The fastest way depends on whether the accounts are at the same bank or different ones

If both accounts are at the same bank, you can move money between them in minutes using your online banking portal, mobile app, or by calling the bank. Log in, find the transfer option (usually under "Transfers" or "Move Money"), select the source and destination accounts, enter the amount, and confirm. The money arrives instantly or within one business day, depending on the bank's system.

If the accounts are at different banks, the transfer takes longer because the banks must communicate through a clearing system. The most common method is an ACH transfer (Automated Clearing House), which typically takes one to three business days. You initiate it through your sending bank's website or app by entering the receiving bank's routing number and your account number at that bank.

A third option is a wire transfer, which moves money the same business day or next morning but costs $15 to $50 per transfer. Use wire transfers only when you need the money urgently, because the fee adds up quickly and wire transfers cannot be reversed once sent.

Key Takeaways

  • Same-bank transfers happen instantly or within one business day and cost nothing through your online banking portal or app.
  • ACH transfers between different banks take one to three business days and are free, but require the receiving bank's routing number and your account number.
  • Wire transfers move money the same day or next morning but cost $15 to $50 and cannot be reversed, so use them only when speed is critical.
  • You can also transfer money in person at a branch, by phone, or by mailing a check, though these methods are slower and less common.

How to set up an ACH transfer between different banks

Start by logging into your sending bank's website or mobile app. Look for a link labeled "Transfer," "Move Money," "Send Money," or "Pay." Click it and select the option to transfer to an external account (as opposed to your own accounts at that bank).

You will be asked to enter the receiving bank's routing number and your account number at that bank. The routing number is a nine-digit code that identifies the receiving bank; you can find it on a check from that account, by calling the bank, or by searching the bank's name on the Federal Reserve's routing number database. Your account number is the number printed on checks or visible in your online banking portal at the receiving bank.

Enter the amount you want to transfer and a date. Most banks let you schedule the transfer for today or a future date. Confirm the details and submit. The sending bank will debit your account immediately, but the receiving bank will not credit the money for one to three business days while the ACH system processes the transfer.

What happens if you enter the wrong account number

If you enter an incorrect account number, the transfer may be rejected before it leaves your bank, or it may be sent to the wrong account at the correct bank. If it goes to the wrong account, you will need to contact your sending bank and ask them to file a reversal request. The bank will attempt to recover the money from the receiving bank, but this process takes time and is not always successful.

To avoid this, double-check the account number and routing number before you confirm. If you are transferring a large amount, consider sending a small test transfer first (such as $1 or $5) to confirm the account is correct, then sending the rest once it arrives.

Wire transfers: when to use them and what they cost

Wire transfers move money faster than ACH transfers because they bypass the clearing system and go directly from one bank to another. Domestic wire transfers (within the United States) typically arrive the same business day if sent before the bank's cutoff time (usually 2 or 3 p.m.), or the next business day if sent after. International wire transfers take one to five business days depending on the receiving country.

Wire transfers cost between $15 and $50 per transfer, depending on your bank. Some banks charge more for international wires. Because wire transfers cannot be reversed once sent, use them only when you need the money urgently and you are certain the receiving account is correct. If you send money to the wrong account by wire, you will have to contact the receiving bank and ask them to return it—they are not required to do so.

To send a wire transfer, call your bank or log into your online banking portal and select the wire transfer option. You will need the receiving bank's routing number, the account number, and the account holder's name. Some banks also ask for the receiving bank's address. Confirm all details before submitting, because the transfer cannot be stopped once it is processed.

Transfers from your own accounts at different banks

If you own accounts at multiple banks and want to move money between them, you have two options: initiate the transfer from the sending bank, or link the accounts and transfer from the receiving bank.

The first method is what we described above—log into the sending bank and enter the receiving bank's routing number and your account number. The second method is to log into the receiving bank, add the sending bank account as a linked external account, and then transfer money from that linked account into your own account. This second method is sometimes faster because the receiving bank can initiate the pull rather than waiting for the sending bank to push the money.

Both methods use ACH and take one to three business days. The receiving bank may hold the money for a few days even after it arrives, especially if the transfer is large or if you recently opened the account. This is called a hold, and it is a fraud prevention measure.

Other ways to move money between accounts

If you do not want to use online banking, you can transfer money by phone. Call your sending bank's customer service number, provide your account information and the receiving account details, and ask them to initiate an ACH transfer or wire transfer. Phone transfers use the same systems as online transfers and take the same amount of time, but some banks charge a fee for phone transfers.

You can also withdraw cash from one account and deposit it into another, though this is slow and inconvenient for large amounts. If you have a check from the receiving account, you can deposit a check from the sending account into it, but this also takes several days to clear.

Some banks offer Zelle, a peer-to-peer payment service that moves money between enrolled accounts in minutes. Zelle works between different banks if both banks participate in the network. However, Zelle is designed for sending money to other people, not for moving your own money between accounts, and it has daily and monthly limits on how much you can send.

What to do if a transfer is delayed or lost

If an ACH transfer does not arrive within three business days, contact your sending bank and provide the transfer confirmation number (which you received when you initiated the transfer). The bank will trace the transfer through the ACH system to find out where it is. If the money is stuck in the system, the bank can file a claim to recover it. If it was sent to the wrong account, the bank will file a reversal request.

If a wire transfer does not arrive within one business day for a domestic transfer, or five business days for an international transfer, contact your sending bank immediately. Wire transfers are harder to trace than ACH transfers, so act quickly. Provide the wire confirmation number and the receiving bank's details. The bank will investigate, but recovery is not always possible.

Keep your transfer confirmation number and the date you initiated the transfer. If there is a dispute, you will need this information to prove you sent the money and when.

Frequently Asked Questions

Can I transfer money between accounts at the same bank instantly?

Yes. Same-bank transfers are usually instant or arrive within one business day. Log into your online banking portal, select the transfer option, choose both accounts, enter the amount, and confirm. No routing number is needed because both accounts are in the same system.

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

A routing number identifies the bank itself (nine digits). An account number identifies your specific account at that bank (usually 10 to 12 digits). You need both to transfer money to an account at a different bank. The routing number tells the sending bank which bank to send the money to; the account number tells that bank which account to deposit it into.

Can I cancel a transfer after I send it?

ACH transfers can sometimes be canceled if you contact your bank before the transfer is processed, usually within a few hours of sending it. Wire transfers cannot be canceled once sent. Call your bank immediately if you need to stop a transfer; do not wait. Provide your confirmation number and the time you sent it.

Why is my transfer on hold even though it arrived?

Banks place holds on incoming transfers as a fraud prevention measure, especially for large amounts or new accounts. The hold typically lasts one to five business days. You can ask your bank to release the hold early, but they are not required to. The money is yours; it is just not available to withdraw yet.

Do I pay a fee for ACH transfers between my own accounts?

No. ACH transfers between your own accounts at different banks are free. Wire transfers cost $15 to $50. Some banks charge fees for phone transfers or for transfers initiated by a teller at a branch, so ask your bank before you transfer.