Yes, you can transfer money between your own bank accounts
You can move money from one bank account to another as long as you own both accounts. The transfer can happen between accounts at the same bank, between two different banks, or even between different account types — checking to savings, for example. The method you use depends on how fast you need the money to arrive and whether the accounts are at the same institution.
Most transfers are free if you initiate them yourself through your bank's website or app. Some banks charge a fee for certain types of transfers, particularly if you move money frequently or use an expedited method. The time it takes ranges from instant (same-bank transfers) to several business days (transfers between different banks).
Key Takeaways
- Same-bank transfers between your own accounts usually complete instantly or within one business day and cost nothing.
- Transfers between different banks use the ACH system and typically take three to five business days, though some banks now offer next-day options.
- Wire transfers move money the fastest — often the same day — but cost $15 to $50 and are harder to reverse if you make a mistake.
- You can set up recurring transfers to move money on a schedule, which is useful for moving savings or paying yourself from a business account.
- If a transfer goes to the wrong account, contact your bank immediately; recovery depends on whether the receiving bank is yours and how quickly you act.
Same-bank transfers: the fastest and cheapest option
If both accounts are at the same bank, the transfer usually completes instantly or within one business day. You can initiate it through your bank's mobile app, website, or by calling customer service. Most banks do not charge a fee for moving money between your own accounts at the same institution.
To set up a same-bank transfer, log into your account online or on your phone, find the transfer or move money option, select the source account (where the money comes from) and the destination account (where it goes), enter the amount, and confirm. The money typically appears in the receiving account right away or by the next morning. Some banks let you schedule transfers for a future date if you want to time the movement with a paycheck or bill payment.
Transfers between different banks: ACH and timing
Moving money between accounts at two different banks uses a system called ACH (Automated Clearing House). ACH transfers are free and secure, but they take longer than same-bank transfers — typically three to five business days. The delay happens because the two banks have to coordinate through a clearing house, and weekends and holidays do not count as business days.
To start an ACH transfer, you will need the receiving account's routing number and account number. You can find these on a check, in your bank statements, or by calling the other bank. Log into your sending bank's website or app, select the option to transfer to an external account, enter the receiving bank's routing and account numbers, and provide the account holder's name. Your bank may require you to verify the account with small test deposits (usually $0.01 to $0.99) before allowing larger transfers, which adds a few extra days the first time.
Some banks now offer next-day ACH, which moves money in one business day instead of three to five. Ask your bank whether this is available for your account type; it is usually free, though a few banks charge a small fee.
Wire transfers: fastest but expensive and hard to reverse
A wire transfer moves money the same day or next business day and is the fastest option available. However, wire transfers cost $15 to $50 depending on your bank, and they are nearly impossible to reverse if you send the money to the wrong account. Use wire transfers only when you need money to arrive urgently and you are certain of the receiving account details.
To send a wire transfer, call your bank or visit a branch in person — most banks do not allow wire transfers through their website or app for security reasons. You will need the receiving bank's name, routing number, the receiving account number, and the account holder's name. Your bank will charge the fee and deduct it from your account along with the transfer amount. The receiving bank typically credits the money within hours or by the next business day.
If you wire money to the wrong account, contact your bank immediately. Your bank can try to recall the transfer, but the receiving bank is not required to return it. If the receiving bank is different from yours, recovery is difficult and may take weeks or not happen at all. For this reason, wire transfers are best used only when you are transferring to an account you have already used successfully.
Setting up recurring transfers
Most banks let you schedule a transfer to repeat on a set schedule — weekly, biweekly, monthly, or on specific dates. This is useful if you want to move a fixed amount to savings each payday, transfer money from a business account to your personal account, or pay yourself from a side income account.
To set up a recurring transfer, go to the transfer section of your bank's app or website, select the source and destination accounts, enter the amount and frequency, and confirm. You can usually edit or cancel a recurring transfer at any time. If you cancel it, the bank will stop the transfer after the next scheduled date, so plan ahead if you need to stop it before a specific payment.
What happens if you transfer to the wrong account
If you accidentally send money to the wrong account number, the speed of recovery depends on whether the receiving bank is yours and how quickly you act. If both accounts are at the same bank, contact customer service immediately — the bank can often reverse the transfer or retrieve the money before the receiving account holder accesses it. Same-bank mistakes are usually resolved within one to two business days.
If the receiving account is at a different bank, your bank will send a recall request to the other bank, but the receiving bank is not legally required to honor it. If the receiving account holder has already withdrawn the money or if the receiving bank refuses to cooperate, you may not recover it. Your only remaining option is to file a dispute with your bank and potentially pursue the matter through small claims court, which is expensive and time-consuming.
To avoid sending money to the wrong place, always verify the account number and routing number before confirming a transfer. If you are transferring to a new account for the first time, send a small test amount first and confirm it arrived before sending the full amount.
Fees and limits on transfers
Most banks do not charge for ACH transfers or same-bank transfers between your own accounts. Wire transfers cost $15 to $50. Some banks charge a fee if you exceed a certain number of transfers per month — for example, some savings accounts limit you to six transfers per month before charging $10 per extra transfer, though this rule has become less common.
Banks also set daily and monthly limits on how much you can transfer. A typical daily limit might be $5,000 to $25,000, and a monthly limit might be $50,000 to $100,000, but these vary widely by bank and account type. If you need to transfer more than your limit, call your bank and ask whether they can raise it temporarily or whether you need to split the transfer across multiple days.
Frequently Asked Questions
How long does it take to transfer money between two different banks?
ACH transfers typically take three to five business days. Some banks offer next-day ACH at no extra cost. Wire transfers are faster — usually the same day or next business day — but cost $15 to $50. Weekends and holidays do not count as business days, so a transfer initiated on Friday may not arrive until Tuesday.
Do I need the other person's permission to transfer money into their account?
No, you only need their account number and routing number. However, if you are transferring money into someone else's account (not your own), make sure you have their permission and that the account details are correct. Sending money to the wrong account is difficult to reverse.
Can I transfer money from a savings account to a checking account at a different bank?
Yes. Use ACH if you can wait three to five business days, or use a wire transfer if you need the money faster. You will need the checking account's routing number and account number. Some banks limit how many transfers you can make from a savings account per month.
What should I do if my bank says I cannot transfer to an external account?
Some banks require you to verify a new external account with small test deposits before allowing transfers. This process usually takes a few business days. If your bank is refusing transfers for another reason, call customer service to ask why and what you need to do to unblock transfers.
Is it safe to give someone my account number and routing number for a transfer?
It is safe to give your account number and routing number to receive money. These numbers are printed on every check and are not secret. However, do not give your PIN, password, or online banking login to anyone. If someone asks for those, it is a scam.