Yes, you can move money between accounts at the same bank or different banks
Moving money from one account to another is one of the most common banking tasks, and banks make it straightforward. You can move money between two accounts you own at the same bank in minutes using online banking or a phone call. Moving money between accounts at different banks takes a bit longer — usually one to three business days — but it works the same way. The bank receiving the money needs your account number and routing number, which you can find on a check or by logging into your account online.
The speed and method depend on which banks are involved and how you choose to send the money. A transfer between two accounts at the same bank is nearly when ready. A transfer between different banks goes through a system called the Automated Clearing House, or ACH, which batches transfers and processes them overnight. If you need money to move faster, some banks offer a wire transfer, which can arrive the same day but usually costs money.
Key Takeaways
- Transfers between two accounts at the same bank happen within minutes and usually cost nothing.
- Transfers between different banks use the ACH system and take one to three business days at no cost.
- You need the receiving account's routing number and account number, both of which appear on a check or in online banking.
- Wire transfers move money the same day but typically charge a fee of $15 to $30.
- Once you send a transfer, you cannot cancel it if the receiving bank has already processed it, so double-check the account number before you send.
Transferring between two accounts at the same bank
If both accounts are at the same bank, the transfer is the fastest and simplest option. Log into your online banking account, find the transfer or move money section, and select the two accounts. Enter the amount and confirm. The money moves within minutes, sometimes when ready. You can also call the bank's customer service line and ask them to move the money for you — they will ask you to verify your identity and confirm the amount and accounts.
This type of transfer is free. The bank does not charge you because the money never leaves their system. You can set up recurring transfers if you move money regularly — for example, moving a set amount from checking to savings each month. Most banks let you schedule a transfer for a future date as well, which is useful if you know you will need the money on a specific day.
Transferring between accounts at different banks
Moving money between different banks requires you to give one bank the other bank's routing number and your account number at that bank. The routing number is a nine-digit code that identifies the bank. Your account number is unique to your account at that bank. Both appear on the bottom left of any check you have from that account. If you do not have a check, log into your online banking and look for account details or account information — the routing and account numbers are listed there.
To start the transfer, log into the bank you are sending money from and find the transfer or move money section. Select "transfer to another bank" or "external transfer." Enter the receiving bank's routing number, your account number at that bank, and the amount. The receiving bank's name usually fills in automatically once you enter the routing number. Review everything carefully — especially the account number — and confirm.
The transfer goes through the ACH system, which processes transfers in batches overnight. Most transfers arrive within one business day, but some take two or three. Weekends and bank holidays slow things down. If you send a transfer on Friday evening, it may not arrive until Tuesday. The sending bank will show the money as pending or in transit. Once the receiving bank processes it, the money appears in that account. This type of transfer is free.
Setting up a receiving account at another bank
Before you can transfer money to an account at another bank, you usually need to verify that you own the account. Some banks let you transfer when ready and verify later. Others require you to verify first, which usually means the receiving bank sends a small deposit (a few cents to a few dollars) to the account you are sending from. You then log back in and confirm the amount of that deposit. This process takes a few days but protects you from accidentally sending money to the wrong account.
Once the account is verified, you can transfer to it as many times as you want. You do not have to verify again. Some banks let you skip this step if you are transferring to an account in your own name at another bank — you just provide the routing and account numbers and confirm your identity.
Wire transfers for same-day money movement
If you need money to arrive the same day, a wire transfer is faster than an ACH transfer. Wire transfers move money within hours, sometimes within minutes. However, wire transfers cost money — typically $15 to $30 depending on the bank. You also cannot cancel a wire transfer once it has been sent, so you must be certain the account number is correct before you send it.
To send a wire transfer, call your bank or visit a branch in person. The bank will ask for the receiving bank's name, routing number, your account number at that bank, and the amount. Some banks let you request a wire through online banking, but many require a phone call or in-person visit for security reasons. The bank will confirm all the details with you before sending. Wire transfers are typically used for large amounts or time-sensitive situations, like closing on a house or paying a bill that is due when ready.
What happens if you send money to the wrong account
If you enter the wrong account number, the money will go to that account instead of the one you intended. Once the receiving bank has processed the transfer, you cannot reverse it automatically. You will need to contact your bank and ask them to contact the other bank to request the money back. This process can take weeks, and the other bank is not required to return the money if the account holder refuses.
This is why it is critical to double-check the account number before you confirm any transfer. If you are not sure the number is correct, call the person or organization you are sending money to and read the number back to them. For large amounts, consider sending a small test transfer first to make sure the account number is right. Once that transfer arrives, you can send the rest of the money.
Transferring money from a closed account
If you are closing a bank account, you will need to move any remaining money out before the account closes. Most banks let you transfer the money to another account at the same bank or a different bank. You can do this through online banking or by calling the bank. Some banks require you to visit a branch in person to close the account, and they can help you move the money at that time.
If you forget to move the money before the account closes, contact the bank when ready. They can usually move it for you or tell you how to retrieve it. If the account has been closed for a long time and you have not claimed the money, it may be turned over to your state's unclaimed property program. You can search for unclaimed money through your state's treasurer or comptroller office.
Frequently Asked Questions
How long does it take to transfer money between different banks?
Most ACH transfers between different banks arrive within one business day. Some take two or three business days. Transfers sent on weekends or bank holidays may take longer because the ACH system does not process on those days. If you need money faster, ask your bank about wire transfers, which usually arrive the same day but charge a fee.
Can I cancel a transfer after I send it?
You can cancel an ACH transfer if you contact your bank before it has been processed, which is usually within a few hours of sending it. Once the receiving bank has processed it, you cannot cancel it. Wire transfers cannot be cancelled once sent. Always double-check the account number before confirming any transfer.
Do I need the other person's name to transfer money to their account?
No. You only need the routing number and account number. However, some banks ask for the account holder's name as an extra verification step. If the name does not match the account, the receiving bank may reject the transfer or hold it for review. It is a good idea to confirm the account holder's name with the person before you send money.
What is the difference between a routing number and an account number?
A routing number identifies the bank itself — all accounts at that bank share the same routing number. An account number identifies your specific account at that bank. Both appear on the bottom of a check. You need both to transfer money to another bank.
Can I transfer money from someone else's account to mine?
No, unless you are an authorized user on that account or have power of attorney. Banks require the person whose account the money is coming from to authorize the transfer. If someone wants to send you money, they need to initiate the transfer from their own account.