cost money but arrive the same business day; ACH transfers are free but take 3 to 5 business days.
- You need the recipient's routing number and account number before you can send money; ask them directly if you do not have these.
- Real-time payment services like Zelle move money in minutes but are only available if both banks participate.
- Once a wire transfer leaves your bank, you cannot cancel it; ACH transfers can sometimes be stopped within 24 hours if you contact your bank immediately.
Wire transfer: same-day delivery, with a cost
A wire transfer is the fastest way to move money between banks. Your bank sends the money directly to the recipient's bank, and it arrives the same business day — usually within hours. Wire transfers are irreversible once sent, so the receiving bank cannot refuse the payment or reverse it later.
Wire transfers cost between $15 and $50 depending on your bank. Some banks charge less for transfers within the United States and more for international transfers. A few banks waive the fee if you maintain a high balance or have a premium account, so check with your bank first.
To send a wire transfer, log into your bank's website or app, select "Send Money" or "Wire Transfer", enter the recipient's routing number and account number, and confirm the amount. Some banks require you to call or visit a branch instead. The money leaves your account immediately, even though it may take a few hours to reach the recipient's bank.
ACH transfer: free, but slower
An ACH transfer (Automated Clearing House) is a free way to move money between banks, but it takes longer. The money typically arrives in 3 to 5 business days. ACH transfers go through a clearing network that batches payments and processes them overnight, which is why they take longer than wire transfers.
ACH transfers are free at most banks, though some charge a small fee ($1 to $3) if you send a large number in one month. Check your bank's fee schedule or ask a representative. You can usually cancel an ACH transfer within 24 hours of sending it if you contact your bank right away, but once it reaches the recipient's bank, you cannot reverse it.
To send an ACH transfer, log into your bank's website or app and select "Send Money" or "ACH Transfer". Enter the recipient's routing number, account number, and the amount. Confirm the details and submit. The money will leave your account within one business day and arrive at the recipient's bank within 3 to 5 business days.
Real-time payments: minutes instead of days
Real-time payment services like Zelle, FedNow, and RTP (Real-Time Payments) move money in minutes to a few hours, and most are free. However, not all banks offer these services yet, so both your bank and the recipient's bank must participate.
Zelle is the most widely available. If your bank offers it, you can send money through your bank's app or website by entering the recipient's email address or phone number — you do not need their routing and account numbers. The money arrives within minutes in most cases. Zelle is free for personal transfers, though some banks may charge a fee for business accounts.
FedNow is newer and available through a smaller number of banks, but it works similarly to Zelle. Check your bank's website or app to see if real-time payments are available. If your bank does not offer them, you will need to use ACH or wire transfer instead.
What information you need before you start
Gather these details before you initiate any transfer:
- Recipient's full name (exactly as it appears on their bank account)
- Recipient's bank account number
- Recipient's bank routing number (a nine-digit code that identifies their bank)
- The amount you want to send
If you are using Zelle or another real-time payment service, you may only need the recipient's email address or phone number instead of their routing and account numbers. Ask the recipient directly if you do not have their banking details. Do not guess or use information from an old check, because a wrong account number means the money goes to the wrong person and recovery is difficult.
How to cancel or reverse a transfer
Wire transfers cannot be cancelled once they leave your bank. If you sent money to the wrong account, contact your bank immediately and provide the wire reference number. Your bank can contact the receiving bank and ask them to return the money, but the receiving bank is not required to do so. Recovery is slow and not may provide.
ACH transfers can sometimes be stopped within 24 hours if you contact your bank right away. Call your bank's customer service line or log into your app and look for a "Recall" or "Stop Payment" option. After 24 hours, the transfer is usually irreversible, though your bank can still ask the receiving bank to return the money. This process takes weeks and is not may provide to work.
Real-time payments like Zelle are also irreversible once sent. If you sent money to the wrong person, contact Zelle's support team or your bank immediately. They can reach out to the recipient and ask them to return the money, but they cannot force them to do so.
Fees and limits vary by bank
Most banks allow you to send multiple transfers per month for free (ACH) or for a flat fee per transfer (wire). Some banks limit the amount you can transfer in a single day or per month. Check your bank's website or call customer service to learn your limits and fees.
If you send a wire transfer, your bank may ask you to verify the recipient's identity or the purpose of the transfer, especially for large amounts. This is a fraud-prevention measure and is normal. If you are sending money internationally, expect higher fees and longer processing times.
Frequently Asked Questions
How long does a bank transfer actually take?
Wire transfers arrive the same business day, usually within a few hours. ACH transfers take 3 to 5 business days. Real-time payments like Zelle arrive in minutes to a few hours. Weekends and holidays can delay all transfers, so a transfer sent on Friday may not arrive until Monday or Tuesday.
Can I transfer money to a savings account at another bank?
Yes. The routing number and account number work the same way for savings accounts as they do for checking accounts. Make sure you have the correct account number for the savings account, not the checking account at the same bank.
What happens if I enter the wrong account number?
The money will go to whatever account matches that number at the receiving bank. If the account number belongs to someone else, recovery is difficult and slow. Contact your bank immediately with the transfer reference number and ask them to contact the receiving bank. The receiving bank can ask the account holder to return the money, but they cannot force them to.
Is there a limit to how much I can transfer?
Yes, and it varies by bank and transfer method. Most banks allow larger wire transfers than ACH transfers. Check your bank's website or call customer service to learn your daily and monthly limits. If you need to send more than your limit, you may be able to make multiple transfers or request a temporary increase.
Do I need to tell the recipient I am sending money?
It is a good idea to tell them in advance, especially if you are using ACH and the money will take several days to arrive. If you are using a wire transfer or real-time payment, the money arrives quickly, but the recipient may not recognize the deposit without a heads-up.