The basic steps depend on which method you choose
To transfer money to someone's bank account, you need their name, account number, and routing number (for US transfers). The actual movement of money happens through one of three routes: a wire transfer through your bank, an ACH transfer (slower but cheaper), or a peer-to-peer app like Venmo or PayPal. Which one you use depends on how fast you need the money to arrive, whether you're sending it domestically or internationally, and what fees you're willing to pay.
The recipient doesn't need to do anything on their end. Once you initiate the transfer with their account details, the money moves from your account to theirs automatically. The time it takes ranges from minutes (wire transfer) to three business days (ACH), and the cost ranges from free (some peer-to-peer apps) to $15 or $30 (wire transfers).
Key Takeaways
- Wire transfers move money the same day or next business day but cost $15 to $30 and require you to visit your bank or use online banking.
- ACH transfers are free or cost $1 to $3 but take three to five business days, and you can set them up through your bank's website or app.
- Peer-to-peer apps like Venmo, PayPal, and Cash App are free for standard transfers but require both people to have the app and may limit how much you can send.
- You need the recipient's full name, account number, and routing number for bank-to-bank transfers; peer-to-peer apps only need their username or phone number.
- Weekends and holidays pause ACH transfers, so a Friday transfer may not arrive until Wednesday.
Wire transfers: fastest but most expensive
A wire transfer moves money the same business day or the next morning, depending on what time you send it and which bank you use. You initiate it through your bank's website, mobile app, or by calling or visiting a branch. You'll need the recipient's full name, account number, routing number, and the bank name and address.
Wire transfers cost between $15 and $30 per transfer, depending on your bank. Some banks charge less for domestic wires (within the US) and more for international wires. Once you send a wire, it cannot be stopped or reversed, so double-check the account number before you confirm. If the account number is wrong, the money goes to the wrong person's bank, and recovering it requires the receiving bank's help and can take weeks.
Wire transfers are best for large amounts, time-sensitive payments, or when you need certainty that the money will arrive today. They're overkill for splitting a dinner bill or paying back a friend $20.
ACH transfers: free or cheap, but slower
An ACH transfer (Automated Clearing House) is how most routine bank-to-bank transfers work. You set it up through your bank's website or app, enter the recipient's name, account number, and routing number, and the money leaves your account in one to two business days. It then takes another one to three business days to arrive in the recipient's account, for a total of three to five business days from start to finish.
ACH transfers are free at most banks, or cost $1 to $3 if your bank charges a fee. The low cost makes them ideal for regular payments—rent, loan repayment, or money to family—where you don't need the money to arrive when ready. If you send an ACH transfer on a Friday, it won't leave your account until Monday, and it won't arrive until Wednesday or Thursday.
Unlike wire transfers, ACH transfers can be reversed within a limited window if you made a mistake. Contact your bank when ready if you sent money to the wrong account; they can sometimes recall it before it settles, though this is not may provide.
Peer-to-peer apps: convenient for small amounts
Apps like Venmo, PayPal, Cash App, and Zelle let you send money to someone using only their username, email, or phone number. Both people need to have the app installed and set up with a bank account or debit card. The transfer is usually free for standard transfers (money arrives in one to three business days) and costs a small fee if you want it faster.
Peer-to-peer apps are convenient for splitting bills, paying friends, or sending money to family, but they have limits on how much you can send. Venmo, for example, limits standard transfers to $20,000 per week. Some apps also charge a fee if you want the money to arrive the same day instead of waiting three business days. PayPal charges 1.75% plus $0.25 for transfers to a bank account, while Zelle is free but only works between banks that participate in the Zelle network.
The main risk with peer-to-peer apps is that if you send money to the wrong person, recovery is difficult. Unlike banks, these apps have limited fraud protection for transfers you authorize yourself. Only use them with people you trust or whose contact information you've verified directly.
International transfers: wire or specialty services
Sending money outside the US requires a wire transfer through your bank or a specialty service like Wise, OFX, or MoneyGram. A bank wire takes one to three business days and costs $25 to $50, plus the receiving bank may charge a fee on the other end. The exchange rate your bank uses is often worse than the market rate, so you lose money on the conversion.
Specialty transfer services like Wise charge lower fees and offer better exchange rates, but they work differently than a bank wire. You send money from your US bank account to the service's US account, and they send the equivalent amount in the foreign currency to the recipient's account abroad. This takes two to four business days total and costs 1% to 2% of the amount sent, which is usually less than a bank wire.
For international transfers, you'll need the recipient's full name, account number, bank name, and the bank's SWIFT code (a unique identifier for banks outside the US). Get all this information directly from the recipient to avoid sending money to the wrong place.
