The fastest way depends on how soon you need the money there

Bank-to-bank transfers move money through one of three channels: ACH (Automated Clearing House), wire transfer, or real-time payment systems like Zelle or FedNow. ACH takes one to three business days and costs nothing. Wire transfers arrive the same day but cost $15 to $50. Real-time systems move money in minutes and are usually free. Which one you use depends on the recipient's bank, how much you're sending, and how quickly it needs to arrive.

Before you start, you'll need the recipient's routing number (a nine-digit code that identifies their bank) and account number. You can find both on a check, or ask the person directly. Some banks also let you send to an email address or phone number if both accounts are at banks that support that feature.

Key Takeaways

  • ACH transfers are free and take one to three business days; wire transfers cost $15 to $50 and arrive the same day.
  • You need the recipient's routing number and account number, which you can find on a check or ask for directly.
  • Real-time payment systems like Zelle move money in minutes and are usually free, but not all banks offer them yet.
  • Set up the transfer through your bank's website, app, or by calling; most banks let you schedule transfers in advance.
  • If money goes to the wrong account, contact your bank immediately—recovery depends on whether the receiving bank cooperates.

ACH transfers: the standard, free option

ACH is the most common way to move money between banks. Your bank sends an electronic instruction to the Federal Reserve, which passes it to the recipient's bank. The whole process takes one to three business days. There is no fee on either end, and there is no limit on how much you can send (though your own bank may cap it).

To start an ACH transfer, log into your bank's website or app, find the "send money" or "transfer" section, and enter the recipient's name, routing number, and account number. Double-check the account number—ACH does not verify it before sending, so if you transpose a digit, the money goes to the wrong account. Your bank will ask whether the account is checking or savings; get this right too. Then choose the date you want the transfer to leave your account. Most banks let you schedule it days or weeks in advance.

The money will leave your account on the date you choose. It arrives at the recipient's bank one to three business days later, depending on when their bank processes incoming ACH batches. Weekends and bank holidays add delays. If you send money on a Friday afternoon, it may not arrive until Wednesday.

Wire transfers: same-day but costly

A wire transfer moves money the same business day, usually within hours. Your bank sends a direct instruction to the recipient's bank, bypassing the Federal Reserve's batch system. The cost is $15 to $50 depending on your bank and whether the transfer is domestic or international. Some banks charge less for transfers to their own customers.

To send a wire, call your bank or go to a branch—most banks do not allow wires through their app or website for security reasons. You will need to provide the recipient's full name, routing number, account number, and bank name. The bank will read back the details to confirm. Once you authorize it, the money leaves your account immediately and arrives at the recipient's bank the same day, usually within a few hours.

Wire transfers are harder to reverse. If you send money to the wrong account, your bank can ask the receiving bank to return it, but the receiving bank is not required to comply. If the recipient's bank does not cooperate, the money is gone. For this reason, wire transfers are best used when you know the recipient well or when the amount is small enough that a mistake would not be catastrophic.

Real-time payment systems: minutes, usually free

Zelle, FedNow, and similar real-time payment networks move money in minutes instead of days. Most are free. The catch is that not all banks offer them yet, and both the sender's and recipient's banks must be on the same network.

Zelle is the most widely available. It is built into the apps of most major banks (Bank of America, Wells Fargo, Chase, Capital One, and many others). To send money via Zelle, open your bank's app, find the Zelle section, and enter the recipient's email address or phone number. If they are enrolled in Zelle at a participating bank, the money moves in minutes. There is usually no fee, though some banks charge for Zelle transfers to accounts at other banks.

FedNow is newer and less common, but it is growing. It works the same way as Zelle—you enter the recipient's information, and the money arrives in minutes. Ask your bank whether it offers FedNow before you try to use it.

Real-time systems are safer than ACH because they verify the recipient's account before the money moves. If the account number is wrong or does not match the name, the transfer will fail and the money stays in your account. This makes them ideal for sending money to people you have not dealt with before.

What to do if money goes to the wrong account

If you send money to the wrong account via ACH, contact your bank immediately. Your bank can file a reversal request with the receiving bank, asking them to return the funds. The receiving bank has ten business days to respond. If they cooperate, the money comes back to your account within one to three business days. If they do not cooperate or if the account holder has already spent the money, recovery is unlikely.

Wire transfers are harder to recover. Call your bank right away and ask them to send a wire recall request to the receiving bank. The receiving bank can try to retrieve the money, but they are not required to. If the account holder has moved the funds or closed the account, recovery is very difficult. Some banks charge a fee to file a recall request.

Real-time payment systems usually prevent wrong-account transfers because they verify the account before sending. If a transfer fails, you will see an error message and the money stays in your account. If it succeeds, the account was valid.

Sending money internationally

International transfers use wire transfer or SWIFT (Society for Worldwide Interbank Financial Telecommunication), which is the global version of wire. You will need the recipient's SWIFT code (also called a BIC code) in addition to their account number. The transfer takes one to three business days and costs $25 to $75 depending on the amount and your bank. Some banks charge an additional fee on the receiving end, which the recipient pays.

Exchange rates vary by bank and by the time of day. Your bank will show you the rate before you confirm the transfer. Some banks offer better rates than others, so if you send money internationally often, it is worth comparing.

Setting up recurring transfers

If you send money to the same person regularly, most banks let you set up a recurring transfer. Log into your bank's website or app, find the transfer section, and look for an option to schedule recurring payments. You can set it to repeat weekly, biweekly, monthly, or on a custom schedule. The transfer will happen automatically on the date you choose, using ACH by default.

Recurring transfers are useful for splitting rent, paying a family member, or sending money to a savings account at another bank. You can pause or cancel a recurring transfer at any time through your bank's website or app.

Frequently Asked Questions

How long does it really take for an ACH transfer to show up?

One to three business days is the standard window. The money leaves your account on the date you schedule it, but it may take one to three days for the receiving bank to process and deposit it. Weekends and holidays do not count as business days, so a transfer sent Friday may not arrive until Wednesday.

Can I cancel a transfer after I send it?

With ACH, yes—if you cancel before the transfer is processed (usually within a few hours of sending). With wire transfers, it depends on how quickly you call your bank. If the money has already left, cancellation is very difficult. Real-time transfers cannot be cancelled once they are sent.

What if I enter the wrong routing number?

The transfer will go to the wrong bank. ACH does not verify routing numbers before sending. Contact your bank immediately and file a reversal request. The receiving bank may be able to return the money, but they are not required to.

Is there a limit to how much I can transfer?

Your bank sets the limit, not the payment system. Most banks allow $10,000 to $25,000 per ACH transfer, though some allow more. Wire transfers usually have higher limits. Call your bank to find out your specific limit, or check your account settings online.

Do I need to tell the recipient I am sending money?

It is a good idea to let them know, especially if they are expecting it. With ACH and wire transfers, they will see the money arrive but may not know who sent it if you do not tell them. With Zelle, they will get a notification that money is coming from your email or phone number.