The fastest way depends on how soon you need the money there

The method you choose determines how long the transfer takes and what information you need. Wire transfers arrive the same day or next business day but cost $15 to $50. ACH transfers (Automated Clearing House) take three to five business days and are usually free. Real-time payments through services like FedNow or your bank's own system can move money in minutes, but not all banks offer them yet. Peer-to-peer apps like Venmo or PayPal work instantly for small amounts between people, but charge fees for bank transfers out.

If you are sending money to someone else's account at a different bank, you will need their name, account number, and routing number. If you are moving your own money between your accounts at two different banks, you need the same information but for the receiving account. Start by logging into your sending bank's website or app and looking for "Transfer" or "Send Money" — the exact wording varies by bank.

Key Takeaways

  • Wire transfers move money the same day or next business day but cost $15 to $50 per transfer.
  • ACH transfers are free or low-cost but take three to five business days to complete.
  • Real-time payments can arrive in minutes if both banks support them, but availability depends on your bank.
  • You need the receiving account holder's name, account number, and routing number to start any transfer.
  • Peer-to-peer apps move money instantly between people but charge fees when you withdraw to a bank account.

Wire transfers: same day, but with a cost and no reversal

A wire transfer moves money directly from one bank to another through the Federal Reserve or SWIFT network. The receiving bank gets the funds the same business day if you send before the bank's cutoff time (usually 2 or 3 p.m.), or the next business day if you miss it. You pay a fee — typically $15 to $50 depending on whether it is domestic or international — and the sending bank deducts it from your account.

Once a wire leaves your bank, you cannot cancel it. If you send money to the wrong account or the recipient does not exist, the receiving bank may return it, but that takes days and is not may provide. For this reason, confirm the account number and routing number twice before you hit send. Your bank will ask you to provide the recipient's name, account number, routing number, and the amount. Some banks also ask for the recipient's address.

Wire transfers work for sending money to anyone — another person, a business, a landlord, a contractor — as long as you have their banking details. They are the standard for large payments, down payments on homes, and time-sensitive transfers. If the receiving bank is outside the United States, the transfer may take one to three business days and cost more.

ACH transfers: free but slower, and reversible within limits

An ACH transfer moves money through the Automated Clearing House network, which processes transfers in batches rather than in real time. Most ACH transfers take three to five business days. Your bank may offer next-day ACH for an extra fee, but standard ACH is usually free. You provide the same information as a wire transfer — recipient name, account number, routing number — but the money moves through a different system.

ACH transfers can be reversed or disputed for up to 60 days after the transfer posts to the receiving account. If you send money to the wrong account, you can contact your bank and ask them to initiate a reversal. The receiving bank must cooperate, but if the recipient has already spent the money, recovery is not may provide. This reversibility makes ACH safer than wire for transfers to people you are not certain about.

ACH works for recurring payments — many people set up automatic ACH transfers to move money between their own accounts or to pay a roommate rent each month. Your bank can set up a standing instruction so the transfer happens on the same day each month without you having to initiate it each time. ACH is also the method used by employers to deposit paychecks and by creditors to collect payments.

Real-time payments: minutes instead of days, if your bank supports them

Real-time payment networks like FedNow (run by the Federal Reserve) and The Clearing House RTP allow money to move in minutes rather than days. Not all banks are on these networks yet, so availability depends on whether both your bank and the receiving bank participate. Check your bank's website or call to ask if they offer real-time payments. If both banks are connected, the transfer can arrive within minutes, 24 hours a day, including weekends and holidays.

Real-time payments use the same information as ACH — account number and routing number — but the money settles immediately. There is usually no fee, though some banks may charge a small amount for real-time transfers. Because the money arrives so quickly, the receiving bank has less time to verify the account details, so accuracy is even more important than with ACH.

Real-time payments are still rolling out across the banking system. Large banks like Bank of America, Chase, and Wells Fargo have adopted them, but smaller regional banks and credit unions may not offer them yet. If you need money to move fast and your bank does not support wire transfers or real-time payments, ACH next-day service is your middle option.

Peer-to-peer apps: instant for small amounts, but fees apply when you cash out

Apps like Venmo, PayPal, Square Cash, and Zelle let you send money to another person's phone number or email address. The money moves instantly within the app — the recipient sees it right away. However, if the recipient wants to move that money to their bank account, they have to initiate a separate transfer, which takes one to three business days and may include a fee.

These apps work best for splitting rent, paying back a friend, or sending money between people who both use the same platform. Venmo and PayPal charge 1% to 3% if you transfer money out to a bank account, though sending money within the app is free. Zelle, which is owned by major banks, is free for transfers between Zelle users, but not all banks offer it. Square Cash charges a small fee for bank transfers.

