The main ways to move money between your own bank accounts
You can move money between banks using a wire transfer, an ACH transfer, a debit card at an ATM, a check, or by setting up a transfer through your bank's website or app. Wire transfers arrive the same day or next business day but cost $15 to $50. ACH transfers are free or cost $1 to $3, but take three to five business days. ATM withdrawals and checks work instantly or within a few days but require you to be physically present or mail something. The fastest and cheapest method depends on how soon you need the money and whether you're moving it to an account you own or someone else's account.
Key Takeaways
- Wire transfers move money the same day or next business day but cost $15 to $50 per transfer.
- ACH transfers are free or low-cost but take three to five business days to complete.
- You can withdraw cash at an ATM and deposit it at another bank, which works instantly but carries security risk.
- Most banks let you set up transfers between your own accounts through their website or mobile app without any fee.
- Moving money to someone else's account requires either their bank details (for ACH or wire) or a check with their name on it.
Wire transfers for same-day or next-day delivery
A wire transfer moves money directly from one bank account to another using the Federal Reserve's wire system or a private network like SWIFT. The receiving bank gets the money the same business day if you send it before the bank's cutoff time (usually 2 p.m. or 3 p.m.), or the next business day if you send it after. Wire transfers cost between $15 and $50 depending on your bank and whether the receiving bank is domestic or international.
To send a wire, you need the receiving account holder's full name, their bank's routing number, and their account number. You can initiate a wire through your bank's website, app, or by calling or visiting a branch. The bank will ask you to confirm all details before sending because wire transfers cannot be reversed once they leave your account. If you make a mistake with the account number, the money may go to the wrong person and recovery is difficult.
Wire transfers work best when you need money to move quickly and cost is not your main concern. They are common for down payments on homes, large purchases, or moving money internationally. If you are moving money between your own accounts at the same bank, ask whether the bank offers free same-day transfers instead—many do.
ACH transfers for free or low-cost moves
An ACH transfer (Automated Clearing House) moves money through the banking system's batch processing network. It takes three to five business days because the banks process transfers in groups rather than individually. ACH transfers are free at most banks, or cost $1 to $3 if your bank charges a fee. Some banks offer free incoming ACH transfers but charge a small fee for outgoing ones.
You initiate an ACH transfer the same way as a wire—through your bank's website, app, or by phone—and you need the same information: the receiving account holder's name, routing number, and account number. Unlike a wire, you can cancel an ACH transfer up to one business day after you send it, though you should contact your bank immediately if you need to stop it.
ACH transfers work well when you are not in a hurry and want to avoid fees. They are the standard method for paying bills online, receiving direct deposit paychecks, and moving money between your own accounts at different banks. If the receiving bank is outside the United States, ACH will not work—you will need a wire transfer or an international money transfer service.
Moving money between your own accounts at different banks
If both accounts are yours, most banks let you link them and transfer money for free through their website or app. You typically add the other account by entering its routing number and account number, and the bank verifies ownership by depositing two small amounts (usually under $1 each) into that account. You then confirm the amounts to prove you control the account. Once verified, transfers between your accounts usually process within one business day and cost nothing.
Some banks call this a "linked transfer" or "external transfer." The speed varies: some banks move the money the same day, others take one to three business days. Check your bank's website or call to see whether they offer this service and how long it takes. This method is safer than wire transfers because you can reverse it if something goes wrong, and it is cheaper than paying wire fees for routine transfers between accounts you own.
Cash withdrawals and checks for immediate access
You can withdraw cash from your current bank's ATM or branch and deposit it at another bank. This works instantly—the money is in your other account as soon as the deposit is processed—but it carries security risk because you are physically carrying cash. Large cash deposits (over $10,000) trigger a Currency Transaction Report that banks file with the government, which is normal and legal but can slow down the deposit process.
Writing a check from one bank and depositing it at another takes three to five business days for the check to clear, similar to an ACH transfer. The check must be written to yourself or to the person whose account you are depositing it into. Checks are useful when you need a paper record or when the other person does not have online banking, but they are slower than electronic transfers and can bounce if your account does not have enough money.
Third-party money transfer services
Services like PayPal, Venmo, Square Cash, and Wise move money between banks but add an extra step. You transfer money from your bank to the service, then the service transfers it to the receiving bank. This usually takes one to three business days total and may cost a fee depending on the service and transfer type. Some services charge a percentage of the amount transferred, others charge a flat fee, and some offer free transfers if you use certain payment methods.
These services are most useful when you are sending money to someone else and want to avoid sharing your full bank details, or when you are moving money internationally and want a better exchange rate than your bank offers. For moving money between your own accounts, a direct bank transfer is usually faster and cheaper. Read the service's fee schedule before you transfer because costs vary widely.
Comparing speed, cost, and security across methods
| Method | Speed | Cost | Best for |
|---|---|---|---|
| Wire transfer | Same day or next business day | $15–$50 | Large amounts, time-sensitive moves |
| ACH transfer | 3–5 business days | Free or $1–$3 | Routine transfers, bill payments |
| Linked account transfer | 1 business day (often same day) | Free | Moving money between your own accounts |
| Cash withdrawal and deposit | Instant | Free | Small amounts, immediate need |
| Check | 3–5 business days | Free (cost of check) | Paper record, non-digital recipients |
| Third-party service | 1–3 business days | Varies ($0–5% of amount) | International transfers, privacy |
What to do if a transfer goes wrong
If money does not arrive within the expected timeframe, contact your sending bank first. They can confirm whether the transfer was sent and to which account. If the receiving bank is the problem, they can trace the transfer using the confirmation number your bank gave you. Most banks investigate transfer issues within one to three business days.
If money went to the wrong account because of an error in the account number, contact your bank immediately. Wire transfers cannot be reversed, but your bank can contact the receiving bank and ask them to return the money. This works best if you catch the error the same day. For ACH transfers, you have until one business day after sending to cancel, so act fast if you notice a mistake.
If you sent money to someone who will not return it, that is a civil matter between you and the other person, not something your bank can fix. Your bank can only reverse a transfer if there was a bank error or fraud on your account. Keep your confirmation numbers and screenshots of transfer details in case you need to prove what happened.
Frequently Asked Questions
Can I transfer money between banks on a weekend?
You can initiate a transfer on a weekend through your bank's website or app, but it will not process until the next business day. Wire transfers sent after the bank's cutoff time on Friday will not arrive until Monday. ACH transfers sent on weekends enter the queue for Monday processing.
What is the difference between a routing number and an account number?
A routing number identifies the bank itself (nine digits for U.S. banks). An account number identifies your specific account at that bank (usually 10 to 12 digits). You need both to send money to someone else's account. Your bank statement or online banking portal shows both numbers.
Is it safe to give someone my bank account number?
It is generally safe to give your account number and routing number to receive money (like for direct deposit or a refund). For sending money, you should only give this information to people you trust. Someone with your account number cannot withdraw money without your permission, but they can see your account details if they contact your bank.
How much money can I transfer between banks?
Most banks do not have a limit on how much you can transfer, but transfers over $10,000 trigger a Currency Transaction Report that banks file with the government. This is routine and legal. Some banks may flag unusually large transfers as a fraud check and ask you to confirm the transfer is legitimate.
Can I reverse a transfer after it has been sent?
ACH transfers can be cancelled up to one business day after sending if you contact your bank immediately. Wire transfers cannot be reversed once they leave your bank. For linked account transfers between your own banks, check your bank's policy—some allow reversal within a short window, others do not.