The fastest way depends on how soon you need the money there
Bank-to-bank transfers move money in one of three ways: ACH (Automated Clearing House), wire transfer, or real-time payment networks like Zelle or FedNow. ACH is free and takes one to three business days. Wire transfers cost $15 to $50 and arrive the same day or next business day. Real-time networks are free or cheap, arrive in minutes, but work only between banks that both use the same network. Which one you use depends on the amount, the urgency, and whether both banks support it.
Before you start, you will need the recipient's bank account number and routing number (a nine-digit code that identifies their bank). If you are sending to someone outside the US, you will also need their IBAN or SWIFT code. Have this information ready before you log in to your bank.
Key Takeaways
- ACH transfers are free but take one to three business days; wire transfers cost money but arrive same-day or next-day.
- Real-time payment networks like Zelle move money in minutes for free, but both banks must participate in the same network.
- You need the recipient's routing number and account number to send an ACH or wire transfer; Zelle and similar services use email or phone number instead.
- Wire transfers cannot be reversed once sent, so confirm the account number before you submit; ACH transfers can sometimes be stopped if you catch them quickly.
- International transfers require additional information (IBAN or SWIFT code) and take longer, usually five to ten business days.
ACH transfers: free, slow, and reversible
An ACH transfer is the standard way banks move money between accounts. Your bank batches your transfer with thousands of others and sends them through the Federal Reserve's ACH network once or twice a day. The receiving bank then processes the batch and deposits the money into the recipient's account. The whole process takes one to three business days, depending on when you submit the transfer and how quickly each bank processes batches.
ACH transfers are free. Log into your bank's website or app, select "Send Money" or "Transfer," choose ACH, enter the recipient's routing number and account number, the amount, and a description (optional but helpful). Most banks let you schedule an ACH transfer for a future date. If you realize you made a mistake before the transfer clears, call your bank immediately—they may be able to stop it, but once it reaches the receiving bank, reversal is harder and slower.
ACH transfers have a daily limit, usually $10,000 to $25,000 depending on your bank. If you need to send more, you can request a higher limit or split the transfer across multiple days. Some banks charge a fee for ACH transfers to accounts outside their network, though most do not.
Wire transfers: fast, expensive, and final
A wire transfer moves money directly from your bank to the recipient's bank, bypassing the ACH network. The transfer usually arrives the same business day if you submit it before your bank's cutoff time (often 2 or 3 p.m.), or the next business day if you miss the cutoff. Wire transfers cost $15 to $50 depending on your bank and whether the transfer is domestic or international.
To send a wire transfer, log into your bank or call the wire transfer department directly. You will need the recipient's full name, routing number, account number, and bank name and address. Double-check the account number before you submit—wire transfers cannot be reversed once they leave your bank. If you send money to the wrong account, you will have to contact the receiving bank and ask them to return it, which may take weeks or may not happen at all.
Wire transfers have no daily limit, so they are the only option if you need to send more than your bank's ACH limit. Some banks require you to call a representative to send a wire transfer over a certain amount, as a fraud prevention measure.
Real-time payment networks: minutes, free or cheap
Zelle, FedNow, and other real-time payment networks move money between accounts in seconds or minutes, not days. You send money using the recipient's email address or phone number instead of their account number. The money arrives instantly or within minutes, and the recipient can use it right away.
Zelle is the most common network in the US. Most major banks (Chase, Bank of America, Wells Fargo, US Bank, and others) participate. If both your bank and the recipient's bank use Zelle, the transfer is free. FedNow is newer and supported by fewer banks, but it works the same way. To send money via Zelle, open your bank's app, find the Zelle option, enter the recipient's email or phone number, the amount, and submit. The recipient will receive a notification and can accept the money into their account.
The catch: both banks must use the same network. If your bank uses Zelle but the recipient's bank does not, the transfer will not go through. Check your bank's website to see which networks it supports. Real-time networks also have lower daily limits than ACH or wire transfers, often $500 to $2,000 per transaction.