Peer-to-peer apps are not designed for large transfers or business payments. They have daily and monthly limits — Venmo caps transfers at $20,000 per week, for example — and they are less secure than bank-to-bank transfers because they rely on phone numbers or email addresses rather than account numbers. If someone has your Venmo username, they cannot access your bank account, but they can see your transaction history and send you money.

What information you need and how to avoid sending money to the wrong place

For any bank-to-bank transfer, you need four pieces of information about the receiving account: the account holder's name (exactly as it appears on the account), the account number, the routing number, and the bank name. The routing number is a nine-digit code that identifies the bank. You can find it on a check, on your bank's website, or by calling the bank directly.

Confirm the account number and routing number before you send anything. A single wrong digit in the account number sends the money to a different account at the same bank, and recovery is difficult. If you are sending to a business, ask them to provide the information in writing or confirm it over the phone. Scammers sometimes intercept emails and change banking details — if an invoice suddenly has different payment instructions, call the business directly to verify.

Some banks offer a verification service where you can send a small test transfer first (usually $0.01 to $1) to confirm the account is real. The receiving bank deposits it and sends back a confirmation code. You then send the full amount. This takes an extra day or two but is worth it for large transfers to accounts you have never used before.

Timing: business days, cutoff times, and when money actually arrives

Bank transfers do not process on weekends or federal holidays. If you send a transfer on Friday at 4 p.m., it will not leave your bank until Monday morning. The receiving bank also does not process transfers on weekends, so a Friday transfer might not arrive until Tuesday or Wednesday. This matters if you are paying a bill with a deadline — send at least two business days early to be safe.

Each bank sets its own cutoff time for same-day processing, usually between 2 and 5 p.m. Eastern time. If you send a wire transfer after the cutoff, it goes out the next business day. Some banks post transfers to the receiving account immediately, while others hold them for one business day before making them available. This means the money can arrive in your account but not be spendable for 24 hours.

ACH transfers typically post to the receiving account on the third business day, but some banks make the money available on day two. Wire transfers are faster but less predictable — a domestic wire usually arrives the same day or next day, but international wires can take one to three business days depending on the receiving country and bank.

Fees, limits, and what happens if something goes wrong

Wire transfer fees range from $15 to $50 for domestic transfers and $25 to $75 for international transfers. Some banks waive fees if you maintain a high balance or have a premium account. ACH transfers are usually free, though some banks charge $1 to $3 for next-day ACH. Real-time payments are typically free. Peer-to-peer apps charge 1% to 3% when you transfer money out to a bank account.

Banks set daily and monthly limits on how much you can transfer. Wire transfer limits are often higher — $10,000 to $100,000 per day depending on your account type — while ACH limits are usually $10,000 to $25,000 per day. Peer-to-peer apps have much lower limits, often $500 to $2,000 per transfer. If you need to send more, contact your bank to request a higher limit or split the transfer across multiple days.

If a transfer goes to the wrong account, contact your bank immediately. For wire transfers, the bank can try to recall the transfer, but success is not may provide if the receiving bank has already released the funds. For ACH transfers, you can file a dispute within 60 days and the bank will attempt to reverse it. For peer-to-peer apps, contact the app's support team — they can sometimes reverse a transfer if the recipient has not withdrawn the money yet.

Frequently Asked Questions

Can I transfer money between my own accounts at two different banks?

Yes. Log into the sending bank's website, select "Transfer," and choose "Transfer to another bank." You will need the routing number and account number of your receiving account. This usually takes three to five business days with ACH or one day with a wire transfer. Some banks let you link accounts so transfers are faster.

What is the difference between a routing number and an account number?

The routing number identifies the bank — it is the same for all customers of that bank. The account number identifies your specific account within that bank. You need both to transfer money. You can find both on a check, on your bank's website, or by calling the bank.

Is it safe to send my account number to someone?

Your account number alone is not enough for someone to withdraw money from your account — they also need your routing number, and even then, they can only initiate an ACH transfer, which you can dispute. However, do not share your account number with strangers or unverified businesses. Only provide it to people or organizations you trust.

How long does it take to transfer money between two banks?

ACH transfers take three to five business days. Wire transfers take one business day for domestic transfers. Real-time payments take minutes if both banks support them. Peer-to-peer apps move money instantly within the app, but withdrawing to a bank account takes one to three business days.

What should I do if I sent money to the wrong account?

Contact your bank immediately. For wire transfers, ask them to attempt a recall — success depends on whether the receiving bank has released the funds. For ACH transfers, file a dispute within 60 days. For peer-to-peer apps, contact support and ask for a reversal. The sooner you report it, the better your chances of recovery.