The four main ways to move money to another person's bank account
You can transfer money to another person's bank account using a wire transfer, ACH transfer, peer-to-peer app, or check. Wire transfers move money the fastest—usually within hours—but cost $15 to $50 and are harder to reverse if you make a mistake. ACH transfers are free or cost $1 to $3, take one to three business days, and let you cancel before the money leaves your bank. Peer-to-peer apps like Venmo, PayPal, or Cash App move money instantly to the recipient's phone but may charge a fee if you use a credit card instead of a bank account. A check is free and reversible but takes the longest—five to ten business days for the recipient to deposit and clear.
Which method you choose depends on how fast you need the money to arrive, whether you know the recipient's bank details, and how much you're sending. If you're sending a large amount to someone you don't know well, a wire transfer gives you proof of delivery. If you're splitting a dinner bill with a friend, a peer-to-peer app is faster and simpler. If cost matters most and time doesn't, ACH is your cheapest option.
Key Takeaways
- Wire transfers arrive within hours but cost $15 to $50 and are nearly impossible to reverse once sent.
- ACH transfers are free or low-cost, take one to three business days, and can be canceled before the money leaves your account.
- Peer-to-peer apps move money instantly between phones but may charge a fee if you pay with a credit card instead of a linked bank account.
- You need the recipient's routing number and account number for wire and ACH transfers, or just their phone number or username for peer-to-peer apps.
- Checks are free and reversible but take the longest—up to ten business days total for the recipient to deposit and the bank to clear the funds.
Wire transfers: fastest but expensive and final
A wire transfer moves money directly from your bank account to another person's bank account, usually within the same day or by the next business day. You initiate it at your bank's website, mobile app, or in person at a branch. You'll need the recipient's full name, bank name, routing number, and account number. Your bank will charge you $15 to $50 for the transfer, and the recipient's bank may charge them a small fee as well.
Wire transfers are nearly impossible to reverse. Once the money leaves your bank, it belongs to the recipient's bank. If you send money to the wrong account number or the recipient doesn't exist, you have almost no way to get it back. Some banks will try to recall a wire within a few hours of sending it, but success is not may provide. Use wire transfers only when you are certain of the recipient's details and trust where the money is going.
Wire transfers are common for large payments like down payments on a house, tuition, or money to someone you've never sent money to before. They provide proof that the money arrived and a record of where it went.
ACH transfers: free, slow, and reversible
An ACH transfer (Automated Clearing House) moves money between bank accounts through the Federal Reserve's clearing system. It takes one to three business days because the money doesn't move instantly—it sits in a queue with thousands of other transfers. You can set up an ACH transfer at your bank's website or app, or through a bill-pay service. You'll need the recipient's routing number and account number, just like a wire transfer. Most banks charge nothing for ACH transfers, though some charge $1 to $3.
The main advantage of ACH is that you can cancel it before the money leaves your account. If you realize you made a mistake—wrong account number, wrong amount—call your bank and ask them to stop the transfer. Once the money has left your bank (which your bank can tell you), you can no longer cancel it, but you can still ask the recipient's bank to reverse it if the recipient agrees. This makes ACH much safer than wire for situations where you're less certain about the details.
ACH transfers work well for recurring payments like rent, loan payments, or regular transfers to family. They're also the standard method for direct deposit of paychecks and tax refunds.
Peer-to-peer apps: instant but limited by daily caps
Apps like Venmo, PayPal, Square Cash, and Zelle let you send money to another person using just their phone number, email, or username. The money moves instantly or within minutes, and there's no fee if you link your bank account directly. If you pay with a debit card, credit card, or instant transfer option, the app charges you 1% to 3% of the amount sent. The recipient gets the money in their app account immediately, but they may need to transfer it to their own bank account, which can take one to three business days.
Each app has a daily limit on how much you can send—usually $500 to $2,000 per day for new users, and higher for established accounts. Some apps let you increase your limit by verifying your identity with a photo ID or Social Security number. Peer-to-peer apps are designed for small, frequent transfers between people who know each other, not for large payments or transfers to strangers.
The main risk with peer-to-peer apps is that once you send money, it's hard to reverse. If you send money to the wrong person, you have to contact them and ask them to send it back. The app itself usually cannot reverse the transfer. Use these apps only when you're certain of the recipient's username or phone number and you trust them to return the money if something goes wrong.
