The fastest way depends on whether you're moving money within the same bank or to a different one
If both accounts are at the same bank, you can transfer money instantly through your online banking portal, mobile app, or by calling the bank. Log in, select the sending and receiving accounts, enter the amount, and confirm—the money usually arrives within minutes to a few hours, and there's no fee.
If you're sending money to an account at a different bank, the speed and method change. A wire transfer moves money the same 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. A third option is to write a check, which is free but takes five to ten business days to clear.
The method you choose depends on how urgently you need the money to arrive, whether you want to pay a fee, and what information you have about the receiving account.
Key Takeaways
- Same-bank transfers happen in minutes through your online banking app or website and cost nothing.
- Wire transfers between different banks cost $15 to $30 and complete the same business day, but you need the recipient's full name, account number, and routing number.
- ACH transfers between different banks are free or cheap ($1 to $3) but take one to three business days and require the same account details as a wire.
- Checks are free but the slowest option, taking five to ten business days from the time the recipient deposits them.
- Your bank may limit how much you can transfer in a single day or per week, especially for new accounts or external transfers.
Same-bank transfers: the fastest and cheapest option
When both accounts belong to the same bank, the transfer is internal and moves almost instantly. Log into your online banking portal or mobile app, navigate to "Transfer Money" or "Move Money," and select the sending account and the receiving account from the dropdown menus. Enter the dollar amount, add a note if you want (optional), and confirm the transfer. The money typically arrives within minutes, though some banks process internal transfers in batches and may take a few hours.
There is no fee for same-bank transfers. This is the method to use if you're moving money between your checking and savings accounts at the same institution, or between accounts you own at that bank.
If you don't have online access or prefer to speak to someone, call your bank's customer service line and ask to transfer funds between your accounts. Provide your account numbers and the amount, and the representative will process it over the phone. The timeline is the same—minutes to a few hours.
Wire transfers: same-day delivery for a fee
A wire transfer moves money to a different bank on the same business day. The bank deducts the money from your account immediately and sends it electronically to the receiving bank, which deposits it into the recipient's account by the end of that business day (or the next business day if you send it after the bank's cutoff time, typically 2 p.m. or 3 p.m.).
Wire transfers cost $15 to $30 depending on your bank and whether the receiving bank is domestic (within the U.S.) or international. Some banks charge less for online wires and more for wires initiated in person or by phone. To send a wire, you need the recipient's full legal name, account number, and the routing number of their bank. If you're sending to an international account, you'll also need the SWIFT code or IBAN (International Bank Account Number).
Wire transfers are not reversible once sent. If you send money to the wrong account or the recipient's information is incorrect, the money may be lost or very difficult to recover. Double-check all details before confirming. Some banks will attempt to recall a wire if you catch the error within a few hours, but this is not may provide and may take days or weeks.
ACH transfers: free or low-cost but slower
An ACH transfer is an electronic transfer between banks that takes one to three business days. It costs nothing or $1 to $3, depending on your bank and account type. ACH transfers are safer than wires because they can be reversed within a certain window if there's an error, though the process takes time.
To send an ACH transfer, you need the recipient's name, account number, and routing number—the same information as a wire. You initiate it through your online banking portal or by calling your bank. The money leaves your account within one business day and arrives at the receiving bank within one to three business days after that. Some banks offer "next-day ACH," which guarantees delivery by the next business day for a small fee ($1 to $5).
ACH transfers have daily and monthly limits set by your bank. Common limits are $10,000 per day or $25,000 per month for external transfers, though these vary. If you need to move more than your limit allows, contact your bank to request a higher limit, which may take a few days to process.
Checks: free but the slowest method
Writing a check is free and requires only the recipient's mailing address. The recipient deposits or cashes the check at their bank, and the check clears within five to ten business days. During that time, the money remains in your account, so you must keep enough balance to cover the check amount until it clears.
Checks are useful when you don't have the recipient's account number or routing number, or when you're paying someone who prefers a physical record. However, they are the slowest transfer method and carry the risk that the check could be lost or stolen in the mail.
What information you need for each transfer method
| Transfer Type | Information Needed | Cost | Speed |
|---|---|---|---|
| Same-bank transfer | Your own account numbers | Free | Minutes to hours |
| Wire transfer | Recipient's name, account number, routing number (SWIFT/IBAN for international) | $15–$30 | Same business day |
| ACH transfer | Recipient's name, account number, routing number | Free–$3 (or $1–$5 for next-day) | 1–3 business days |
| Check | Recipient's mailing address | Free | 5–10 business days |
How to find a bank's routing number
The routing number is a nine-digit code that identifies a specific bank branch. You need it to send a wire or ACH transfer to someone at a different bank. You can find the routing number in several places: at the bottom left of a check from that bank, on the bank's website (usually under "Customer Service" or "Contact Us"), or by calling the bank directly.
Make sure you have the correct routing number for the specific branch where the recipient's account is held. Some large banks have multiple routing numbers depending on the branch location. If you use the wrong routing number, the transfer may go to the wrong bank or be rejected, delaying the money.
Frequently Asked Questions
Can I cancel a transfer after I've sent it?
Same-bank transfers and ACH transfers can sometimes be cancelled within a few hours of sending, depending on your bank. Wire transfers cannot be cancelled once sent. Contact your bank immediately if you need to stop a transfer—the sooner you act, the better your chances. Have your confirmation number ready.
What happens if I send money to the wrong account number?
For ACH transfers, contact your bank right away and ask them to attempt a recall. The receiving bank may be able to reverse the transaction, but this is not may provide and can take days or weeks. For wire transfers, the money is usually lost unless the receiving bank agrees to send it back. Always verify the account number before confirming any transfer.
Why does my bank limit how much I can transfer per day?
Banks set transfer limits as a fraud prevention measure. If someone gains access to your account, the limit reduces the damage they can do. You can request a higher limit by contacting your bank, though the increase may take a few business days to take effect. Limits vary by account type and how long you've been a customer.
Do I need to know the recipient's bank name to send a wire or ACH transfer?
No. You only need the routing number, which identifies the bank. However, knowing the bank name helps you verify you have the correct routing number. Ask the recipient which bank they use and confirm the routing number matches that bank before sending.
What's the difference between a routing number and an account number?
The routing number identifies the bank or branch. The account number identifies the specific account within that bank. You need both to send a wire or ACH transfer. The routing number is the same for all customers at a particular bank branch; the account number is unique to each person.