The basic steps to send money from your bank account
To send money from your bank account, you need the recipient's name, their bank routing number, and their account number. You then tell your bank to move that money—either through their website, mobile app, phone call, or in person at a branch. The bank deducts the amount from your account and deposits it into theirs. How long this takes depends on the method you choose and whether both banks process it the same day.
The most common methods are wire transfer, ACH transfer, and bill pay. Each one moves money differently, costs different amounts, and takes a different amount of time. Knowing which one to use depends on how fast you need the money to arrive, how much you're sending, and whether you're paying a person or a business.
Key Takeaways
- Wire transfers move money the same day or next business day but cost $15 to $50 and cannot be reversed once sent.
- ACH transfers are free or cost $1 to $3, take three to five business days, and can be stopped before they clear if you catch the error in time.
- Bill pay is free through most banks and works for businesses and utilities, but takes five to seven business days.
- You need the recipient's routing number and account number for wire and ACH transfers, or just their mailing address for bill pay.
- Peer-to-peer apps like Venmo and PayPal move money between people faster and cheaper than traditional bank transfers.
Wire transfer: fastest but irreversible
A wire transfer moves money out of your account the same day or by the next business day. Your bank sends the funds directly to the recipient's bank using the Federal Reserve's wire network or a private system like SWIFT. Once the money leaves your account, you cannot get it back—the receiving bank has already credited the recipient's account.
Wire transfers cost between $15 and $50 depending on your bank and whether the transfer is domestic (within the United States) or international. Domestic wires are faster and cheaper. International wires can take two to five business days and often cost $35 to $50 because they pass through multiple banks in different countries.
Use a wire transfer when you need money to arrive urgently, when you're sending a large amount, or when the recipient needs it by a specific date. Do not use wire transfer if you are unsure about the recipient's identity or account details—there is no way to reverse it if you send it to the wrong person.
ACH transfer: free or low-cost, takes three to five days
An ACH transfer (Automated Clearing House) moves money through the Federal Reserve's batch processing system. Your bank collects your transfer request along with thousands of others, bundles them, and sends them to the receiving bank in batches that clear once or twice per day. This is why ACH transfers take three to five business days instead of hours.
ACH transfers are free at most banks, or cost $1 to $3 if your bank charges a fee. Because the money does not leave your account immediately, you can cancel an ACH transfer if you catch the error before it clears—usually within one business day of sending it. After it clears, the receiving bank has the money and you cannot reverse it.
Use ACH transfer for routine payments to people or businesses when you do not need the money to arrive in a hurry. Rent, loan payments, paycheck deposits to a side account, and transfers between your own accounts all work well as ACH transfers. Most banks let you set up recurring ACH transfers so the same amount goes out on the same day each month.
Bill pay: free, designed for businesses and utilities
Bill pay is a service most banks offer for free. You tell your bank which business or utility you want to pay, how much, and when. Your bank either sends an ACH transfer to that business's bank account or mails a paper check on your behalf. Bill pay takes five to seven business days because the bank may mail a physical check if the business does not accept electronic payments.
Bill pay works best for recurring bills: credit card payments, utility bills, insurance premiums, mortgage payments, and loan payments. You can set it up to pay the same amount on the same day each month, or you can make one-time payments. The business receives the payment and applies it to your account automatically.
Do not use bill pay to send money to a person—use it only for businesses and government agencies. If you send a bill pay payment to the wrong business, it may be harder to recover than a wire transfer because the money goes to a business account, not a person you can contact directly.
Peer-to-peer apps: fastest for sending money to people
Apps like Venmo, PayPal, Square Cash, and Zelle let you send money to another person using only their phone number or email address. The money moves from your bank account to theirs in minutes to one business day, depending on the app and the banks involved. Most peer-to-peer transfers are free if both people use the same app, though some charge a small fee if you want the money to arrive instantly instead of waiting one business day.
