The main ways to move money between bank accounts
You can send money to another bank account using a wire transfer, ACH transfer, or peer-to-peer app. Wire transfers move money the fastest—usually within hours—but cost $15 to $50 and are hard to reverse if you make a mistake. ACH transfers are free or cheap, take one to three business days, and are the standard way to pay bills or send money to friends. Peer-to-peer apps like Venmo or PayPal are instant between users of the same app but may take a day or two if the recipient needs to move money to their actual bank account.
The method you choose depends on how fast you need the money to arrive, whether you know the recipient's bank details, and how much you're sending. For routine payments—rent, loan payments, money to family—ACH is usually the right choice. For urgent transfers or international payments, wire transfer is necessary, even though it costs more.
Key Takeaways
- ACH transfers are free or low-cost, take one to three business days, and work for most routine payments between U.S. bank accounts.
- Wire transfers arrive within hours but cost $15 to $50 and cannot be reversed once sent, so verify the account number before you initiate.
- Peer-to-peer apps move money instantly between app users but may charge a fee if the recipient withdraws to their bank account.
- You need the recipient's routing number and account number for ACH and wire transfers, or their username for peer-to-peer apps.
- If you send money to the wrong account, ACH transfers can sometimes be recalled within 24 hours, but wire transfers usually cannot be stopped.
ACH transfers: the standard method for most payments
An ACH transfer (Automated Clearing House) is the most common way to move money between U.S. bank accounts. Your bank sends the payment through a network that processes millions of transactions daily. The money typically arrives in one to three business days, depending on when you initiate the transfer and whether the receiving bank processes it the same day.
To send an ACH transfer, log into your bank's website or app, select "Send Money" or "Transfer Funds," and enter the recipient's routing number and account number. You can find these on a check, or ask the recipient directly. Most banks allow you to send ACH transfers for free, though some charge $1 to $3 per transfer. There is usually a daily limit—often $10,000 to $25,000—though you can request a higher limit from your bank.
ACH transfers are reversible within a narrow window. If you notice an error within 24 hours, contact your bank immediately and ask them to recall the payment. The receiving bank may still accept it, but your bank can attempt to reverse it. After 24 hours, reversal becomes much harder and depends on whether the receiving bank cooperates.
Wire transfers: fast but irreversible
A wire transfer moves money directly from your bank to another bank, bypassing the ACH network. The money usually arrives within a few hours on the same business day, or by the next morning if you send it after hours. Wire transfers cost $15 to $50 depending on your bank and whether the transfer is domestic or international.
To send a wire transfer, call your bank or use their online banking portal. You will need the recipient's full name, routing number, account number, and bank name. Some banks require you to verify the recipient's identity before processing a large wire. Once your bank sends the wire, it is nearly impossible to stop or reverse. If you send money to the wrong account, you will have to contact the receiving bank and ask them to return it—a process that may take weeks and often fails.
Wire transfers are the right choice when you need money to arrive the same day, when you are paying someone outside the U.S., or when the amount is large enough that the cost is worth the speed. For routine payments, ACH is cheaper and nearly as fast.
Peer-to-peer apps: instant between users, slower to bank accounts
Apps like Venmo, PayPal, Square Cash, and Zelle let you send money to another person using just their username or phone number. If both of you use the same app, the money moves instantly and is free. If the recipient does not have the app, they receive a notification and can claim the money, which then takes one to three business days to reach their bank account.
Some peer-to-peer apps charge a fee if you want the money to arrive instantly instead of waiting. Venmo charges 1% (with a minimum of $0.25 and maximum of $25) for instant transfers to a bank account. PayPal charges 1.75% plus $0.25 for instant transfers. Zelle is free and usually arrives within minutes to an hour if both people use Zelle, or within one business day if one person is using a bank that partners with Zelle.
Peer-to-peer apps are best for splitting bills with friends, sending money to family, or making small payments quickly. They are not suitable for paying bills to companies, which usually require ACH or wire transfers. Also, peer-to-peer payments are often not protected the same way as bank transfers—if you send money to the wrong person, you may not be able to recover it.