International transfers: slower and more expensive
Sending money to a bank account outside the US requires a wire transfer or an international ACH transfer, both of which take longer and cost more. Wire transfers to other countries usually arrive in one to three business days and cost $40 to $100. International ACH transfers (available through some banks) take five to ten business days and may cost less, but not all banks offer them.
You will need the recipient's IBAN (International Bank Account Number) or SWIFT code (also called BIC), which identifies their bank internationally. The recipient's bank can provide this information. Some banks also require the recipient's full address and the reason for the transfer. Exchange rates vary by bank and by day, so the amount the recipient receives may be slightly less than the amount you send.
What to do if a transfer goes wrong
If you sent an ACH transfer to the wrong account, contact your bank immediately. They can try to recall the transfer before it clears, but success is not may provide. Once the money reaches the receiving bank, the bank can ask the recipient to return it, but the recipient is not legally required to do so. If the recipient refuses, you may have to pursue the matter through small claims court or your bank's dispute process.
If you sent a wire transfer to the wrong account, call your bank right away. Wire transfers cannot be reversed, but your bank can contact the receiving bank and ask them to return the money. The receiving bank will try to recover it, but if the recipient has already withdrawn the money or the account is closed, recovery is unlikely. Document everything in writing and keep copies of all communications.
If a transfer you sent has not arrived after the expected time, log into your bank and check the transaction status. Some banks show whether the transfer is pending, processing, or complete. If it shows complete but the recipient has not received it, contact your bank's customer service. They can trace the transfer and determine where it is stuck. Delays sometimes happen during weekends or holidays, or if the receiving bank is processing slowly.
Limits, fees, and timing by bank
| Transfer Type | Speed | Cost | Typical Daily Limit | Reversible? |
|---|---|---|---|---|
| ACH | 1–3 business days | Free | $10,000–$25,000 | Yes, if caught early |
| Wire (domestic) | Same day or next day | $15–$50 | No limit | No |
| Zelle/Real-time | Minutes | Free | $500–$2,000 | No |
| Wire (international) | 1–3 business days | $40–$100 | No limit | No |
Limits and fees vary by bank. Some banks charge for ACH transfers to external accounts, though most do not. Some banks charge a fee to receive a wire transfer (the receiving bank deducts it from the amount deposited). Call your bank or check their website to confirm the limits and fees that apply to your account.
Frequently Asked Questions
Can I cancel a transfer after I send it?
ACH transfers can sometimes be stopped if you contact your bank within a few hours of sending, before the transfer clears. Wire transfers cannot be cancelled once they leave your bank. Real-time payments like Zelle cannot be reversed. If you need to cancel, call your bank immediately and explain the situation.
Why is my transfer taking longer than expected?
ACH transfers can take up to three business days, and weekends and holidays do not count. Wire transfers usually arrive same-day or next-day, but if you submit after your bank's cutoff time, it will not process until the next business day. If a transfer is more than three days late, contact your bank and ask them to trace it.
What information do I need to send money to someone?
For ACH or wire transfers, you need their routing number and account number. For Zelle or similar networks, you need their email address or phone number. For international transfers, you need their IBAN or SWIFT code. Always confirm the account number or email address with the recipient before you send money.
Is there a limit to how much I can transfer?
ACH transfers usually have a daily limit of $10,000 to $25,000, depending on your bank. Wire transfers have no limit. Real-time payment networks like Zelle have lower limits, often $500 to $2,000 per transaction. You can request a higher ACH limit from your bank, or split a large transfer across multiple days.
What happens if I send money to the wrong account?
Contact your bank immediately. For ACH transfers, they may be able to recall the transfer before it clears. For wire transfers, your bank can ask the receiving bank to return the money, but recovery is not may provide. Document everything and follow up in writing. If the recipient refuses to return the money, you may need to pursue it through small claims court.