Checks: free but slow and requires a mailing address
A check is a written order to your bank to pay money to the person whose name is on the check. You write the recipient's name, the amount, the date, and your signature. The recipient deposits the check at their bank, and the money clears in five to ten business days. Checks are free to write and send, and they're reversible—you can stop payment on a check if you call your bank before the recipient deposits it.
Checks work well when you don't know the recipient's bank details, when you need a paper record for tax or legal reasons, or when the recipient prefers not to share their account number. They're also useful for large payments to people you don't know well, because a check gives you time to verify the recipient's identity before the money actually moves.
The downside is speed. If you mail a check, it takes several days to arrive, then several more days for the recipient to deposit it and for the bank to clear it. If you hand-deliver a check, the recipient can deposit it immediately, but it still takes five to ten business days to clear. During that time, the money is still in your account, so if you don't have enough funds when the check clears, it will bounce and you'll be charged a fee.
What information you need to send money
| Transfer Method | Information Needed | Cost | Speed |
|---|---|---|---|
| Wire transfer | Recipient's full name, bank name, routing number, account number | $15–$50 | Same day or next day |
| ACH transfer | Recipient's full name, routing number, account number | Free or $1–$3 | 1–3 business days |
| Peer-to-peer app | Recipient's phone number, email, or username | Free (bank account) or 1–3% (card) | Instant to minutes |
| Check | Recipient's mailing address | Free | 5–10 business days |
How to protect yourself from sending money to the wrong person
Before you send money, verify the recipient's information. For wire and ACH transfers, call the recipient and ask them to read their routing number and account number to you—don't rely on an email or text message. For peer-to-peer apps, confirm the recipient's username or phone number by calling them or asking in person. For checks, make sure you have the correct spelling of their name and mailing address.
Be especially careful with wire transfers, because they are nearly impossible to reverse. If someone asks you to wire money urgently—especially to a stranger or to a new account—pause and verify their identity through a phone call or in person. Scammers often use wire transfers because they know the money cannot be recovered.
If you accidentally send money to the wrong person, contact your bank immediately. For ACH transfers, your bank may be able to stop the transfer if it hasn't cleared yet. For wire transfers, your bank can try to recall the money, but success is not may provide. For peer-to-peer apps, contact the app's support team and ask them to reverse the transfer. For checks, call your bank and ask them to stop payment on the check.
What happens if the transfer fails or the money doesn't arrive
If a transfer fails, your bank will usually send you a notification explaining why. Common reasons include an incorrect routing number, a closed account, or insufficient funds in your account. If the transfer fails, the money stays in your account and you can try again with corrected information.
If the money doesn't arrive within the expected timeframe, contact your bank. For wire transfers, call within 24 hours. For ACH transfers, wait until the third business day has passed, then call. Your bank can trace the transfer and tell you where the money is. If the recipient's bank received the money but the recipient claims they didn't, the recipient's bank can investigate on their behalf.
If you believe you are the victim of fraud—someone sent money from your account without permission—contact your bank immediately and file a dispute. Your bank will investigate and may reverse the transfer if they find unauthorized activity.
Frequently Asked Questions
Can I send money to someone at a different bank?
Yes. Wire transfers, ACH transfers, and checks all work between different banks. Peer-to-peer apps work between different banks as long as both people have accounts with the same app or compatible apps. The routing number tells your bank how to find the recipient's bank.
What's the difference between a routing number and an account number?
A routing number identifies the bank or credit union. An account number identifies your specific account at that bank. You need both for wire and ACH transfers. You can find both on the bottom left of a check, or by logging into your bank's website.
Is it safe to share my account number with someone?
Sharing your account number and routing number is generally safe for receiving money, because someone can only deposit money into your account, not withdraw it. However, do not share your account number with someone you don't trust, because they could use it to set up unauthorized ACH transfers from your account. If you're unsure, ask your bank before sharing.
How long does money stay in my account after I send a wire transfer?
Wire transfers leave your account immediately—usually within minutes of you sending them. The money arrives at the recipient's bank within hours or by the next business day. You cannot cancel a wire transfer once it has left your account.
Can I send money internationally using these methods?
Wire transfers work internationally, but they are more expensive ($30 to $100) and take longer (one to five business days). ACH transfers only work within the United States. Peer-to-peer apps usually only work within the United States, though some have international options. For international transfers, ask your bank about their international wire transfer service or look into specialized money transfer services.