The fastest way to transfer between banks is an ACH transfer, which usually takes one to three business days and costs nothing

You have three main routes: an ACH transfer (the standard method, free, takes a few days), a wire transfer (faster but costs money), or moving money in person if both banks are local. Most people use ACH because it is free and reliable. You will need your account number and routing number from the bank you are sending money to, plus login access to the bank you are sending from.

ACH stands for Automated Clearing House. It is the system that moves money between banks in the United States. When you initiate an ACH transfer, your bank sends an electronic instruction to the receiving bank. The money does not move instantly — it passes through a clearing process that takes one to three business days. Weekends and holidays add time, so a transfer you start on Friday afternoon might not land until Wednesday.

Wire transfers move faster (usually same day or next day) but cost between $15 and $30 per transfer and are harder to reverse if something goes wrong. Use a wire only if you need the money urgently or if the receiving bank does not accept ACH.

Key Takeaways

  • ACH transfers are free, take one to three business days, and work from your online banking portal or by phone with your bank.
  • You need the receiving bank's routing number and your account number at that bank before you start the transfer.
  • Wire transfers arrive faster but cost $15 to $30 and are difficult to cancel once sent.
  • If you are moving to a new bank permanently, set up direct deposit and bill pay at the new bank before closing the old account.
  • Transfers initiated on weekends or holidays do not process until the next business day.

How to find your routing number and account number

Your routing number is a nine-digit code that identifies your bank. Your account number is unique to your account at that bank. You need both to receive a transfer. You can find both on the bottom left of any check you have written — the routing number comes first, then your account number. If you do not have checks, log into your online banking portal and look for account details or account information. Most banks display both numbers there.

If you cannot find them online, call the bank's customer service line. Have your account number ready when you call, and they will give you the routing number in seconds. Do not give your account number to anyone except the bank sending money to you.

Initiating an ACH transfer from your current bank

Log into your online banking portal and look for a link called "Transfer Money," "Send Money," "Move Money," or "Pay to Another Account." Click it. You will be asked whether you are transferring to an account at the same bank or a different bank — select "different bank" or "external account."

Enter the receiving bank's routing number and your account number at that bank. Some banks ask for the account holder's name as well. Enter the amount you want to transfer and the date you want it to go out. Most banks let you schedule a transfer for today or a future date. If you are closing your old account, do not transfer everything at once — leave enough to cover any pending checks or automatic payments.

Review the details, confirm, and submit. Your bank will send you a confirmation number. Write it down or take a screenshot. The transfer is now in the system and will process on the date you selected.

What happens if the transfer goes to the wrong account

If you entered the wrong account number, the money will go to someone else's account at the receiving bank. ACH transfers are not automatically reversible. Your only option is to contact your bank immediately and ask them to file a reversal request with the receiving bank. The receiving bank then has to contact the account holder and ask them to return the money. This process can take weeks, and there is no may provide the money will come back.

This is why wire transfers are harder to reverse — they are designed to be permanent. With ACH, reversal is possible but not may provide. Always double-check the account number before you submit. If you are unsure, call the receiving bank and confirm the account number matches the account holder's name.

Moving to a new bank: the order of steps

If you are switching banks entirely, do not close your old account the day you open the new one. Follow this order instead: (1) Open the new account. (2) Set up direct deposit at your employer to go to the new account. (3) Update automatic bill payments to pull from the new account. (4) Transfer your balance from the old account to the new one. (5) Wait two to four weeks to make sure no old payments are still pending. (6) Close the old account.

The waiting period matters because checks you wrote or automatic payments you set up might still be processing. If you close the account too soon, those payments will bounce and you will face overdraft fees or late fees. Some employers take weeks to switch direct deposit, so confirm the change went through by checking your next paycheck.

If you have a credit card or line of credit tied to your old account, contact the card issuer and update your payment method before closing the account. Same for any subscription services that charge your debit card automatically.

Wire transfers: when to use them and what they cost

A wire transfer moves money the same day or next business day, depending on what time you send it and whether the receiving bank is in the same time zone. Wire transfers are not reversible once they leave your bank. If you send money to the wrong account, you have almost no recourse.

Wire transfers cost between $15 and $30 per transfer, depending on your bank. Some banks charge more for international wires. You initiate a wire through your online banking portal or by calling your bank. You will need the receiving bank's routing number, your account number at that bank, and the account holder's name. Some banks also ask for the receiving bank's address.

Use a wire only if you need the money urgently, if the receiving bank does not accept ACH, or if you are sending a large amount and want it to arrive the same day. For routine transfers between your own accounts or to move money to a new bank, ACH is safer and free.

Transfers between your own accounts at different banks

If you own accounts at multiple banks, you can link them and transfer money between them. Log into your primary bank's online portal and look for "Link External Account" or "Add Account." Enter the routing number and account number of your other bank. Your primary bank will send two small deposits (usually under $1 each) to the other account to verify you own it. Check the other bank's account for these deposits, then return to your primary bank and enter the amounts to confirm the link.

Once the accounts are linked, you can transfer money between them using ACH. These transfers still take one to three business days. Some banks let you transfer between your own accounts instantly if both banks are part of the same network, but this is not may provide. Check with your bank about their specific timeline.

Frequently Asked Questions

How long does an ACH transfer actually take?

One to three business days is the standard timeline. If you start a transfer on a Friday, it will not process until Monday at the earliest, and may not land until Wednesday. Holidays add extra days. Some banks offer next-day ACH for an additional fee, but most standard transfers take the full three days.

Can I cancel a transfer after I send it?

If you cancel before the transfer leaves your bank (usually within a few hours of sending), yes. After that, you cannot cancel an ACH transfer — you can only request a reversal, which the receiving bank may or may not honor. Wire transfers cannot be cancelled once sent. Always double-check before you submit.

What if I enter the wrong routing number?

The transfer will go to the wrong bank. Your bank will not catch this error — they only verify that the routing number is valid, not that it belongs to the bank you intended. Contact your bank immediately and file a reversal request. The receiving bank will have to locate the money and return it, which can take weeks.

Do I need to close my old bank account right away?

No. Keep it open for at least two to four weeks after transferring your balance. Checks you wrote or automatic payments you set up might still be processing. If the account is closed, those payments will bounce. Once you confirm no more payments are coming, you can close it.

Is there a limit to how much I can transfer?

ACH transfers have limits that vary by bank, usually between $10,000 and $25,000 per day or per transfer. Wire transfers have higher limits but cost more. If you need to move a large amount, contact your bank and ask about their limits. You may be able to make multiple transfers or request a higher limit.