The fastest way depends on which bank you're starting from

You can move money from your savings account to another bank in one to three business days using ACH transfer (the standard electronic method), same-day using wire transfer (faster but costs money), or instantly using real-time payment systems if both banks support them. ACH is free and works from any bank. Wire transfer costs $15 to $30 and moves the money the same day. Real-time systems like FedNow or The Clearing House's RTP network are instant and free, but not all banks offer them yet.

The receiving bank's name, routing number, and your account number at that bank are what you need to start. You'll provide these details either through your current bank's website or app, or by calling the bank directly. The money leaves your savings account immediately in most cases, but the receiving bank may hold it for a day or two before you can use it—this is called a hold, and it's separate from the transfer time.

Key Takeaways

  • ACH transfers are free and take one to three business days; wire transfers cost $15 to $30 and arrive the same day.
  • You need the receiving bank's routing number, your account number there, and sometimes the bank's address to complete a transfer.
  • Money leaves your savings account right away, but the receiving bank may hold it for one or two days before you can spend it.
  • If you're moving a large amount, check whether your bank has daily or monthly transfer limits that might delay the move.
  • Reversing an ACH transfer is possible only within a few hours; wire transfers cannot be reversed once sent.

ACH transfer: the standard free method

An ACH transfer (Automated Clearing House) is the most common way to move money between banks. It's free, works from any bank, and takes one to three business days. You initiate it through your current bank's website, mobile app, or by phone. The bank asks for the receiving bank's routing number (a nine-digit code that identifies that bank), your account number at the receiving bank, and the amount you want to transfer.

The money leaves your savings account within a few hours, usually by the end of the business day. The receiving bank gets the transfer information overnight, but may not make the funds available to you for one to two more days. This delay is normal and not a sign something went wrong. If you need the money sooner, a wire transfer is the alternative.

ACH transfers have daily and monthly limits set by your bank. Many banks allow $10,000 to $25,000 per day, but this varies. If you're moving more than your limit, you may need to split the transfer across multiple days or call your bank to request a higher limit. Some banks raise limits for established customers without asking.

Wire transfer: same-day but costs money

A wire transfer moves money the same business day and is the fastest option if both banks are in the United States. You initiate it the same way as an ACH transfer—through your bank's website, app, or by phone—and provide the same information: the receiving bank's routing number, your account number, and the amount. Wire transfers typically cost $15 to $30, depending on your bank.

The money leaves your account within hours and arrives at the receiving bank by the end of that business day, usually by 5 p.m. Eastern time. The receiving bank may still place a one-day hold on the funds, but you'll have access by the next morning. Wire transfers cannot be reversed once sent, so double-check the routing number and account number before confirming. If you send money to the wrong account, you'll need to contact the receiving bank and ask them to return it—they're not required to do so.

International wire transfers take longer (one to five business days) and cost more ($30 to $50 or higher). You'll need the receiving bank's SWIFT code instead of a routing number, and sometimes the bank's address. Ask your bank for the exact fee and timeline before sending.

Real-time payment systems: instant transfers (if available)

Some banks now offer real-time payment transfers through systems like FedNow (run by the Federal Reserve) or The Clearing House's RTP network. These move money instantly, 24 hours a day, seven days a week, and are free. The money arrives in seconds and is available to use immediately—no hold.

Not all banks support these systems yet. Check your bank's website or app to see if it offers real-time payments, or call and ask. If both your bank and the receiving bank are on the same real-time network, you can use it. If only one bank supports it, you'll need to use ACH or wire transfer instead. As more banks join these networks, real-time transfers will become more common, but for now ACH remains the standard.

What information you need before you start

Gather these details about the receiving bank and account before you initiate the transfer:

  • Receiving bank's routing number: A nine-digit code that identifies the bank. You can find it on a check, on the bank's website, or by calling the bank.
  • Your account number at the receiving bank: Usually 10 to 12 digits. It's on your account statement or in the bank's app.
  • Account type: Whether it's a checking or savings account. This matters for the transfer to go to the right place.
  • Receiving bank's name and address: Required for wire transfers; optional for ACH but helpful if something goes wrong.

Double-check the routing number and account number before you submit. A wrong routing number sends the money to a different bank, and a wrong account number sends it to someone else's account at the correct bank. Both mistakes are hard to fix.

Transfer limits and holds on the receiving end

Your current bank may limit how much you can transfer in a day or month. These limits vary widely—some banks allow $10,000 per day, others $25,000 or more. If you're moving a large amount, check your bank's transfer limits first. You can usually find this in the app or online banking portal, or call and ask. Some banks will raise your limit if you request it, especially if you've been a customer for a while.

The receiving bank may place a hold on the funds for one to two business days, even after the transfer arrives. This is a separate issue from transfer time. The bank holds the money to verify the transfer is legitimate and to protect against fraud. You can usually see the funds in your account (marked as pending) before the hold lifts, but you won't be able to spend them until the hold is released. Holds are most common on large transfers or if the receiving account is new.

What to do if the transfer goes wrong

If the money doesn't arrive within the expected timeframe, first check that the transfer actually sent. Log into your current bank's app or website and look for the transaction in your history. If it shows as pending, wait another business day. If it shows as completed but the receiving bank doesn't have it, contact your current bank and provide the transaction confirmation number.

For ACH transfers, you can cancel or reverse the transfer within a few hours of sending it—usually before the end of the business day. After that, the money is in the receiving bank's system and cannot be recalled. If it went to the wrong account, contact your bank immediately and ask them to initiate a reversal request with the receiving bank. The receiving bank is not required to return the money, but many will if the mistake is documented.

Wire transfers cannot be reversed once sent. If you sent money to the wrong account, contact your bank and the receiving bank right away and ask them to recover the funds. This is a manual process and may take weeks or may not succeed at all. This is why it's critical to verify the routing number and account number before sending a wire.

Frequently Asked Questions

Can I transfer money on a weekend or holiday?

ACH transfers initiated on weekends or holidays are processed the next business day. Wire transfers initiated after 5 p.m. Eastern time or on weekends are processed the next business day. Real-time payment systems work 24/7, so transfers are instant regardless of the day or time.

Why is there a hold on my money after it arrives?

Banks place holds to verify transfers are legitimate and to protect against fraud. Holds typically last one to two business days. Large transfers, new accounts, or transfers to accounts that haven't received money before are more likely to be held. You can contact the receiving bank and ask them to release the hold early, but they're not required to.

What's the difference between a routing number and an account number?

A routing number identifies the bank itself (nine digits). An account number identifies your specific account at that bank (usually 10 to 12 digits). Both are required for a transfer. Using the wrong routing number sends money to a different bank; using the wrong account number sends it to someone else's account at the correct bank.

Can I transfer money to a savings account at another bank?

Yes. ACH, wire, and real-time transfers all work to savings accounts. You'll need the routing number and account number of the receiving savings account, just as you would for a checking account. Make sure you specify that it's a savings account when you set up the transfer.

What happens if I transfer more money than my daily limit allows?

The transfer will be rejected or only the amount up to your limit will go through. You'll need to split the transfer into multiple days or contact your bank to request a higher limit. Some banks raise limits for established customers without a formal request.