Yes, you can transfer money between bank accounts in most cases
You can move money from one bank account to another, whether both accounts are at the same bank or at different banks. The method you use depends on which banks are involved, how fast you need the money to arrive, and whether you want to do it online or in person. Most transfers take one to three business days, though some options are faster and others slower.
The bank that holds the account you're sending money from is the one that controls whether the transfer is allowed. If you own both accounts or have authorization to move money from the sending account, the transfer will go through. If you don't have that authorization, the bank will block it.
Key Takeaways
- Transfers between accounts at the same bank usually arrive the same day or next business day and cost nothing.
- Transfers between different banks use ACH (the automated clearing house) and typically take one to three business days.
- Wire transfers move money faster—usually within hours—but cost $15 to $50 and are harder to reverse if something goes wrong.
- You need the receiving account's routing number and account number to send money to a different bank, or you can use Zelle or another payment app if both banks support it.
- If a transfer fails or takes longer than promised, contact your sending bank first, because they control the outgoing payment.
Same-bank transfers: the fastest and cheapest option
If both accounts are at the same bank, the money usually moves the same day or by the next business day, and there is no fee. You can do this through your bank's website, mobile app, or by calling customer service. Log in, find the transfer or move money option, enter the receiving account number, and confirm the amount.
Some banks let you set up recurring transfers if you move money on a regular schedule—for example, moving $200 from checking to savings every payday. This is useful if you want to automate your savings without thinking about it each time.
Same-bank transfers are also the safest because both accounts are in your bank's system. If you enter the wrong account number, the bank can usually catch it before the money leaves.
ACH transfers between different banks: standard speed and no cost
ACH (Automated Clearing House) is the network that moves money between banks. When you transfer money from your account at Bank A to someone else's account at Bank B, that transfer goes through ACH. It typically takes one to three business days, and there is no fee to you as the sender.
To send an ACH transfer, you need the receiving account's routing number (a nine-digit code that identifies the bank) and account number. You can find both on a check, or you can ask the person receiving the money to give them to you. Enter these into your bank's transfer form, confirm the amount, and submit.
ACH transfers are reversible for a limited time if you made a mistake—usually up to one business day after you send it. After that, reversing the transfer becomes much harder and may not be possible. If the receiving account doesn't exist or is closed, the money bounces back to you, but this can take several days.
Wire transfers: fastest but expensive and hard to reverse
A wire transfer moves money the same day or within a few hours, making it the fastest option. However, wire transfers cost $15 to $50 depending on your bank, and they are nearly impossible to reverse once sent. Use wire transfers only when you need money to arrive urgently and you are certain the receiving account information is correct.
To send a wire, you typically need to go to your bank in person or call a specific wire department. You will provide the receiving bank's name, the receiving account number, the routing number, and the recipient's name. Your bank will confirm all the details before processing.
Wire transfers are popular for large payments like down payments on a house or closing costs, because the receiving bank can verify the funds are real before the deal closes. They are not reversible because the receiving bank has already released the money to the recipient's account.
Payment apps and digital wallets: convenient for people you know
If both you and the recipient use the same payment app—Zelle, Venmo, PayPal, or Cash App—you can send money directly through the app without needing routing numbers or account numbers. These transfers are usually free and arrive within one to three business days, though some apps offer faster options for a fee.
Payment apps work by linking to your bank account. When you send money through the app, it pulls from your linked account and deposits into the recipient's linked account. The app handles the routing and account numbers behind the scenes.
The main limitation is that both people must have the app and must have linked a bank account to it. Payment apps are best for sending money to friends, family, or people you do regular business with. They are not ideal for paying a business you have never dealt with before, because you have less protection if something goes wrong.
What to do if a transfer fails or takes too long
If a transfer doesn't arrive by the promised date, contact your sending bank first. They can see whether the money left your account and where it is in the system. If the money left your account but hasn't arrived at the receiving bank, your bank can trace it and usually get an update within one business day.
If the receiving account number was wrong, the receiving bank will reject the transfer and send it back to you. This can take three to five business days. Your bank will credit your account once they receive the returned funds.
If you sent money to the wrong person intentionally—for example, you sent it to the wrong friend by mistake—you will need to contact that person and ask them to return it. Your bank cannot force them to do so. This is why double-checking the account number before you hit send is critical.
For wire transfers, if you realize you made a mistake within a few minutes of sending, call your bank immediately. Some banks can stop a wire before it reaches the receiving bank, but this is rare and only works if you catch it very quickly. After the receiving bank processes it, reversal is not possible.
Limits on how much you can transfer
Most banks set daily and monthly limits on how much you can transfer out of your account. These limits vary by bank and by account type. A typical daily limit might be $5,000 to $25,000, though some banks allow more if you call and request a higher limit.
If you need to transfer more than your limit, you have a few options: split the transfer across multiple days, call your bank and ask them to raise your limit temporarily, or go to a branch in person and do a wire transfer (which may have a higher limit).
Limits exist to protect you from fraud. If someone gains access to your account, a limit prevents them from draining your entire balance in one transfer.
Frequently Asked Questions
How long does it take to transfer money between banks?
ACH transfers typically take one to three business days. Wire transfers are fastest, arriving the same day or within hours. Same-bank transfers usually arrive the same day or next business day. Weekends and holidays can add extra time because banks don't process transfers on those days.
Do I need the recipient's permission to transfer money to their account?
You need their account number and routing number, which they must give you. If you have those numbers, you can send money without asking permission again. However, the receiving bank will deposit the money into that account regardless, so make sure the account belongs to the person you intend to pay.
What happens if I transfer money to the wrong account number?
If the account number doesn't exist, the receiving bank rejects the transfer and sends it back to you within a few days. If the account number belongs to someone else, the money goes into their account and you will need to contact that person to ask for it back. Your bank cannot force them to return it.
Can I cancel a transfer after I send it?
For ACH transfers, you may be able to cancel within one business day of sending. Contact your bank immediately if you need to stop it. For wire transfers, cancellation is rarely possible once the money has left your bank. For same-bank transfers, cancellation is usually not possible because the money arrives so quickly.
Is there a fee to transfer money between banks?
ACH transfers between different banks are free. Same-bank transfers are free. Wire transfers cost $15 to $50. Payment apps are usually free, though some charge a fee if you want faster delivery. Check your bank's fee schedule or ask customer service about costs before you transfer.