What information you actually need
For a domestic bank-to-bank transfer (wire or ACH), you need: the recipient's full name exactly as it appears on their account, their account number, and their bank's routing number. The routing number is a nine-digit code that identifies the bank. You can find it on a check, on the bank's website, or by calling the bank.
For peer-to-peer apps, you only need the recipient's username, email address, or phone number associated with their account. For international transfers, you also need the recipient's bank's SWIFT code and sometimes their IBAN (International Bank Account Number), which is a longer version of an account number used outside the US.
Double-check the account number and routing number before you send. A single digit wrong sends the money to a different account. If you're unsure, ask the recipient to confirm their account number by reading it back to you, or ask them to send you a blank check—the routing number is printed at the bottom left, and the account number is at the bottom center.
Timing: when the money actually leaves and arrives
The time between when you send money and when it arrives depends on the method and the day of the week. Wire transfers sent before 2 or 3 p.m. (the cutoff varies by bank) leave the same business day and arrive the next morning. Wire transfers sent after the cutoff or on a weekend don't leave until the next business day.
ACH transfers take longer because they batch process. When you send an ACH transfer, it doesn't leave your account when ready—it leaves in the next batch, which usually happens the next business day. Then it sits in a clearing house for one to two more business days before arriving in the recipient's account. Weekends and federal holidays pause this process, so a transfer sent Friday won't leave until Monday and won't arrive until Wednesday or later.
Peer-to-peer apps vary. Zelle transfers arrive within minutes to two hours. Venmo and PayPal standard transfers take one to three business days. If you pay a fee for expedited delivery, they may arrive the same day or next business day, but this is not may provide.
Fees and costs across methods
| Method | Cost | Speed | Best for |
|---|---|---|---|
| Wire transfer | $15–$30 | Same day or next business day | Large amounts, urgent payments |
| ACH transfer | Free or $1–$3 | 3–5 business days | Regular payments, no rush |
| Venmo | Free (standard); 1% fee for when ready | 1–3 business days (standard); minutes (when ready) | Friends, small amounts |
| PayPal | Free to PayPal account; 1.75% + $0.25 to bank | 1–3 business days | Online sellers, small amounts |
| Zelle | Free | Minutes to 2 hours | Friends at participating banks |
| Wise (international) | 1%–2% | 2–4 business days | International transfers, better rates |
What to do if something goes wrong
If you sent money to the wrong account, act when ready. For wire transfers, contact your bank right away—they may be able to recall the wire if it hasn't settled yet, but this is not may provide and depends on the receiving bank's cooperation. For ACH transfers, contact your bank within one business day; they can sometimes reverse the transfer before it settles. For peer-to-peer apps, report the issue to the app's support team, though recovery is difficult if you authorized the transfer yourself.
If the recipient says they didn't receive the money, ask them to check their account—sometimes transfers appear as pending before they fully settle. If it's been longer than the expected timeframe (next business day for wire, five business days for ACH), contact your bank with the confirmation number from your transfer. The bank can trace the transfer and tell you where it is in the system.
Keep the confirmation number and receipt from every transfer. This is your proof that you sent the money and the amount you sent. If there's a dispute, you'll need this to show your bank or the app.
Frequently Asked Questions
Can I transfer money if I don't know the recipient's routing number?
You can find the routing number by asking the recipient, looking it up on the bank's website, or calling the bank directly. You cannot complete a wire or ACH transfer without it. Peer-to-peer apps don't need a routing number—they only need a username or phone number.
What happens if I use the wrong account number?
The money goes to a different account at the same bank. For wire transfers, this cannot be reversed. For ACH transfers, contact your bank when ready—they may be able to recall it. For peer-to-peer apps, report it to the app's support team. Recovery is not may provide in any case.
Why does an ACH transfer take so long?
ACH transfers batch process through a clearing house, which takes time. Your bank doesn't send the money when ready; it waits for the next batch window (usually the next business day), then the clearing house takes one to two more business days to deliver it. Weekends and holidays add extra days.
Is it safe to send money through a peer-to-peer app?
Peer-to-peer apps are safe if you know the person and have verified their contact information. If you send money to the wrong person, recovery is difficult because these apps have limited fraud protection for transfers you authorize yourself. Only use them with people you trust.
Can I cancel a transfer after I send it?
Wire transfers cannot be cancelled once sent. ACH transfers can sometimes be recalled within one business day if you contact your bank when ready. Peer-to-peer app transfers may be cancellable if the recipient hasn't accepted them yet, depending on the app.