Yes, you can transfer money between your own bank accounts
You can move money from one bank account to another account in your name at the same bank or a different bank. The transfer is yours to authorize—you are not sending money to someone else. The method you choose depends on whether the accounts are at the same institution, how fast you need the money to arrive, and what tools your bank offers.
Most transfers between your own accounts take one to three business days. Same-bank transfers often complete within hours. Transfers between different banks typically take longer because the money has to move through the banking system, which processes transfers in batches rather than in real time.
Key Takeaways
- Transfers between accounts at the same bank usually complete the same day or next business day and often cost nothing.
- Transfers between different banks take one to three business days and may charge a fee depending on your account type and bank.
- Wire transfers move money faster but cost more and require you to provide the receiving bank's routing number and your account number.
- ACH transfers are slower but cheaper and are the standard method most banks use for routine account-to-account moves.
- You can set up recurring transfers if you move money on a regular schedule, such as monthly savings deposits.
Same-bank transfers: fastest and usually free
If both accounts are at the same bank, you can transfer money through your bank's website, mobile app, or by calling customer service. Log into your online banking portal, select the account you want to transfer from, and choose the option to transfer to another account. You will then select the receiving account from a list of your own accounts at that bank.
Same-bank transfers typically complete within a few hours during business days, and many banks process them instantly. There is usually no fee for transferring between your own accounts at the same institution. The money moves through the bank's internal system rather than through the broader banking network, which is why it is faster and cheaper.
If you do not have online access or prefer not to use it, you can visit a branch in person or call the bank's customer service line. Provide the account numbers and the amount, and a representative will process the transfer for you.
Transfers between different banks: ACH is the standard method
ACH (Automated Clearing House) is the most common way to move money between accounts at different banks. Your bank initiates an ACH transfer, which is routed through a clearing house and delivered to the receiving bank. The process is automated and batched, so transfers typically take one to three business days.
To set up an ACH transfer, log into your bank's website or app and select the option to transfer to an external account. You will need to provide the receiving bank's routing number and your account number at that bank. Your bank may ask you to verify the account by depositing a small amount (usually under one dollar) and confirming the deposit amount—this step can add a few days but protects against sending money to the wrong account.
ACH transfers are usually free or cost a small fee (typically one to three dollars). Some banks offer free transfers for customers with certain account types, such as premium checking or savings accounts. Check your bank's fee schedule or ask a representative what you will be charged.
Wire transfers: faster but more expensive
A wire transfer moves money the same day or next business day and is faster than ACH. Wire transfers are processed individually rather than in batches, so they jump the queue. However, they cost more—typically five to fifteen dollars per transfer—and wire transfers cannot be reversed once they leave your bank.
To send a wire transfer, you will need the receiving bank's routing number, your account number at that bank, and sometimes the bank's address and a SWIFT code (if the receiving bank is outside the United States). Call your bank or visit a branch to initiate a wire transfer, as many banks do not allow wires through their website or app for security reasons.
Wire transfers are best used when you need money to arrive quickly and the cost is worth it to you. For routine transfers between your own accounts, ACH is usually the better choice because it is cheaper and fast enough for most situations.
Setting up recurring transfers for regular moves
If you transfer money on a regular schedule—such as moving money from checking to savings each month—you can set up an automatic recurring transfer. Most banks allow you to schedule transfers through their website or app. You choose the amount, the frequency (weekly, biweekly, monthly), and the start and end dates.
Recurring transfers are useful for building savings without having to remember to transfer manually each time. The transfer will happen on the date you specify, and the money will move using the same method as a one-time transfer (ACH if it is between different banks, or the bank's internal system if it is same-bank).
You can pause or cancel a recurring transfer at any time through your bank's website or by calling customer service. If you need to change the amount or frequency, you can edit the transfer details or delete it and create a new one.
What to do if a transfer goes wrong
If money does not arrive in the receiving account within the expected timeframe, contact your bank first. Provide the transfer confirmation number (your bank gives you this when you initiate the transfer) and the date you sent it. Your bank can check the status of the transfer and tell you whether it is still in progress or if there was an error.
Common problems include a typo in the routing number or account number, which causes the transfer to be rejected and returned to your account. This can take several business days. If the receiving bank rejected the transfer, your bank will notify you and you can correct the information and try again.
If money was sent to the wrong account due to an error on your part, contact your bank immediately. The bank can attempt to recover the funds, but success depends on whether the receiving bank cooperates. If the receiving account is at a different bank, your bank may need to file a claim, which can take weeks to resolve.
Fees and limits on transfers
Most banks do not charge for transfers between your own accounts at the same bank. Transfers to accounts at other banks may be free or cost one to three dollars, depending on your account type and the bank's policy. Wire transfers typically cost five to fifteen dollars.
Some banks limit the number of transfers you can make per month, particularly from savings accounts. Federal regulations previously capped savings account transfers at six per month, but that rule was suspended. However, individual banks may still enforce their own limits. Check your account agreement or ask your bank about any transfer limits that apply to you.
If you exceed a transfer limit, your bank may charge a fee or decline the transfer. If you need to make more transfers than your account allows, you can contact your bank to request a limit increase or switch to an account type with higher limits.
Frequently Asked Questions
How long does it take to transfer money between different banks?
ACH transfers typically take one to three business days. Wire transfers are faster and usually complete the same day or next business day, but they cost more. The exact timing depends on when you initiate the transfer and your bank's processing schedule.
Can I transfer money on weekends or holidays?
You can initiate a transfer on weekends or holidays through your bank's website or app, but the transfer will not process until the next business day. Banks do not process transfers on weekends or federal holidays, so a transfer initiated on Friday evening will not move until Monday.
What information do I need to transfer money to another bank?
You need the receiving bank's routing number (a nine-digit code) and your account number at that bank. Some banks also ask for the account holder's name and the bank's address. Your bank will provide a form or online interface where you enter this information.
Is it safe to transfer money between my own accounts?
Yes, transferring between your own accounts is safe as long as you provide the correct account and routing numbers. Double-check the information before you confirm the transfer. Once an ACH transfer is sent, it cannot be stopped, so accuracy is important.
Can I set up a transfer to someone else's account?
Yes, but that is a different process called a peer-to-peer transfer or external transfer. You would use your bank's bill pay service, a money transfer app, or a wire transfer. The receiving person does not need to be a customer of your bank.