The three ways to transfer money between banks
You can move money from one bank to another using an ACH transfer, a wire transfer, or by going in person with a check or debit card. ACH is the slowest but costs nothing. Wire transfer is fast but usually costs $15 to $30. A check or card is free but requires you to visit a branch or ATM.
Which method works best depends on how fast you need the money and whether you want to pay a fee. If you have a few days, ACH is almost always the right choice. If you need the money today or tomorrow, wire transfer is your only option — but it costs money and you need to know the receiving bank's details.
Before you start any transfer, you will need the account number and routing number of the bank you are sending money to. The routing number is a nine-digit code that identifies the bank itself. Your own bank can tell you both numbers, or you can find the routing number on the receiving bank's website or by calling them.
Key Takeaways
- ACH transfers are free and take three to five business days, and you can start them online or by phone from your current bank.
- Wire transfers move money the same day or next business day but cost $15 to $30 and require you to provide the receiving bank's routing number and your account number.
- You need the account number and routing number of the bank you are sending money to before you begin any transfer.
- Some banks let you link accounts at different banks so transfers happen automatically; others require you to enter the details each time.
- If you make a mistake with the account number, the money may go to the wrong person, so double-check before confirming.
ACH transfers: free and standard
An ACH transfer (Automated Clearing House) is the most common way to move money between banks. It is free, but it takes three to five business days. You start the transfer from your current bank — either online, by phone, or in person — and your bank sends the money through the ACH network to the other bank.
To start an ACH transfer, log into your bank's website or app, look for a section called "Transfer Money," "Send Money," or "Move Funds," and select the option to transfer to another bank. You will enter the receiving bank's routing number, the account number at that bank, and the amount. Your bank will ask you to confirm the details before the transfer goes through.
The three to five business days means the money does not move on weekends or federal holidays. If you start a transfer on Friday afternoon, it will not arrive until the following Wednesday or Thursday. Some banks offer faster ACH transfers that arrive in one business day, but these are less common and may have limits on how much you can send.
Wire transfers: fast but with a cost
A wire transfer moves money the same day or the next business day, but your bank will charge you a fee — usually $15 to $30 for a domestic wire (within the United States). Wire transfers are faster because they bypass the ACH network and go directly between banks.
To send a wire transfer, call your bank or visit a branch in person. You cannot start most wire transfers online. You will need to provide the receiving bank's routing number, the account number, the account holder's name, and the amount. Some banks also ask for the receiving bank's address. Write down everything the bank representative tells you and ask them to repeat it back to you before the transfer is sent.
Wire transfers are permanent once they are sent. If you give the wrong account number, the money goes to that account, and getting it back is difficult and may not be possible. For this reason, wire transfers are best used when you know the receiving bank's details are correct — for example, when you are paying a mortgage company or a business that has given you their wire instructions in writing.
Linking accounts for automatic transfers
Many banks let you link accounts at other banks to your main account. Once linked, you can transfer money between them without entering the routing number and account number each time. Linking usually takes one to three business days while the banks verify that you own both accounts.
To link an account, go to your bank's website or app and look for "Link Account," "Add External Account," or "Manage Transfers." You will enter the routing number and account number of the other bank, and your bank will send two small deposits (usually less than $1 each) to that account. You then log into the other bank and confirm the amounts of those deposits. Once confirmed, the accounts are linked.
Linked accounts make transfers faster and easier, but they also mean you have given one bank permission to move money to another bank on your behalf. Make sure you trust both banks before you link accounts. If someone gains access to your main account, they could transfer money out through a linked account.
What to do if you make a mistake
If you realize you entered the wrong account number before the transfer is sent, call your bank when ready and ask them to cancel it. Most banks can cancel a transfer if it has not yet left their system, which is usually within a few hours of when you started it.
If the transfer has already been sent and went to the wrong account, contact your bank right away. They can file a trace to try to recover the money, but this takes time and is not always successful. The receiving bank may be able to reverse the transfer if the account holder agrees, but they are not required to do so.
For wire transfers, cancellation is much harder. Once a wire leaves your bank, it is almost impossible to stop. If you sent a wire to the wrong account, your only option is to contact the receiving bank and ask them to return the money — but they can refuse. This is why it is so important to double-check wire transfer details before you confirm.
Transfers between your own accounts at different banks
If you own accounts at multiple banks, transferring between them works the same way as transferring to someone else's account. You still need the routing number and account number, and you still use ACH or wire transfer. The main difference is that you know the account is yours, so there is less risk of sending money to the wrong person.
Some people keep money at multiple banks for different reasons — one bank for everyday spending, another for savings, a third for a business. Linking these accounts makes it straightforward to move money between them without having to remember routing numbers each time.
Frequently Asked Questions
How long does an ACH transfer actually take?
Three to five business days is the standard timeframe. Business days do not include weekends or federal holidays. If you start a transfer on a Friday, Monday is day one. Some banks offer next-business-day ACH, but this is less common and may have limits on the amount you can send.
Can I cancel a transfer after I have sent it?
For ACH transfers, yes — but only if you act quickly, usually within a few hours. Call your bank and ask them to recall it. For wire transfers, cancellation is almost impossible once the money has left your bank. Always double-check the details before you confirm a wire.
What happens if I give the wrong account number?
The money goes to that account number at the receiving bank. If the account exists and belongs to someone else, they receive your money. Getting it back depends on whether that person is willing to return it. This is why double-checking is critical, especially for wire transfers.
Do I need to tell the other bank I am transferring money to them?
No. Your bank sends the money directly to the other bank using the routing and account numbers you provide. The receiving bank deposits it automatically. You do not need to contact them first unless you are sending a large amount and want to make sure they are expecting it.
Is there a limit to how much I can transfer?
Yes, but it varies by bank. Some banks limit ACH transfers to $10,000 per day or $25,000 per month. Wire transfers often have higher limits. Check with your bank about their specific limits, or call them if you need to send more than you think is allowed.