Yes, you can send money between your own bank accounts
You can move money from one of your bank accounts to another account in your name at the same bank or a different bank. The money arrives on a timeline that depends on which method you use — same-day transfers exist, but most take one to three business days. The process is straightforward if both accounts are in your name; moving money to an account belonging to someone else follows different rules and carries different protections.
The bank or banks involved determine which transfer methods are available to you. Some methods are free; others charge a fee. If you use the wrong method or enter the wrong account number, you may not be able to recover the money, so understanding each option before you transfer matters.
Key Takeaways
- Transfers between your own accounts at the same bank usually arrive the same day or next business day and are free.
- Transfers between different banks take one to three business days using ACH (Automated Clearing House), the standard free method.
- Wire transfers move money the same day but cost $15 to $50 and cannot be reversed if you enter the wrong account number.
- Mobile apps and online banking let you initiate transfers yourself, but you must enter the receiving account number correctly — the bank does not verify it before sending.
- If money goes to the wrong account, contact your bank immediately; recovery is possible but not may provide and depends on whether the receiving bank cooperates.
Transfers between accounts at the same bank
Moving money between two accounts you own at the same bank is the simplest route. You can do this through your bank's website, mobile app, or by calling the bank. The money usually arrives the same day if you transfer before the bank's cutoff time (typically 2 p.m. or 3 p.m. on business days), or by the next business day if you transfer after hours or on a weekend.
These transfers are free. You need the account number of the receiving account, which you already have if both accounts are yours. The bank verifies the account number against its own records, so the risk of sending money to the wrong place is very low.
Transfers between different banks using ACH
ACH (Automated Clearing House) is the standard method for moving money between banks. It is free and takes one to three business days. You initiate the transfer through your sending bank's website or app by entering the receiving bank's routing number and the receiving account number.
The sending bank does not verify that the account number belongs to the person or business you intend to pay. If you enter the wrong account number, the money will go to whatever account matches that number at the receiving bank. You can contact your bank to try to recover it, but there is no may provide — the receiving bank must cooperate, and if the account holder has already spent the money, recovery is difficult or impossible.
Some banks let you set up a transfer as a one-time payment or as a recurring transfer (for example, the same amount every month). Recurring transfers are useful if you regularly move money between your accounts, but you can cancel them at any time.
Wire transfers for same-day movement
A wire transfer moves money the same day, usually within hours. Banks charge $15 to $50 per wire, depending on whether it is domestic (within the United States) or international. You initiate a wire through your bank's website, app, or by calling or visiting a branch.
Wire transfers cannot be reversed once they leave your bank. If you enter the wrong account number or send money to the wrong person, you cannot get it back through the bank — you would have to contact the receiving bank and ask them to return it, which they are not required to do. For this reason, verify the account number and routing number carefully before confirming a wire.
Some banks require you to call or visit in person to send a wire, especially for large amounts. Others let you do it online. Ask your bank what method is available to you.
Real-time payments and same-day ACH
Some banks now offer real-time payments or same-day ACH, which move money instantly or within hours rather than one to three days. These services are free at many banks, though some charge a small fee. Not all banks participate in these systems yet, so check whether both your sending bank and the receiving bank support them.
Real-time payments work similarly to regular ACH — you enter the receiving account number and routing number — but the money arrives much faster. The same risk applies: if you enter the wrong account number, the money goes to the wrong place, and recovery is not may provide.
What to do if money goes to the wrong account
If you realize you sent money to the wrong account, contact your bank immediately. Tell them the date of the transfer, the amount, and the account number it went to. Your bank can contact the receiving bank and ask them to return the funds.
The receiving bank is not legally required to return the money, but many do if the receiving account holder agrees. If the account holder has already spent the money or refuses to return it, your bank may not be able to recover it. Some banks offer fraud protection or error resolution for ACH transfers, which may cover the loss, but this varies by bank and by the type of account you have.
For wire transfers, recovery is much harder because wires cannot be reversed. Contact your bank and the receiving bank immediately, but be prepared for the possibility that the money cannot be recovered.
Fees and limits on transfers
ACH transfers and same-day ACH are free at most banks. Wire transfers cost $15 to $50. Real-time payments are free at many banks but may have a small fee at others.
Your bank may limit how much you can transfer in a single day or per month. These limits vary by bank and by account type. Check your bank's website or call to find out what your limits are. If you need to transfer more than your limit allows, you can contact your bank to request a higher limit, though they may decline.
Frequently Asked Questions
How long does it take to transfer money between two different banks?
Standard ACH transfers take one to three business days. Same-day ACH and real-time payments arrive the same day or within hours. Wire transfers arrive the same day, usually within a few hours. Weekends and holidays add extra time — a transfer initiated on Friday may not arrive until Monday or Tuesday.
Can I transfer money to someone else's bank account?
Yes, but it follows the same process as transferring to your own account — you enter their account number and routing number. The bank does not verify that the account belongs to them, so if you enter the wrong number, the money goes to whoever owns that account. For large transfers to someone you do not know well, consider using a payment service like PayPal or Venmo instead, which offer buyer protection.
What happens if I enter the wrong account number?
The money goes to whatever account matches that number at the receiving bank. Contact your bank immediately and ask them to contact the receiving bank to request the funds back. Recovery is possible but not may provide — it depends on whether the receiving bank cooperates and whether the account holder will return the money.
Is there a limit to how much I can transfer?
Yes, most banks set daily or monthly limits on transfers. The limit varies by bank and account type. Check your bank's website or call to find out your limit. You can usually request a higher limit, though the bank may decline or require additional verification.
Do I need to know the receiving bank's routing number?
Yes, for ACH and wire transfers to a different bank. Your bank's website usually has a search tool where you can enter the receiving bank's name and find the routing number. If you are transferring to your own account at another bank, you can find the routing number on a check from that account or on the bank's website.