How to Move Money Between Bank Accounts

The fastest way depends on how much money and how soon you need it there

Moving money between your own bank accounts takes anywhere from minutes to three business days, depending on which method you use and whether both banks are connected to the same network. A wire transfer or ACH transfer are the most common routes. Wire transfers move money the same day or next business day but cost $15 to $30. ACH transfers are free or nearly free but take three to five business days. If you need money instantly and both accounts are at the same bank, you can move it through your bank's app or website in seconds at no cost.

The method you choose also depends on whether you are moving money to an account you own or to someone else. Moving money between your own accounts is straightforward and carries no fraud risk. Sending money to another person's account requires you to provide their bank details and involves more steps.

Key Takeaways

• Same-bank transfers through your bank's app or website are instant and free if both accounts are at the same institution.
• ACH transfers between different banks are free but take three to five business days and work best for routine or non-urgent moves.
• Wire transfers move money the same day or next business day but cost $15 to $30 and are best for large amounts or time-sensitive transfers.
• You will need the receiving account's routing number and account number, or the account holder's name and email if using a peer-to-peer service.
• If a transfer does not arrive on time, contact your sending bank within one business day to start a trace.

Moving money between accounts at the same bank

If both accounts are at the same bank, the transfer happens instantly through your bank's mobile app, website, or by calling customer service. Log into your account, select the option to transfer between your own accounts, enter the amount, and confirm. The money appears in the receiving account within minutes, usually within seconds.

There is no fee for same-bank transfers. This is the fastest and cheapest option if it is available to you. Some banks call this an "internal transfer" or "move money between accounts."

ACH transfers between different banks

An ACH transfer (Automated Clearing House) is a free or low-cost way to move money between accounts at different banks. The transfer takes three to five business days because the banks use a batch processing system that clears once per day. You initiate the transfer through your sending bank's website or app by entering the receiving account's routing number and account number.

Most banks do not charge a fee for ACH transfers, though some charge $1 to $3 for outgoing transfers. The receiving bank almost never charges. ACH transfers work well for routine moves like transferring money to a savings account, paying yourself from a business account, or moving money to a brokerage account. They are not suitable if you need the money the same day.

To set up an ACH transfer, you will need the receiving bank's nine-digit routing number and the account number. You can find the routing number on your bank's website, by calling the bank, or by looking at a check from that account (the routing number is the first set of numbers on the bottom left).

Wire transfers for same-day or next-day delivery

A wire transfer moves money the same business day or next business day and is the fastest option between different banks. Wire transfers cost $15 to $30 depending on your bank and whether the transfer is domestic (within the United States) or international. You initiate a wire through your bank's website, app, or by calling a representative.

Wire transfers are useful when you need money quickly or are sending a large amount. They are also harder to reverse once sent, so confirm all account details before you authorize the transfer. If you make a mistake with the account number or routing number, the money may go to the wrong person, and recovering it is difficult and time-consuming.

To send a wire, you will need the receiving bank's routing number, the account number, the account holder's name, and sometimes the account holder's address. Some banks require you to call to authorize a wire rather than doing it online, especially for large amounts.

Peer-to-peer transfers for sending money to other people

If you are moving money to someone else's account, you have options beyond wire and ACH transfers. Services like Venmo, PayPal, Square Cash, and Zelle let you send money using only the recipient's email address or phone number, without needing their bank details. These transfers are usually free and take one to three business days.

Zelle is owned by a consortium of major banks and is built into many bank apps. Venmo and PayPal are separate apps you download. All three require you to link your bank account first. Transfers through these services are usually capped at $500 to $2,000 per transaction, depending on the service and your account history.

If you need to send more than the peer-to-peer limit or the recipient does not have a linked account, use an ACH transfer or wire transfer instead. You will need their routing number and account number for both.

What to do if a transfer does not arrive on time

ACH transfers that do not arrive within five business days and wire transfers that do not arrive within one business day should be reported to your sending bank immediately. Call or visit your bank in person and ask them to file a trace on the transfer. A trace is an investigation into where the money went.

Provide your bank with the date you sent the transfer, the amount, the receiving account number, and the receiving bank's routing number. Your bank will contact the receiving bank to locate the money. This process usually takes five to ten business days. If the money was sent to the wrong account by mistake, recovery is slower and may require the receiving bank's cooperation.

To avoid delays, double-check the routing number and account number before you authorize any transfer. Routing numbers are nine digits; account numbers vary in length. A single wrong digit will send the money to the wrong place.

Fees and limits you should know about

Same-bank transfers are free and unlimited. ACH transfers are free at most banks and have no limit, though some banks cap outgoing ACH transfers at $10,000 to $25,000 per day for security reasons. Wire transfers cost $15 to $30 and may have daily or monthly limits depending on your bank and account type.

Peer-to-peer services like Venmo and Zelle are free but cap individual transfers at $500 to $2,000. If you need to send more, you can make multiple transfers over several days, or use a wire transfer instead.

Some banks charge a fee if you receive an incoming wire transfer, usually $10 to $15. Ask your receiving bank whether they charge before you send a wire.

Frequently Asked Questions

Can I cancel a transfer after I send it?

Same-bank transfers and peer-to-peer transfers cannot be canceled once sent because they are instant. ACH transfers can sometimes be canceled within one business day if you contact your bank immediately. Wire transfers cannot be canceled after they are sent. If you need to cancel, call your bank right away and explain the situation.

What if I enter the wrong account number?

If the account number belongs to another real account at that bank, the money will go to that account. If the account number is invalid, the transfer may be rejected and the money returned to you within a few days. Contact your bank immediately if you realize you made a mistake. Recovery is not may provide and may take weeks.

Do I need to tell the receiving bank I am sending money?

No. For transfers to your own accounts, you do not need to notify anyone. For transfers to someone else's account, you should tell them you are sending money so they know to expect it and can watch for it to arrive. This is especially important for ACH transfers, which take several days.

Is there a limit to how much I can transfer?

Same-bank transfers have no limit. ACH transfers are unlimited at most banks, though some cap daily outgoing transfers at $10,000 to $25,000. Wire transfers may have daily or monthly limits set by your bank. Peer-to-peer services cap individual transfers at $500 to $2,000. Check with your bank about your specific limits.

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

A routing number identifies the bank or branch where the account is held. An account number identifies your specific account at that bank. Both are required to send an ACH transfer or wire transfer. The routing number is nine digits; the account number varies in length. You can find both on a check or by calling your bank.