Marcus does not offer wire transfers directly from your savings account
Marcus by Goldman Sachs is an online savings bank, and it does not have the infrastructure to send outgoing wire transfers. You cannot initiate a wire from Marcus the way you might from a traditional bank with branches and a full suite of services. This is a real limitation of the account, not a temporary restriction or a feature you unlock later.
What you can do instead depends on where you need the money to go and how quickly you need it there. The most common options are transferring to another bank account you own, sending money to someone else's bank account through an external service, or withdrawing cash and moving it yourself. Each has different timelines and costs.
Key Takeaways
- Marcus savings accounts cannot send wire transfers directly, but you can move money to another bank account you own within one to three business days at no cost.
- To send money to someone else, you can transfer it to your own checking account at another bank first, then use that bank's wire or payment service.
- Marcus offers ACH transfers (standard bank-to-bank transfers) to external accounts, which are free but take one to three business days.
- If you need same-day or next-day delivery to someone else's account, you will need to move the money through another bank or use a third-party payment service, which may charge a fee.
Transferring money to your own accounts at other banks
The fastest and cheapest way to move money out of Marcus is to transfer it to another bank account in your name. Marcus allows ACH transfers to external accounts, which are free and typically complete within one to three business days. You will need the routing number and account number of the receiving bank.
To set this up, log into your Marcus account online or through the mobile app, select the savings account, and choose the transfer or send money option. You will be asked to verify the external account by providing its routing and account numbers. Marcus may require you to confirm the account with small test deposits (usually under $1 each) before allowing larger transfers, which adds a day or two to the first transfer but protects against sending money to the wrong place.
Once the external account is verified, you can transfer up to the full balance of your savings account. There is no daily or monthly limit on ACH transfers from Marcus, though your receiving bank may have its own limits on how much it will accept in a single day.
Sending money to someone else's bank account
If the money needs to go to another person's account, you cannot do it directly from Marcus. The standard workaround is to transfer the money to your own checking account at another bank first, then use that bank's wire transfer or payment service to send it onward. This adds a step and takes longer, but it is the most straightforward path.
Alternatively, you can withdraw cash from Marcus (through ATM or by requesting a check) and deposit it into another account, but this is slower and less find for large amounts. Some third-party payment services like PayPal, Venmo, or Square Cash allow you to link a Marcus savings account and send money to other people, though these services typically move money through ACH rather than wire, so the timeline is still one to three business days.
If the recipient needs the money the same day or next day, you will need to use a service that offers faster payment rails — usually your own checking account at a bank that offers same-day ACH or wire transfers, or a service like Western Union or MoneyGram if the recipient does not have a bank account.
Why Marcus does not offer wire transfers
Marcus is a savings-only online bank without checking accounts or the payment processing infrastructure that comes with a full-service bank. Wire transfers require real-time payment networks and fraud monitoring systems that are expensive to maintain. For a bank focused on savings products and competitive interest rates, offering wires would raise costs without adding much value to most customers, since most people who need to send money regularly have a checking account elsewhere anyway.
This is not unusual for online savings banks. Many high-yield savings accounts — at banks like Ally, American Express Personal Savings, and Discover — also do not offer outgoing wires. The trade-off is that you get a higher interest rate on your balance because the bank saves money on payment processing.
Timeline and costs for different transfer methods
| Method | Timeline | Cost | Best for |
|---|---|---|---|
| ACH transfer to your own bank account | 1–3 business days | Free | Moving money between your own accounts |
| Transfer to checking account, then wire from there | 1–3 days plus wire time (usually same day) | Wire fee at receiving bank (typically $15–$30) | Sending to someone else's account when you have time |
| Third-party payment app (PayPal, Venmo) | 1–3 business days | Free for standard transfer; fee for when ready transfer | Sending to friends or family with accounts at the same service |
| ATM withdrawal or check request | 1–5 business days (check) | Free | Cash on hand or paying by check |
| Same-day payment service (Western Union, MoneyGram) | Same day | $5–$50+ depending on amount | Urgent cash delivery to someone without a bank account |
What to do if you need to wire money regularly
If you find yourself needing to send wires often, keeping a checking account at another bank alongside your Marcus savings account is the practical solution. Many banks offer free checking with no minimum balance, so you can maintain both without extra cost. Transfer money from Marcus to your checking account when you need it, then use the checking account's wire service.
Some people use a checking account at a bank like Chase, Bank of America, or a credit union for day-to-day payments and wires, while keeping their savings at Marcus for the higher interest rate. This setup takes advantage of both services: the savings account earns more, and the checking account handles the transactions Marcus cannot do.
If you are moving a large sum and want to avoid multiple transfers, you can request a check from Marcus and deposit it directly into the account where you need the money. Checks typically arrive within five to seven business days, and the receiving bank may hold the check for a few days before making funds available, so this is slower than ACH but sometimes simpler for large amounts.
Frequently Asked Questions
Can I set up automatic transfers from Marcus to another bank?
Yes. Once you have verified an external bank account with Marcus, you can schedule recurring ACH transfers on a weekly, biweekly, or monthly basis. Set this up in the transfer section of your Marcus account. The transfer will happen automatically on the date you choose, as long as your Marcus account has enough money.
What if I try to wire money and it fails?
Marcus will not process the wire request because it does not have wire capability. If you are trying to wire from Marcus directly, the request will be rejected. You will need to move the money to a checking account at another bank first, then initiate the wire from there. If a wire from another bank fails, contact that bank's customer service — the issue is usually an incorrect account or routing number.
Does Marcus charge a fee to transfer money out?
No. ACH transfers from Marcus to external accounts are free. Marcus does not charge for moving money out, though your receiving bank might charge a fee for receiving an ACH transfer (this is rare but possible). Wire fees, if you use another bank's wire service, come from that bank, not Marcus.
How long does it take to verify an external bank account with Marcus?
Marcus uses microdeposits to verify external accounts. You will see two small deposits (usually under $1 each) in your external account within one to two business days. You then enter those amounts in your Marcus account to confirm you own the account. Once verified, future transfers are when ready and take one to three business days to arrive. The whole verification process typically takes two to four business days.
Can I transfer money from Marcus to a savings account at another bank?
Yes. ACH transfers work to savings accounts at other banks just as they do to checking accounts. You will need the routing number and account number of the receiving savings account. The transfer is free and takes one to three business days.