The fastest way depends on which banks you use and how soon you need the money there
If both accounts are at the same bank, you can move money between them in minutes through your online banking portal, mobile app, or by calling the bank. If the accounts are at different banks, the method and speed depend on what each bank offers. A wire transfer arrives the same business day but costs $15 to $30. An ACH transfer (Automated Clearing House) is free or costs $1 to $3, but takes one to three business days. Some banks also offer real-time transfers through the RTP network, which moves money in seconds to minutes at no cost.
The account you're transferring from must be in your name, or you must have authorization to move money from it. The receiving account can be yours at another bank, or it can belong to someone else — the process is the same either way.
Key Takeaways
- Same-bank transfers happen instantly through your online banking portal or app; different-bank transfers take one to three business days for free ACH or the same day for a wire transfer that costs $15 to $30.
- Wire transfers require the receiving bank's routing number and the account number, while ACH transfers need the same information but process more slowly.
- Real-time transfers through RTP are free and arrive in seconds to minutes, but only some banks participate in the network yet.
- If you set up a transfer on a weekend or holiday, it will process on the next business day; the receiving bank may hold the money for one to five business days even after it arrives.
Same-bank transfers: the fastest option
If you have two accounts at the same bank, log into your online banking portal or mobile app and look for "Transfer Funds" or "Move Money Between Accounts." You will see a list of your accounts at that bank. Select the account you want to transfer from, then the account you want to transfer to, enter the amount, and confirm. The money appears in the receiving account within minutes, usually instantly.
You can also call your bank's customer service line and ask a representative to move the money for you. This takes longer — usually a few minutes on the phone plus processing time — but works if you do not have online access or prefer to speak to someone.
Some banks let you set up recurring transfers if you move money on a regular schedule, such as moving $200 from checking to savings every payday. You can usually pause or cancel a recurring transfer at any time through your online banking portal.
ACH transfers: free but slower for different banks
An ACH transfer is a batch electronic payment that the Federal Reserve processes in groups throughout the day. When you initiate an ACH transfer from your bank to an account at a different bank, your bank collects the information and sends it to the clearing house, which routes it to the receiving bank. The whole process takes one to three business days.
To set up an ACH transfer, log into your online banking portal and look for "Send Money to Another Bank" or "External Transfer." You will need the receiving bank's routing number (a nine-digit code that identifies the bank) and the account number. You can find the routing number on the receiving bank's website, by calling them, or by looking at a check from that account — the routing number is printed at the bottom left of the check.
Most banks charge nothing for ACH transfers you initiate yourself. Some banks charge $1 to $3 per transfer, especially if you exceed a certain number per month. Check your bank's fee schedule or ask customer service whether ACH transfers are free.
ACH transfers are safer than wire transfers because they can be reversed if something goes wrong. If you send money to the wrong account by mistake, you can contact your bank and ask them to recall the transfer before it settles — usually within one business day of initiating it.
Wire transfers: same-day delivery at a cost
A wire transfer is an electronic payment that moves money directly from one bank to another on the same business day. Wire transfers are faster than ACH but cost more and cannot be reversed once they are sent.
To send a wire transfer, call your bank or visit a branch in person. You will need to provide the receiving bank's routing number, the account number, and the name on the receiving account. Your bank will ask you to confirm all the details before processing the transfer. Most banks charge $15 to $30 per wire transfer, though some waive the fee for certain account types or if you maintain a high balance.
Wire transfers initiated before the bank's cutoff time (usually 2 p.m. or 3 p.m. on business days) arrive the same day. Transfers initiated after the cutoff or on weekends and holidays process on the next business day. The receiving bank may hold the money for one to five business days before making it available, even though it has arrived.
Once a wire transfer is sent, you cannot cancel it or reverse it. If you send money to the wrong account, you will have to contact the receiving bank and ask them to return the funds — they are not required to do so. For this reason, wire transfers are best used only when you are certain of the account details and trust the recipient.
Real-time transfers: instant and free, but limited availability
Some banks now offer real-time transfers through the RTP (Real-Time Payments) network, which moves money between banks in seconds to minutes at no cost. This is faster than ACH and cheaper than wire transfers, but only banks that have joined the RTP network can send and receive this way.
To learn about your bank participates in RTP, log into your online banking portal or call customer service and ask whether they offer real-time transfers. If both your bank and the receiving bank are on the RTP network, you can initiate a real-time transfer the same way you would an ACH transfer — through your online banking portal. The money will arrive almost immediately.