What information you need to send money
The information required depends on which transfer method you use. For ACH and wire transfers, you need the recipient's routing number and account number, which you can find on a check or by asking the recipient's bank directly. For peer-to-peer apps, you only need their username, phone number, or email address associated with the app.
Before you send any transfer, double-check the account number and routing number. A single digit wrong means the money goes to the wrong account, and recovery is difficult or impossible. If you are unsure, ask the recipient to provide the information again or verify it by phone before you initiate the transfer.
| Transfer Type | Information Needed | Where to Find It |
|---|---|---|
| ACH Transfer | Recipient's routing number and account number | On a check, or ask the recipient's bank |
| Wire Transfer | Recipient's full name, routing number, account number, and bank name | On a check or from the recipient directly |
| Peer-to-Peer App | Recipient's username, phone number, or email | Ask the recipient or search their profile in the app |
What to do if you send money to the wrong account
If you realize you made a mistake within a few minutes of sending an ACH transfer, contact your bank immediately and ask them to recall the payment. Your bank can attempt to reverse it, but success depends on whether the receiving bank has already processed it. If the receiving bank has accepted the funds, reversal becomes difficult. After 24 hours, your bank's ability to recall the payment drops significantly.
For wire transfers, contact your bank right away, but be prepared for the answer to be no. Once a wire is sent, your bank usually cannot stop it. Your only option is to contact the receiving bank directly and ask them to return the money. Provide them with the wire reference number (your bank will give you this) and explain the error. The receiving bank may cooperate, but they are not required to, and the process can take weeks.
For peer-to-peer apps, the speed of recovery depends on whether the recipient has claimed the money. If the payment is still pending, you can cancel it directly in the app. If the recipient has already claimed it, contact the app's support team and explain the error. They may be able to reverse the transaction if the recipient has not yet withdrawn the money to their bank account.
Limits, fees, and timing by transfer type
Most banks set daily limits on ACH transfers to prevent fraud. These limits typically range from $10,000 to $25,000 per day, though some banks allow higher limits if you request them. ACH transfers are free at most banks, though a few charge $1 to $3 per transfer. The money usually arrives in one to three business days.
Wire transfers have higher daily limits—often $50,000 or more—but cost $15 to $50 per transfer. The money arrives within hours on the same business day if you send it before your bank's cutoff time (usually 2 p.m. or 3 p.m. on weekdays). Sending a wire after hours or on a weekend means the money arrives the next business day.
Peer-to-peer apps usually have lower limits than banks—often $500 to $2,000 per transaction or per day—though limits vary by app and by how long you have used the app. Transfers between app users are free and instant. Transfers to a bank account may charge a fee and take one to three business days.
Frequently Asked Questions
Can I send money to someone at a different bank?
Yes. ACH transfers and wire transfers both move money between different banks. You just need the recipient's routing number and account number. Peer-to-peer apps work across different banks too, as long as both people have the app or the recipient has a bank account linked to the app.
What happens if I send money to the wrong account number?
For ACH transfers, contact your bank within 24 hours and ask them to recall the payment. Success depends on whether the receiving bank has processed it. For wire transfers, contact your bank immediately, but reversal is usually not possible. Your only option is to ask the receiving bank to return the money, which they may refuse to do.
How do I know if the money arrived?
Your bank will send you a confirmation number when you send the transfer. You can use this to track the payment in your bank's app or website. The recipient's bank will notify them when the money arrives. For ACH transfers, this usually takes one to three business days. For wire transfers, it usually takes a few hours.
Is it safe to share my account number?
Yes, it is safe to share your routing number and account number with someone who needs to send you money. These numbers are printed on every check and are not sensitive information. However, do not share your PIN, password, or online banking login with anyone.
Can I send money internationally?
Yes, but you will need to use a wire transfer or an international money transfer service. ACH transfers only work between U.S. bank accounts. Wire transfers to other countries cost more ($30 to $50) and may take one to three business days depending on the destination country and whether the receiving bank processes international wires.