You can transfer money between banks using an ACH transfer, a wire transfer, a peer-to-peer payment app, or a simple paper check. The best method depends on how much you’re sending, how fast you need it there, and how much you’re willing to pay in fees. Most people moving money between their own accounts at two different banks will use an ACH transfer, which is free at many institutions and takes one to two business days.
Link Your Accounts First
Before you can move money electronically between two banks, you typically need to link the external account to the one you’ll initiate the transfer from. Here’s what that looks like in practice:
- Gather your account details. You’ll need the routing number, account number, and sometimes the login credentials for the external bank.
- Log in to your bank’s website or app. Look for an option labeled “Link external account” or “Add external account,” usually found in the transfers or settings section of your dashboard.
- Verify the connection. Your bank may ask you to log in to the other institution directly, or it may send two small deposits (often a few cents each) to the external account. You then confirm the exact amounts to prove you own both accounts. This verification step can take one to three business days.
Once the accounts are linked, you can initiate transfers in either direction. Some banks let you push money out to the external account, pull money in from it, or both.
ACH Transfers: Free and Reliable
An ACH transfer moves money electronically through the Automated Clearing House network, a system that batches transactions together and processes them at set intervals throughout the day. Standard ACH transfers clear within one to two business days. Same-day ACH is available at many banks and settles by the end of the business day, though your bank may charge a small fee for the faster option.
ACH is the most common way to move money between your own accounts at different banks. Many banks charge nothing for these transfers, and even those that do charge typically keep fees between $0.25 and $3. There’s no paperwork, no branch visit, and no phone call required. You log in, select the linked account, enter the amount, and confirm.
Most banks set daily or monthly limits on ACH transfers, which vary by institution. If you need to move a particularly large sum, check your bank’s transfer limits before you start. You may need to split the transfer across multiple days or use a wire transfer instead.
Wire Transfers: Fast but Costly
A wire transfer sends money directly from one financial institution to another without going through a batch-processing network. Domestic wires are usually completed within hours, making them the go-to option when speed matters or you’re transferring a large amount by a deadline, such as a real estate closing.
That speed comes at a price. Outgoing domestic wire transfers typically cost $20 to $35. Incoming wires may be free or cost up to $25 depending on the receiving bank. Most banks have cutoff times for same-day processing, often between 2:00 p.m. and 5:00 p.m. local time. If you submit a wire after the cutoff, or on a weekend or holiday, it won’t process until the next business day.
To send a domestic wire, you’ll need the recipient’s full name, bank name, routing number, and account number. You can usually initiate a wire through your bank’s online platform, mobile app, or by visiting a branch. Some banks require you to call or go in person for wires above a certain dollar amount.
Peer-to-Peer Apps
Services like Zelle, Venmo, and PayPal let you send money to another person’s bank account without linking accounts directly. You send money using the recipient’s email address or phone number, and the funds land in their linked bank account. Zelle is built into many banking apps and typically transfers money within minutes between enrolled users, with no fee. Venmo and PayPal offer instant transfers for a small fee or standard transfers that take one to three business days.
These services work well for sending money to someone else, but they’re not always ideal for moving money between your own accounts. Transfer limits tend to be lower than what banks allow for ACH or wire transfers, and the limits vary depending on the service and whether your account is fully verified.
Other Options Worth Knowing
A paper check still works. Write a check from one bank account, deposit it into the other using mobile deposit or at a branch, and the funds will typically be available within one to two business days. This is a simple fallback when you don’t want to set up electronic linking.
A cashier’s check is another option for large amounts. Your bank issues a check drawn on its own funds, which the receiving bank treats as guaranteed. You’ll pay a fee (usually $10 to $15), but it can be useful if the receiving institution requires certified funds.
Sending Money Internationally
International wire transfers require more information and cost more than domestic ones. You’ll need the recipient’s name, address, bank account number, and the bank’s SWIFT code (a standardized identifier for financial institutions worldwide). Many countries also require an IBAN, which is an international bank account number format. Some countries have their own specific identifiers on top of that.
Fees stack up on international wires. Your bank may charge $35 to $50 for an outgoing international transfer, and the recipient’s bank may deduct its own fee from the arriving funds. If the transfer involves currency conversion, the bank applies an exchange rate markup, which is how it profits on the transaction. The total cost of an international wire, including fees and the exchange rate spread, can easily reach $50 to $75 or more. International wires also take longer, often arriving within one to five business days.
If you send money abroad regularly, compare your bank’s international wire fees against dedicated transfer services like Wise or Remitly, which often offer lower exchange rate markups and transparent fee structures.
Choosing the Right Method
For most situations, an ACH transfer is the simplest and cheapest way to move money between banks. It costs little or nothing, it’s easy to set up, and one to two business days is fast enough for routine transfers. If you need the money to arrive the same day, a domestic wire or same-day ACH will get it there, though you’ll likely pay a fee. For smaller amounts sent to another person, Zelle or a similar app is the fastest free option. Reserve international wires for cross-border transfers where your bank’s network is the most reliable route, and check total costs before you send.