The fastest way depends on which banks you use and how soon you need the money
If both accounts are at the same bank, an internal transfer usually clears within hours or by the next business day. If the accounts are at different banks, you have four main routes: ACH transfer (3 to 5 business days, free), wire transfer (same day or next day, costs $15 to $30), real-time payment systems like FedNow (minutes to hours, available at some banks), or a third-party app like PayPal or Venmo (1 to 3 business days, usually free for bank transfers). The method you choose depends on your timeline, how much you're moving, and whether your banks support each option.
Key Takeaways
- Same-bank transfers clear within hours; different-bank transfers take 1 to 5 business days depending on the method you choose.
- ACH transfers are free but slow; wire transfers are fast but cost money and cannot be reversed once sent.
- Real-time payment systems like FedNow move money in minutes but are only available at certain banks.
- You will need the receiving account number and routing number (for ACH or wire) or just a username or phone number (for apps and real-time systems).
- Transfers initiated after business hours or on weekends may not process until the next business day, even if the method itself is fast.
Same-bank transfers: the fastest free option
If you have two accounts at the same bank, log into your online banking portal or mobile app, find the transfer or move money section, and select the account you want to send from and the account you want to send to. Enter the amount and confirm. The money usually appears in the receiving account within a few hours, or by the next business day at the latest. There are no fees.
Some banks let you set up recurring transfers this way—useful if you move money between accounts on a regular schedule. You can also call your bank's customer service line and ask them to process the transfer over the phone, though this is slower than doing it yourself online.
ACH transfers between different banks: free but takes 3 to 5 days
ACH stands for Automated Clearing House, a network that moves money between banks electronically. It is the most common method for moving money between accounts at different institutions, and it costs nothing. The tradeoff is speed: ACH transfers typically take 3 to 5 business days to clear, though some banks now offer next-day ACH.
To send an ACH transfer, log into your bank's website or app, go to the transfer section, and select "external transfer" or "transfer to another bank." You will need the receiving account number and the receiving bank's routing number (a nine-digit code that identifies the bank). Enter the amount, review the details, and submit. Your bank will send the request through the ACH network, and the receiving bank will post the funds once they arrive.
ACH transfers are protected by the National Automated Clearing House Association rules, which means you can dispute a transfer if it was sent to the wrong account or if the amount was wrong. However, the dispute window is typically 60 days, so report problems quickly.
Wire transfers: same-day or next-day, but irreversible and costly
A wire transfer moves money directly from one bank to another through the Federal Reserve or SWIFT network (for international transfers). Wire transfers are fast—usually same-day or next-day—but they cost $15 to $30 per transfer and cannot be reversed once the receiving bank accepts the funds. Use wire transfers only when you need money urgently and you are certain of the receiving account details.
To send a wire transfer, call your bank or visit a branch in person. You will need the receiving account number, the receiving bank's routing number, and the name of the account holder. Your bank will ask you to confirm all details before processing. Some banks allow wire transfers through their online portal, but many still require a phone call or in-person visit for security reasons.
If you send a wire to the wrong account, contact your bank immediately. They can try to recall the transfer, but success depends on whether the receiving bank has already released the funds. This is why wire transfers are risky for large amounts to unfamiliar recipients.
Real-time payment systems: minutes to hours, limited availability
Some banks now participate in real-time payment networks like FedNow (run by the Federal Reserve) or the RTP network (run by The Clearing House). These systems move money in minutes to hours, 24/7, including weekends and holidays. There are typically no fees for the sender, though some banks may charge a small fee.
The catch is availability: not all banks offer real-time payments yet. Check your bank's website or call customer service to see if they support FedNow or RTP. If both your bank and the receiving bank participate, you can initiate a real-time transfer through your online banking portal. You will need the receiving account number and routing number, just like an ACH transfer.
Real-time payments are still newer than ACH, so fewer people use them. But if your bank offers it and you need money to move fast without paying wire transfer fees, this is worth exploring.
