Yes, you can deposit money from another bank into your account
You can move money from a bank account at one institution into an account at another bank. The money will arrive in your account, but the method you choose and how long it takes depend on what tools both banks offer and how much money you're moving. Some methods are instant; others take several business days.
The most common routes are ACH transfer (the standard electronic method), wire transfer (faster but costlier), mobile deposit (if you have a check), or in-person cash deposit (if you have physical cash). Each has different speed, cost, and security tradeoffs.
Key Takeaways
- ACH transfers are free or low-cost and take one to three business days, but both banks must support them and you need the sending bank's routing number and your account number.
- Wire transfers move money the same day or next business day but typically cost $15 to $30 and cannot be reversed once sent.
- Mobile deposit lets you photograph a check and deposit it through your phone, usually posting within one to two business days.
- Some banks offer real-time transfers through the RTP network, which moves money in minutes, but not all banks participate.
- Cash deposits are instant if you deposit in person at a branch, but require you to physically carry the money and have a branch location nearby.
ACH transfer: the standard method for moving money between banks
An ACH transfer (Automated Clearing House) is the most common way to move money from one bank to another. You initiate it from your receiving bank's website or app, and the money is pulled from the other account electronically. ACH transfers are free or cost $1 to $3, and they take one to three business days to complete.
To start an ACH transfer, you will need the sending bank's routing number (a nine-digit code that identifies the bank) and your account number at that bank. You enter these into your receiving bank's transfer tool, specify the amount, and authorize the transfer. Your receiving bank then sends the request through the ACH network, which batches transfers and processes them overnight.
ACH transfers work only if both banks participate in the ACH network, which nearly all U.S. banks do. However, some banks limit how much you can transfer in a single day or per month. Check your receiving bank's transfer limits before you initiate a large transfer.
Wire transfers: faster but irreversible and more expensive
A wire transfer moves money the same day or next business day and is harder to reverse once sent. Wire transfers typically cost $15 to $30 per transaction, depending on whether the money is going to a domestic or international account. Because wire transfers are fast and final, they carry higher fraud risk — scammers often use them to steal money because the money cannot be recalled.
To send a wire transfer, you initiate it at your sending bank (the bank where the money currently sits) rather than at your receiving bank. You provide the receiving bank's routing number, your account number, and the amount. The sending bank then sends the money directly to the receiving bank's Federal Reserve account, which credits your account.
Wire transfers are useful when you need money to arrive quickly and you trust the receiving account completely. They are not a good choice for moving money to an account you are unsure about, because once the money leaves your sending bank, you cannot get it back.
Mobile deposit: photograph a check and deposit it remotely
If someone has written you a check, you can deposit it without visiting a branch by using mobile deposit. You photograph the front and back of the check using your phone's camera through your bank's app, and the bank processes the image and credits your account. Mobile deposits usually post within one to two business days.
Mobile deposit is free at most banks. The main limitation is that the check must be made out to you and must be from a U.S. bank. Some banks also cap the amount you can deposit per day or per month through mobile deposit — common limits are $2,000 to $10,000 per day, though this varies by bank.
After you photograph and submit the check, most banks recommend that you write "deposited" on the back and keep it for at least 30 days in case the bank needs to verify the deposit. Do not deposit the same check twice or spend the money before the deposit has fully cleared.
Real-time transfers: money arrives in minutes on participating banks
Some banks now offer real-time transfers through the RTP (Real-Time Payments) network. These transfers move money in minutes rather than days, and they work 24 hours a day, seven days a week. However, not all banks participate in RTP yet, so you can only use this method if both your sending and receiving banks are on the network.
Real-time transfers are typically free and work similarly to ACH transfers — you initiate them from your receiving bank's app or website and provide the sending bank's routing number and your account number. The money arrives almost immediately, and you can use it right away.
Check with both banks to see whether they offer real-time transfers. If they do, this is the fastest way to move money between banks without paying a wire transfer fee. Major banks including Bank of America, Chase, Wells Fargo, and many credit unions now support RTP, but smaller regional banks may not.
Cash deposits: instant if you have a branch location
If you have physical cash, you can deposit it in person at a branch of your receiving bank. The deposit is credited to your account immediately, and you can use the money right away. This method requires you to have a branch location nearby and to carry the cash safely.
Some banks also allow you to deposit cash at ATMs, though not all ATMs accept cash deposits. Check whether your bank's ATMs support cash deposits before you try to use one. If the ATM accepts your deposit, the money usually posts to your account within one business day.
Cash deposits are useful when you need money in your account immediately and you have physical cash on hand. They are not practical for large amounts of money, because carrying large sums of cash is risky and some banks may ask questions about deposits over $10,000.
What happens if the transfer fails or the money does not arrive
If you initiate a transfer and the money does not arrive within the expected timeframe, contact your receiving bank first. Ask them to check the status of the transfer using the confirmation number you received when you initiated it. The bank can tell you whether the transfer is still pending, has been rejected, or has been completed.
If the transfer was rejected, the most common reasons are a mistyped routing number or account number, insufficient funds in the sending account, or a mismatch between the account holder's name and the account number. Correct the information and try again.
If the transfer was completed but the money went to the wrong account, contact your receiving bank immediately. They can attempt to recall the transfer if it has not yet cleared, but if the money has already been credited to another account, recovery is more difficult and may require the other account holder's cooperation or legal action.
Frequently Asked Questions
How long does it take to transfer money from another bank?
ACH transfers take one to three business days. Wire transfers take the same day or next business day. Real-time transfers take minutes if both banks participate in RTP. Mobile deposits of checks take one to two business days. Cash deposits in person are instant.
Do I need to know the other person's account number to send them money?
Yes, you need their account number and their bank's routing number. You also need to know their name as it appears on the account. If any of this information is wrong, the transfer may be rejected or sent to the wrong account.
Is there a limit to how much I can transfer?
Most banks set daily or monthly limits on ACH transfers, typically ranging from $5,000 to $25,000 per day. Wire transfers and real-time transfers usually have higher limits. Check your bank's transfer limits in your account settings or by calling customer service.
Can I transfer money from a savings account at one bank to a checking account at another?
Yes. The transfer method is the same regardless of account type. You initiate the transfer from your receiving bank and provide the routing number and account number of the savings account you are transferring from.
What if I made a mistake and sent money to the wrong account?
Contact your bank immediately. If the transfer has not yet cleared, your bank may be able to recall it. If the money has already been credited to another account, you will need to contact that account holder or pursue the matter through your bank's dispute process, which can take weeks.