Yes, you can transfer funds between banks, and you have several methods to choose from

Moving money from one bank to another is routine and safe. Your banks do not need to be the same institution, and you do not need to close either account. The method you pick depends on how fast you need the money to arrive, whether you want to do it online or in person, and what information you have on hand.

Most transfers happen through the ACH network (Automated Clearing House), which is the backbone of bank-to-bank money movement in the United States. Some transfers move through wire services or real-time payment networks. Each has different speed, cost, and security characteristics.

Key Takeaways

  • ACH transfers are free or low-cost and take one to three business days, and you can set them up online through your bank's website or app.
  • Wire transfers move money the same day or next business day but cost $15 to $50 and require you to provide the receiving bank's routing number and your account number.
  • Real-time payment networks like RTP and FedNow settle in seconds to minutes, but not all banks participate yet.
  • You can transfer money in person at a branch, by phone, or by mail, though online methods are faster and more common.
  • If a transfer goes wrong, ACH transfers can be reversed within a limited window, but wire transfers are nearly impossible to recover once sent.

ACH transfers: the standard method for most people

An ACH transfer moves money through the Federal Reserve's clearing system and typically takes one to three business days. Your bank sends the request, the Federal Reserve processes it overnight, and the receiving bank deposits the funds the next morning. Most banks offer ACH transfers free of charge, though some charge a small fee ($1 to $3) for outgoing transfers.

To start an ACH transfer, log into your bank's website or mobile app and look for "Transfer Funds," "Send Money," or "Pay to Another Account." You will need the receiving bank's routing number (a nine-digit code that identifies the bank) and the account number you are sending to. Your bank can provide the routing number, or you can find it on a check from that bank or through the Federal Reserve's routing number lookup tool.

ACH transfers work best when you are not in a hurry. If you initiate a transfer on a Monday morning, the money usually arrives Wednesday or Thursday. If you send it on a Friday afternoon, it may not arrive until the following Tuesday or Wednesday, because the ACH network does not process on weekends or federal holidays.

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 whether both banks participate in the same wire network. Wire transfers cost $15 to $50 per transaction, and most banks charge both the sender and the receiver.

To send a wire transfer, you typically need to go to your bank in person or call a phone number designated for wire requests. You will provide the receiving bank's name, routing number, the account number, and the account holder's name. Some banks now allow wire transfers through their app, but many still require you to speak to a representative or visit a branch.

Wire transfers are nearly impossible to reverse once the receiving bank accepts them. If you send money to the wrong account or to someone you do not trust, you have almost no recourse. The receiving bank is not required to recover the funds, and law enforcement involvement is slow and often unsuccessful. For this reason, wire transfers are best used only when you trust the recipient and have verified the account details.

Real-time payment networks: the newest option

Two newer networks—RTP (Real-Time Payments) and FedNow—settle transfers in seconds to minutes rather than hours or days. Both are run by the Federal Reserve or private banking consortiums and are gradually being adopted by more banks.

RTP has been available since 2017 through The Clearing House, a private network owned by major banks. FedNow launched in 2023 as a Federal Reserve service and is expanding participation. Not all banks offer these services yet, so check with your bank to see if it participates. If both your bank and the receiving bank are on the same network, you can send money and have it arrive almost instantly.

Real-time payment networks typically charge no fee or a small fee ($0.50 to $1), similar to ACH transfers. They are most useful when you need money to arrive the same day and both banks are connected to the network.

Transferring money in person, by phone, or by mail

If you prefer not to use online banking, you can transfer money by visiting a branch in person. Bring your ID and the account details of the receiving bank, and a teller can initiate an ACH or wire transfer on your behalf. In-person transfers take the same amount of time as online transfers (one to three days for ACH, same or next day for wire), but you avoid the need to log into your account online.

You can also call your bank's customer service line and request a transfer over the phone. A representative will ask for the receiving bank's routing number, the account number, and the amount. Phone transfers are processed the same way as online transfers and take the same amount of time.

Transferring money by mail is possible but slow and rarely necessary. You would write a check to yourself or the receiving account holder and mail it to the receiving bank. This method takes a week or more and is not recommended unless you have no other option.

What information you need before you transfer

Before you initiate any transfer, gather the following details about the receiving account:

  • The name of the bank or credit union
  • The nine-digit routing number
  • The account number (usually 10 to 12 digits)
  • The full name of the account holder
  • Whether the account is checking or savings (some banks ask this; others do not)

You can find the routing number on a check from the receiving account, on the bank's website, or by calling the bank directly. Do not guess or use a number you find online without confirming it with the bank, because sending money to the wrong routing number can delay or lose your transfer.

If you are transferring to an account in someone else's name, make sure the name on the account matches exactly what you enter. Banks use name matching to prevent fraud, and a mismatch can cause the transfer to be rejected or delayed.

What happens if a transfer fails or goes to the wrong account

If you send an ACH transfer to the wrong account, you have a limited window to recover it. Contact your bank immediately and ask them to file a recall request. The receiving bank is not required to honor the recall, but many do if the request comes within 24 hours. After that, your options narrow significantly, and you may need to contact the receiving bank directly or pursue a civil claim.

If a wire transfer goes to the wrong account, your chances of recovery are very low. The receiving bank has no obligation to reverse it, and the recipient has no legal duty to return the money. If you suspect fraud or theft, you can file a report with your bank and law enforcement, but recovery is not may provide.

If a transfer fails to arrive after the expected time, contact your bank and provide the date, amount, and receiving account details. Your bank can trace the transfer through the ACH or wire network and determine where it stopped. Common reasons for delays include incorrect routing numbers, mismatched account holder names, or system issues at the receiving bank.

Frequently Asked Questions

How long does an ACH transfer actually take?

ACH transfers take one to three business days. If you send it on a weekday morning, it usually arrives the next business day. Weekends and federal holidays do not count as business days, so a Friday transfer may not arrive until Tuesday.

Can I transfer money between accounts at the same bank?

Yes, and it is usually faster. Many banks process internal transfers instantly or within a few hours. Log into your account and look for "Transfer Between My Accounts" or a similar option. You typically do not need routing numbers for internal transfers.

Is it safe to give someone my routing number and account number?

Your routing number is public information and safe to share. Your account number is more sensitive, but it is necessary for ACH and wire transfers. Only share your account number with people or institutions you trust. Do not post it on social media or give it to someone who contacts you unexpectedly.

What is the difference between a routing number and a SWIFT code?

A routing number is used for domestic transfers within the United States. A SWIFT code is used for international transfers. If you are sending money to a bank outside the U.S., ask the receiving bank for its SWIFT code and international account number (IBAN).

Can I cancel a transfer after I send it?

For ACH transfers, you have a small window—usually a few hours—to cancel before the transfer is processed. Contact your bank immediately. For wire transfers, cancellation is almost never possible once the transfer has been sent. Always double-check the details before you confirm a wire transfer.