The fastest way to transfer between banks depends on how much you need to move and how soon

You can move money between your own accounts at different banks using an ACH transfer (takes 1 to 3 business days), a wire transfer (same day or next day, costs $15 to $50), or by visiting a branch in person with a check or debit card. ACH is free and works for most routine transfers. Wire transfers cost money but move faster. If you're moving a large amount or closing an account, you may also set up a direct deposit redirect or have your old bank mail you a cashier's check.

The method you choose matters because it affects timing, cost, and whether you need to be present. Most people use ACH for routine transfers because it's free, but if you need the money urgently or are moving a very large sum, wire transfer or in-person withdrawal is worth the fee.

Key Takeaways

  • ACH transfers are free and take 1 to 3 business days; you initiate them online or by phone from either your old or new bank.
  • Wire transfers move money the same day or next business day but cost $15 to $50 and require you to provide the receiving bank's routing number and your account number.
  • You can withdraw cash in person at a branch or ATM and deposit it at your new bank, which works immediately but carries security risk for large amounts.
  • If you're setting up direct deposit for paychecks or benefits, ask your employer or benefits administrator to send future payments to your new account instead of transferring old money.
  • Closing your old account takes a few days after the transfer clears; do not close it until you confirm the money arrived at your new bank.

ACH transfers: the free option that takes a few days

An ACH transfer (Automated Clearing House) is the standard way to move money between banks. You log into your new bank's website or app, select "Transfer Money," choose "From Another Bank," and enter your old bank's routing number and your account number there. The new bank then pulls the money from your old account. This is free and takes 1 to 3 business days.

Alternatively, you can initiate the transfer from your old bank instead. Log in, find "Send Money" or "Transfer," and enter your new bank's routing number and your new account number. Either direction works; the timing is the same. Weekends and bank holidays do not count as business days, so a transfer you start on Friday may not clear until Tuesday.

ACH transfers have a limit, usually $10,000 to $25,000 per transaction depending on your bank, though you can do multiple transfers. If you're moving more than that, ask your bank whether you can raise the limit temporarily or split the transfer into multiple transactions.

Wire transfers: faster but with a fee

A wire transfer moves money the same day (if you initiate it before your bank's cutoff time, usually 2 or 3 p.m.) or the next business day. Wire transfers cost $15 to $50 depending on your bank and whether it's domestic (within the U.S.) or international. You initiate a wire by calling your bank, visiting a branch, or using online banking if your bank offers it.

To send a wire, you'll need the receiving bank's name, routing number, your account number at that bank, and your full name as it appears on the account. Write this information down carefully—wire transfers cannot be reversed once they leave your bank, so a mistake in the account number means the money goes to the wrong place and recovery is difficult.

Wire transfers are useful when you need to move a large sum quickly or when you're closing an account and need the funds immediately. They're also the standard method for moving money internationally, though international wires take longer and cost more.

In-person withdrawal and deposit

You can walk into a branch of your old bank, withdraw cash, and deposit it at your new bank the same day. This works for any amount up to what you can safely carry, but it carries real risk: cash can be lost, stolen, or damaged, and you have no record of the transfer if something goes wrong. For amounts over $1,000, this method is not practical.

If you do withdraw cash, ask for a receipt showing the withdrawal amount and date. Deposit it at your new bank immediately and keep that deposit receipt as well. If the cash is lost in transit, you'll have proof you withdrew it and proof you deposited it, which may help your bank investigate, but the money is still gone.

For smaller amounts or emergency access to funds, in-person withdrawal works. For routine transfers of significant money, ACH or wire transfer is safer.

Cashier's checks and certified checks

You can ask your old bank to issue a cashier's check (a check drawn on the bank's own account, not yours) made out to yourself or your new bank. The bank charges a small fee, usually $5 to $15. You then deposit this check at your new bank. The check clears in 1 to 5 business days depending on the amount and your new bank's policy.

Cashier's checks are useful if you're closing your old account and want a paper record, or if you're moving to a bank that doesn't accept ACH transfers from outside institutions (rare, but it happens). Ask your old bank to mail the check to you or your new bank, or pick it up in person.

A certified check is similar but is drawn on your own account and certified by the bank to have sufficient funds. It works the same way and costs about the same. Either option is slower than ACH or wire but creates a clear paper trail.

Redirecting direct deposits and automatic payments

If you receive regular deposits (paychecks, Social Security, unemployment benefits, pension payments), do not transfer the money—redirect the source instead. Contact your employer's payroll department or your benefits administrator and ask them to send future payments to your new account. Provide them with your new bank's routing number and your new account number.

This change usually takes effect within one or two pay cycles. You do not need to transfer money that hasn't arrived yet. Once you've confirmed that a deposit has hit your new account, you can close your old account.

The same applies to automatic bill payments and transfers you've set up. Log into each biller's website or app and update your bank account information there. Do not rely on your old bank to forward payments—update each one individually to avoid missed payments.

What to do before closing your old account

Do not close your old account until you've confirmed that all transfers have cleared and all automatic payments have been redirected. This usually takes 3 to 7 days after your last transfer. Log into your old account and verify the balance is what you expect (usually zero or a small remaining balance you can transfer separately).

Check your old account for any pending transactions or scheduled payments that haven't posted yet. If you have automatic bill payments set to that account, update them at the biller's website first. If you have a debit card linked to the old account, stop using it and destroy the card once the account is closed.

Call your old bank or visit a branch to close the account. They'll confirm the balance, process the closure, and may ask why you're leaving. You do not have to explain. Some banks charge a fee if you close an account within a certain period (often 90 days to a year), so ask about this before you open the account at your new bank if timing matters.

Frequently Asked Questions

How long does an ACH transfer actually take?

ACH transfers take 1 to 3 business days. The exact timing depends on when you initiate the transfer and your banks' processing schedules. A transfer started on Monday morning may arrive by Wednesday; one started Friday afternoon may not arrive until Tuesday. Weekends and bank holidays add extra days.

What happens if I give the wrong account number for a wire transfer?

The money goes to the account number you provided, which may belong to someone else. Wire transfers cannot be reversed once sent. Contact your bank immediately and provide the receiving bank's name and routing number; your bank can try to recover the funds, but success is not may provide. This is why writing down the account number carefully is critical.

Can I transfer money if I don't have online banking?

Yes. Call your bank and ask to initiate an ACH transfer by phone, or visit a branch in person. You'll need to provide your new bank's routing number and your account number there. Wire transfers also work by phone or in person. In-person visits take longer but work if you don't have internet access.

Do I need to tell my old bank I'm transferring money?

No. You can transfer money out of your old account without notifying the bank. You only need to tell them if you want to close the account, and you should do that after the transfer clears. Some banks may flag large or unusual transfers, but they cannot stop you from moving your own money.

What if my new bank won't accept an ACH transfer from my old bank?

This is rare, but some banks or credit unions have restrictions. Ask your new bank directly whether they accept ACH transfers from outside institutions. If not, use a wire transfer, cashier's check, or in-person withdrawal instead. Your new bank can provide their routing number and instructions for wire transfers.