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, an internal transfer usually lands within hours or by the next business day—often the same day if you do it before the bank's cutoff time, typically 2 p.m. or 3 p.m. Eastern. If the accounts are at different banks, the method matters: a wire transfer takes one business day but costs $15 to $30; an ACH transfer (also called an electronic transfer) takes three to five business days and is usually free; and a debit card or mobile app transfer can vary widely depending on the banks involved.

The trade-off is always speed versus cost. Wire transfers are fastest and most reliable but expensive. ACH transfers are free or cheap but slower. Debit card transfers and peer-to-peer apps are middle ground but work best for smaller amounts. Start by checking whether your bank offers a free internal transfer option—most do—before paying for anything.

Key Takeaways

  • Internal transfers between accounts at the same bank usually arrive the same day or next business day and cost nothing.
  • Wire transfers between different banks arrive in one business day but cost $15 to $30 per transfer.
  • ACH transfers between different banks are free or cost $1 to $3 but take three to five business days.
  • Peer-to-peer apps like Venmo or PayPal work for smaller amounts but may charge fees for instant transfers.
  • Always verify the receiving account number and routing number before confirming any transfer, especially between different banks.

Internal transfers: same bank, same day or next day

If you have two accounts at the same bank—say, a checking and a savings account at Chase, or two checking accounts at Bank of America—you can move money between them through online banking, mobile app, or by calling the bank. Log into your account, find the transfer or move money option, select the destination account, enter the amount, and confirm. Most banks process these instantly or within a few hours during business hours.

If you initiate the transfer after the bank's cutoff time (usually 2 p.m. to 5 p.m. depending on the bank), it may not process until the next business day. Weekends and federal holidays also delay processing. There is no fee for internal transfers at any major bank.

Wire transfers: one business day, higher cost

A wire transfer moves money directly from one bank to another using the Federal Reserve's wire system or a private network like SWIFT. It requires the receiving bank's routing number and the receiving account number. You initiate it through your bank's online platform, mobile app, or by visiting a branch or calling.

Wire transfers arrive within one business day, often the same day if sent before the bank's cutoff (usually 2 p.m. to 5 p.m.). The sending bank charges a fee—typically $15 to $30 for a domestic wire, more for international wires. Some banks charge the receiving bank a fee as well, though this is less common. Once a wire is sent, it cannot be reversed, so verify the account number and routing number before you confirm.

ACH transfers: free or cheap, three to five business days

An ACH transfer (Automated Clearing House) is an electronic transfer between banks that runs through a clearing network rather than directly. It is slower than a wire but free or very cheap. Most banks offer free ACH transfers; some charge $1 to $3 per transfer. You initiate it the same way as a wire—through online banking, mobile app, or by phone—and provide the receiving bank's routing number and account number.

ACH transfers take three to five business days to complete. The exact timeline depends on when you send it and how quickly each bank processes it. If you send an ACH transfer on a Friday after 5 p.m., it may not start processing until Monday, and it may not arrive until Thursday or Friday. Unlike a wire, an ACH transfer can sometimes be reversed if there is an error, though the process takes time and is not may provide.

Peer-to-peer apps and debit card transfers

Apps like Venmo, PayPal, Square Cash, and Zelle let you send money to another person's account, and that person can transfer it to their bank. These work best for smaller amounts and informal transfers. Zelle, which is owned by a consortium of major banks, is often free and fast (within minutes to one business day), but it is limited to people you know and amounts vary by bank. Venmo and PayPal are free for standard transfers but take one to three business days; they charge a fee (usually 1.5% to 3%) if you want the money instantly.

Some banks also let you link a debit card to another account and transfer money that way, though this is less common. The speed and cost depend on the banks and the method. These options work well for moving money between your own accounts if both banks support the service, but they are not a substitute for a direct bank-to-bank transfer if you need may provide speed or are moving a large amount.

What information you need before you start

For an internal transfer at the same bank, you usually only need to know which account you are transferring from and which account you are transferring to. Your bank already has this information.

For a transfer to a different bank, you need the receiving account's routing number and account number. The routing number is a nine-digit code that identifies the receiving bank; you can find it on a check, on the bank's website, or by calling the bank. The account number is the number of the specific account you are sending money to. Write these down carefully—a mistake in either number can send your money to the wrong account, and recovery is slow and uncertain.

Some banks also ask for the receiving account holder's name. Verify that this matches the name on the account you are sending to. If the names do not match, ask the receiving bank before sending.

What to do if a transfer goes to the wrong account

If you send money to the wrong account number, contact your bank immediately. If it was an ACH transfer, your bank may be able to recall it within one business day, though this is not may provide and depends on whether the receiving bank cooperates. If it was a wire transfer, recovery is much harder—wires are nearly impossible to reverse once sent. Your bank can ask the receiving bank to return the money, but the receiving bank is not required to comply, and the process can take weeks or months.

If the receiving bank refuses to return the money, you may need to file a dispute or contact the receiving account holder directly. This is why verifying the account number before you send is critical. If you are sending a large amount or to an unfamiliar account, consider sending a small test transfer first to confirm the account is correct.

Frequently Asked Questions

Can I transfer money between banks on a weekend?

You can initiate a transfer on a weekend through your bank's app or website, but the bank will not process it until the next business day (Monday). If you send it late Friday, it may not start processing until Monday and may not arrive until Wednesday or later, depending on the transfer method.

What is the difference between a routing number and an account number?

A routing number is a nine-digit code that identifies the bank itself. An account number identifies your specific account at that bank. You need both to transfer money to someone else's account at a different bank. The routing number tells the system which bank to send it to; the account number tells that bank which account to deposit it into.

Is there a limit to how much I can transfer?

Most banks set daily and monthly limits on transfers, which vary by bank and account type. Common limits are $5,000 to $25,000 per day for online transfers. Wire transfers often have higher limits. Check your bank's website or call to find out your specific limits. You can usually request a higher limit if you need to move a larger amount.

Do I get charged a fee if the receiving bank charges a fee?

Usually no. If your bank charges a fee for sending a transfer, you pay that fee. If the receiving bank charges a fee for receiving it, the receiving account holder pays that fee, not you. However, some banks charge both the sender and the receiver, so it is worth asking before you send a large amount.

How do I know if my transfer went through?

Log into your bank account and check the transaction history. For internal transfers, you should see it posted within hours. For ACH transfers, it will show as pending for a few days, then posted once it arrives. For wire transfers, it should show as sent within one business day. If you do not see it after the expected time, contact your bank.