The fastest way depends on which banks you use and how soon you need the money
You can move money from one bank to another in a few different ways, and the right choice depends on your timeline and which banks are involved. If both banks are connected through the same network — like the Federal Reserve's system or a private clearing house — the transfer usually takes one to two business days. If you're moving money between accounts at the same bank, it's often when ready. For transfers between banks that don't share a direct connection, or if you need the money the same day, you'll use a different method.
The most common routes are ACH transfers (which take one to three business days), wire transfers (which can be same-day but cost money), and in-person methods like cashier's checks or cash withdrawal. Each has different costs, speed, and limits on how much you can send.
Key Takeaways
- ACH transfers are free or low-cost and take one to three business days, making them the standard choice for routine transfers between banks.
- Wire transfers move money the same day or next business day but typically cost $15 to $30 and are harder to reverse if you make a mistake.
- Transfers between accounts at the same bank are usually when ready and free, even if the accounts are in different names or states.
- You can initiate most transfers through your bank's website or mobile app without visiting a branch.
- Large transfers may trigger fraud checks or reporting requirements, which can add a day or two to the process.
ACH transfers: the standard method for moving money between banks
An ACH transfer (Automated Clearing House) is the most common way to move money between different banks. Your bank sends an electronic instruction through a national clearing network, and the receiving bank processes it on their end. The whole process takes one to three business days, depending on when you initiate the transfer and how quickly each bank processes it.
ACH transfers are free or cost just a few dollars. Many banks offer them free to customers. You start the transfer through your bank's website or app by entering the receiving bank's routing number, the account number, and the amount. Your bank will ask you to confirm the details before sending. Once sent, you can usually track the status in your account history, though you won't see real-time updates the way you would with a wire transfer.
Most banks limit ACH transfers to $10,000 or $25,000 per transaction, though some allow more if you call and request it. If you're moving a larger amount, you may need to split it into multiple transfers or use a wire transfer instead.
Wire transfers: faster but more expensive and harder to reverse
A wire transfer moves money the same business day or the next business day, depending on what time you send it and which banks are involved. Unlike an ACH transfer, a wire goes directly from one bank to another through a separate network (usually SWIFT for international transfers or the Federal Reserve for domestic ones). The receiving bank typically has the money within hours.
Wire transfers cost money — usually $15 to $30 per transfer, depending on your bank and whether it's domestic or international. You initiate a wire through your bank's website, app, or by calling or visiting a branch. Your bank will ask for the receiving bank's routing number, the account number, the recipient's name, and the amount. Some banks require you to come in person for large wire transfers or if you're a new customer.
The main drawback is that wire transfers are nearly impossible to reverse once sent. If you enter the wrong account number or send money to the wrong person, you may not be able to get it back. For this reason, many banks ask you to verify the recipient's name matches the account number before processing the wire.
Transfers within the same bank: usually when ready and free
If you're moving money between two accounts at the same bank — even if one is a checking account and the other is a savings account, or if they're in different names — the transfer is usually when ready and free. You can do this through your bank's website or app by selecting "transfer between my accounts" and choosing the source and destination accounts.
Some banks process same-bank transfers when ready, while others may hold them for a few hours as a fraud check. If you're transferring to an account in someone else's name at the same bank, the bank may ask you to confirm the relationship or may process it as a standard transfer rather than an when ready one. Call your bank if you're unsure whether the transfer will be when ready.
Using a cashier's check or cash withdrawal for in-person transfers
If you need to move money and want a physical record, or if the receiving bank is local, you can withdraw cash from your current bank and deposit it at the new bank. This is free and when ready at both ends, but you're responsible for the cash until it's deposited, and large cash deposits (over $10,000) trigger federal reporting requirements.
A cashier's check is another option. You go to your bank, ask for a cashier's check in the amount you want to transfer, and the bank issues a check drawn on its own account. You then deposit that check at the receiving bank. Cashier's checks are safer than cash because they're tied to your bank's account, and they're harder to forge. Most banks charge $5 to $15 for a cashier's check. The receiving bank will deposit it like any other check, which typically takes one to three business days to clear.
What information you'll need to provide for each transfer method
| Transfer Method | Information Needed | Cost | Speed |
|---|---|---|---|
| ACH Transfer | Receiving bank routing number, account number, amount | Free to $5 | 1–3 business days |
| Wire Transfer | Receiving bank routing number, account number, recipient name, amount | $15–$30 | Same day or next business day |
| Same-Bank Transfer | Receiving account number (if not your own account) | Free | when ready to a few hours |
| Cashier's Check | Amount (bank handles the rest) | $5–$15 | 1–3 business days to clear |
| Cash Withdrawal | Amount | Free | when ready |
How to find your bank's routing number and avoid common mistakes
Your bank's routing number is a nine-digit code that identifies your bank in the clearing system. You'll need it for ACH and wire transfers. You can find it on the bottom left of your checks, on your bank's website (usually under "routing numbers" or "bank information"), or by calling your bank's customer service line. Some banks have different routing numbers for different regions or account types, so make sure you get the right one for the receiving bank.
The most common mistake is entering the wrong account number or routing number. Double-check both before confirming the transfer. If you're sending money to someone else's account, ask them to confirm the account number matches their name — banks sometimes ask you to verify this before processing. Another mistake is not accounting for business days: if you send an ACH transfer on Friday evening, it won't process until Monday or Tuesday, not Saturday or Sunday.
Large transfers (typically over $10,000) may trigger a fraud review, which can add one to two business days. This is normal and not a sign of a problem — the bank is just checking that the transfer is legitimate. You may receive a call or email asking you to confirm it.
Frequently Asked Questions
Can I transfer money to a bank account in someone else's name?
Yes. You can send an ACH or wire transfer to any account at any bank, regardless of whose name is on it. The receiving bank will deposit the money into that account. For wire transfers, your bank may ask you to confirm the recipient's name matches the account number to prevent fraud.
What's the difference between a routing number and an account number?
The routing number identifies the bank itself (a nine-digit code). The account number identifies your specific account at that bank (usually 10 to 12 digits). You need both for transfers between banks. For same-bank transfers, you usually only need the account number.
How long does a wire transfer actually take?
Domestic wire transfers typically arrive the same business day if you send them before your bank's cutoff time (usually 2 p.m. or 3 p.m.). If you send after the cutoff, it will arrive the next business day. International wire transfers take one to three business days depending on the receiving country.
Can I cancel a transfer after I've sent it?
ACH transfers can usually be canceled within a few hours of sending, before the clearing house processes them. Wire transfers are nearly impossible to cancel once sent. Contact your bank when ready if you need to stop a transfer — the sooner you call, the better your chances.
Do I need to tell the receiving bank I'm sending money?
No. The money will arrive in the account automatically once the transfer clears. However, if you're sending a large amount or the account is in someone else's name, it's a good idea to let them know so they're not surprised by the deposit and can confirm they received the correct amount.