Third-party apps and payment services
Apps like PayPal, Venmo, Square Cash, and Google Pay let you transfer money between bank accounts, though the process is indirect. You link your bank account to the app, then transfer money from your bank to the app's account (usually free), and then send it to another person or withdraw it to their bank account. The whole process typically takes 1 to 3 business days.
These services are useful for peer-to-peer transfers but less practical for moving money between your own accounts at different banks, because you are paying fees to the app or waiting for multiple transfers to clear. However, if you already use one of these apps and both people have accounts, it can be convenient.
Be aware that these apps are not banks and do not offer the same fraud protections as bank transfers. Read the terms of service to understand what happens if money goes to the wrong person or if your account is compromised.
What information you need before you transfer
| Transfer Method | Information Needed | Speed | Cost |
|---|---|---|---|
| Same-bank transfer | Account number (yours and receiving) | Hours to 1 day | Free |
| ACH transfer | Account number and routing number (receiving bank) | 3–5 business days | Free |
| Wire transfer | Account number, routing number, account holder name | Same day or next day | $15–$30 |
| Real-time payment (FedNow/RTP) | Account number and routing number (receiving bank) | Minutes to hours | Free or small fee |
| Third-party app | Username, phone number, or email (receiving person) | 1–3 business days | Free or small fee |
Timing: when transfers actually process
The speed of any transfer depends partly on when you initiate it. If you send an ACH transfer on a Friday afternoon, it will not start processing until Monday morning, which means it will not clear until Wednesday or Thursday. Wire transfers initiated after 2 p.m. Eastern Time may not go out until the next business day. Real-time payments process immediately, but only if both banks are online and participating in the network.
Weekends and federal holidays also pause processing for ACH and wire transfers. If you need money by a specific date, count backward from that date and account for processing time plus any delays caused by timing or holidays.
What to do if a transfer goes wrong
If you sent money to the wrong account or the wrong amount was transferred, your options depend on the method. For ACH transfers, you have 60 days to dispute the transaction with your bank. Contact your bank immediately with the details, and they will investigate. If the receiving bank has not yet released the funds, they can often reverse the transfer.
For wire transfers, call your bank right away and ask them to attempt a recall. Success is not may provide, especially if the receiving bank has already released the funds. If the recall fails, you may need to contact the receiving bank directly or pursue legal action to recover the money.
For real-time payments and ACH transfers, if the receiving account belongs to someone else, report it to your bank and the receiving bank as soon as possible. Provide documentation of the error and ask both banks to investigate.
Frequently Asked Questions
Can I transfer money between banks on a weekend?
Real-time payment systems like FedNow process 24/7, including weekends. ACH and wire transfers do not process on weekends or federal holidays, so a transfer initiated on Saturday will not start until Monday. If your bank offers real-time payments, you can use that method for weekend transfers.
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 send an ACH or wire transfer to another bank. You can find both on the bottom left of your checks, or by logging into your bank's website.
Is it safe to give someone my account number and routing number?
Yes, it is safe to share your account number and routing number for the purpose of receiving a transfer. These numbers are printed on every check you write. However, do not share your PIN, password, or the full card number. If you are concerned about security, you can also ask the sender to use a real-time payment system or app instead.
Why did my transfer take longer than expected?
ACH transfers can take up to 5 business days even though the network usually processes them faster. Delays happen when you initiate the transfer after business hours, on a weekend, or during a holiday. Some banks also hold transfers for fraud review, which adds time. Contact your bank if a transfer has been pending longer than the stated timeframe.
Can I cancel a transfer after I send it?
For ACH transfers, you may be able to cancel if you contact your bank before the transfer clears—usually within a few hours of sending it. For wire transfers, cancellation is difficult or impossible once the receiving bank has accepted the funds. Real-time payments cannot be cancelled. Always double-check the details before you confirm any transfer.