Real-time transfers are reversible for a limited time after they are sent, usually 24 hours. If you send money to the wrong account, you can contact your bank and ask them to reverse the transfer before that window closes.
What happens on weekends, holidays, and after business hours
Banks process transfers during business hours on business days only. If you initiate a transfer on a Friday evening, Saturday, Sunday, or a federal holiday, it will not process until the next business day — usually Monday. This means a transfer you send on Friday afternoon might not arrive until Tuesday or Wednesday.
The same rule applies to wire transfers. If you send a wire transfer after your bank's cutoff time on a business day, it processes the next business day. If you send it on a weekend or holiday, it processes on the next business day after that.
Once a transfer arrives at the receiving bank, the receiving bank may place a hold on the funds for one to five business days before making them available to the account holder. This is more common with large transfers or transfers to new accounts. The receiving bank will notify the account holder of any hold and when the funds will be released.
Transfers to accounts in other people's names
You can transfer money to an account that belongs to someone else — a family member, a friend, a business, or a creditor. The process is the same as transferring to your own account at another bank: you need the receiving bank's routing number and the account number, and you initiate the transfer through your online banking portal or by calling your bank.
The name on the receiving account does not have to match your name. However, if the names do not match, the receiving bank may flag the transfer for review or place a hold on the funds. To avoid delays, make sure the account number and routing number are correct, and if possible, confirm the account holder's name with the person you are sending money to.
If you are sending money to pay a bill or a debt, some creditors and service providers let you set up automatic transfers from your bank account. This is called a direct debit or automatic payment. The creditor initiates the transfer on a date you agree to, and the money is pulled from your account. This is different from you initiating the transfer yourself, but the end result is the same.
What to do if a transfer goes to the wrong account
If you realize you sent money to the wrong account, contact your bank immediately. The sooner you report the error, the better your chances of recovering the money.
For ACH transfers, your bank can attempt to recall the transfer within one business day of sending it. If the receiving bank has not yet processed the transfer, it can be stopped. If the transfer has already been processed and the money is in the wrong account, your bank can ask the receiving bank to return the funds, but the receiving bank is not required to comply. You may have to contact the receiving bank directly and ask them to return the money.
For wire transfers, you cannot cancel or reverse the transfer once it is sent. Your only option is to contact the receiving bank and ask them to return the funds. Provide them with the wire transfer details and explain that the transfer was sent in error. The receiving bank will contact the account holder and ask them to return the money. If the account holder refuses or cannot be reached, you may have to pursue the matter through your bank's fraud department or file a complaint with your state's banking regulator.
For real-time transfers, you have a limited window — usually 24 hours — to request a reversal. Contact your bank as soon as you realize the error and ask them to reverse the transfer. After the window closes, the process is the same as for wire transfers.
Frequently Asked Questions
How do I find my bank's routing number?
The routing number is printed at the bottom left of any check from your account. You can also find it on your bank's website by searching for "routing number" or "ABA number," or by calling your bank's customer service line. The routing number is specific to the bank and the branch, so make sure you have the correct one for the receiving bank.
Can I transfer money if I do not have online banking?
Yes. Call your bank's customer service line or visit a branch in person and ask a representative to set up the transfer for you. You will need to provide the receiving bank's routing number, the account number, and the amount. The representative will process the transfer and confirm the details with you before sending it.
Why is my transfer taking longer than expected?
Transfers initiated on weekends, holidays, or after your bank's business hours process on the next business day. The receiving bank may also place a hold on the funds for one to five business days. If you initiated the transfer more than three business days ago and it still has not arrived, contact your bank and provide them with the transfer confirmation number.
What is the difference between a wire transfer and an ACH transfer?
Wire transfers arrive the same business day but cost $15 to $30 and cannot be reversed. ACH transfers take one to three business days, are free or cost $1 to $3, and can be reversed within one business day. Use wire transfers when you need money to arrive quickly and are certain of the account details. Use ACH transfers when you have time to wait and want to avoid fees.
Can I set up automatic transfers between my accounts?
Yes, most banks let you set up recurring transfers on a schedule you choose — weekly, biweekly, monthly, or on specific dates. Log into your online banking portal and look for "Recurring Transfer" or "Scheduled Transfer." You can pause, resume, or cancel a recurring transfer at any time.