Peer-to-peer apps are designed for splitting rent, paying back a friend, or sending money to family. They are not designed for paying businesses or bills. The receiving person must have a bank account and must set up an account with the same app you use, or you cannot send them money through that app.
Peer-to-peer transfers can sometimes be reversed if you send money to the wrong person and contact the app quickly—within minutes or hours of sending it. Once the recipient accepts the payment and withdraws it to their own bank account, reversal becomes much harder. Always double-check the recipient's phone number or email before you send.
What information you need to send money
| Transfer Type | Information Needed | Time to Arrive | Cost |
|---|---|---|---|
| Wire transfer | Recipient name, routing number, account number, bank name | Same day or next business day | $15–$50 |
| ACH transfer | Recipient name, routing number, account number | 3–5 business days | Free or $1–$3 |
| Bill pay | Business name, mailing address, account number (if you have one) | 5–7 business days | Free |
| Peer-to-peer app | Recipient phone number or email | Minutes to 1 business day | Free or $0.25–$2 |
For wire and ACH transfers, you need the recipient's routing number and account number. The routing number identifies which bank the account is at; the account number identifies the specific account within that bank. You can find both on a check, or you can ask the recipient directly. Never send money to an account number you found online without confirming it with the person first.
For bill pay, you usually only need the business name and mailing address. Your bank looks up the business in its database and sends the payment to the correct account. If you have an account number with that business (like a credit card number or utility account number), enter it so the payment is applied to the right account.
What happens if you send money to the wrong account
If you send money to the wrong account, your options depend on which method you used and how quickly you act. For wire transfers, you have almost no recourse—the money is gone and the receiving bank has already credited the account. You would have to contact the receiving bank and ask them to reverse it, which they rarely do unless fraud is involved.
For ACH transfers, you can cancel within one business day if you catch the error immediately. Call your bank and ask them to recall the transfer. If the receiving bank has not yet processed it, your bank can stop it. If it has already cleared, you can file a dispute, but recovery is not may provide.
For peer-to-peer transfers, contact the app immediately. If the recipient has not yet accepted or withdrawn the payment, the app can cancel it. If they have already withdrawn it, you can report it as fraud or an error, and the app will investigate, but you may not recover the money.
The best protection is to verify the account details before you send. Ask the recipient to confirm their routing number and account number, or ask them to send you a photo of a check with that information on it. For wire transfers especially, call the recipient after sending to confirm they received it.
Frequently Asked Questions
How do I find my bank's routing number?
Your routing number is printed on the bottom left of any check you have from that bank. You can also log into your bank's website or app and find it in the account details section, or call your bank's customer service line and ask. The routing number is the same for all accounts at that bank, so you only need to find it once.
Can I send money internationally from my bank account?
Yes, through a wire transfer. International wires take two to five business days and cost $35 to $50 or more. You need the recipient's name, account number, bank name, and bank routing code (which varies by country). Some banks also offer international ACH transfers to certain countries, which are cheaper but slower. Ask your bank which countries they support.
What's the difference between a routing number and a SWIFT code?
A routing number is used for domestic transfers within the United States. A SWIFT code is used for international transfers and identifies the bank in another country. If you are sending money outside the US, you need the SWIFT code instead of the routing number. The recipient's bank can provide their SWIFT code.
Is it safe to give someone my account number?
It is safe to give your account number to someone you trust who needs to send you money, or to a business you are paying. Your account number alone cannot be used to withdraw money from your account—a thief would also need your routing number and your signature or authorization. Never give your account number to someone who calls you claiming to be from your bank.
How do I set up a recurring transfer?
Log into your bank's website or app, go to the transfer or bill pay section, and look for an option to schedule recurring payments. You enter the recipient's information, the amount, and the date you want it to go out each month. Most banks let you set it to repeat monthly, bi-weekly, or weekly. You can change or cancel a recurring transfer anytime by logging back in.