How to Transfer Money From One Bank to Another

Whether you're moving funds between your bank accounts or sending money to someone else's, you have a number of options if you want to know how to transfer money from one bank account to another. This includes peer-to-peer payment apps like Venmo and PayPal, or you can use Zelle via your bank’s mobile app to transfer funds. Wire transfers and check-writing can work as well.

Here's a closer look at your bank transfer options and how they compare.

4 ways to transfer money from one bank to another

Most methods for transferring money from one bank to another are electronic, but there are paper options, too. Your choice ultimately depends on your needs and how quickly you want the money to arrive. Some bank transfer methods may charge fees for expedited delivery, while others are free but may take a few more days to get approved.

1. Submit a wire transfer

A wire transfer is an electronic transfer of money from one bank account to another. It allows you to move large amounts of money, making it a good choice when making a down payment on a home, for instance. Wire transfers are also quick, often moving the funds within the same day.

You can send and receive wire transfers, either domestically or internationally. Depending on the bank, the sender and/or the recipient of the wire transfer could face fees.

To send a wire transfer, you generally need to provide the following details to either the bank or wire transfer service:

• The name and address of the person receiving the money
• The recipient's bank account and routing numbers
• For international transfers, a SWIFT code and, depending on the country, specific bank or account identifiers, such as an IBAN

How long a wire transfer takes: The amount of time a wire transfer takes depends on whether you send a domestic or international wire. Wires are typically processed within a day when sent domestically, but for international transfers could take a few days. Wire transfers don’t go through on weekends or bank holidays, so they could take longer if you send them around those days.

When a wire transfer is a good idea: A wire transfer can make sense if you need to send funds quickly since many wires are processed the same day they’re initiated. It might also be a good option when you want to send a large amount or send money internationally.

2. Use a bank app or website

Many banks use Zelle, a money transfer service that allows you to send and receive money straight from your bank without downloading a different payment app. Zelle is free to use. More than 2,000 financial institutions offer Zelle through their banking app or website, including popular institutions like Wells Fargo, Bank of America, Chase and more. See if your bank or credit union uses Zelle and if not, you can request that your financial institution start using it.

You can also use an automated clearing house, or ACH, to transfer funds. While Zelle is a type of ACH, not all ACH payments are Zelle payments.

An ACH transfer is one of the most popular ways to electronically transfer money from one bank to another. It's used for things like getting your tax refund electronically, paying employees through direct deposit and setting up automatic bill payments. It's usually free, though some banks might charge for ACH depending on the type of transfer you're making and how quickly it will arrive.

To make an ACH transfer, you’ll need to provide the following details:

• The account number and routing number of the recipient
• The type of account receiving the funds (whether it’s a checking account, savings account, investment account, business checking account or something else)
• Whether it is an individual or business receiving the transfer

Additionally, ACH typically requires the verification of the person or account receiving the money, usually through small test deposits that are refunded later. This process ensures the money is going to the right place.

How long a bank app or website transfer takes: It can take from one to three days for an ACH transfer to clear, depending on your bank. You might be able to get same-day delivery, but it could cost extra.

When a bank app or website transfer is a good idea: For most folks, sending and receiving money through Zelle for personal use is easy and free. It’s a good idea to use this method when you're sending money to friends or family and don’t want to download third-party apps to connect to your bank account. It’s also a good option for recurring transfers like paying employees or receiving direct deposit from your employer. ACH is one of the easiest, safest and least expensive options available, but only for U.S.-based transactions.

3. Use a peer-to-peer payment app

There are a number of popular peer-to-peer payment (P2P) apps available, including PayPal, Venmo, Cash App and others. Other options include MoneyGram and Western Union, which might be good if you want to send funds internationally and convert them to the local currency. Both offer money-sending options domestically as well.

They operate similarly in that you’ll need to download the app, create a username and password and then link a bank account or debit card. For nearly all P2P apps, you can send and receive money at no cost, and the funds will show up within a couple of days. However, you might face a fee for instant transfers, where the money arrives more immediately, or for sending money linked to a credit card.

Each app has its own sign-up and setup requirements. For instance, you can send money through PayPal using an email address, PayPal username or phone number. Similarly, for Venmo, you can send money to someone if you have their username, phone number or email address. Cash App lets you send using an email address, phone number, or $cashtag — a unique Cash App username.

The catch with P2P apps is that if you input any details incorrectly, you could end up sending money to the wrong person. You can ask the recipient to send the money back, but once the payment goes through, banks can’t reverse it.

While these options are quick and easy, they tend to be less secure compared than others.

How long a peer-to-peer payment app takes: Most P2P payment apps allow you to send money that will arrive the same day or the next day. Sometimes, if you're sending money internationally or currency conversion is involved, it could take longer for money to arrive.

When a peer-to-peer payment app is a good idea: Peer-to-peer payment apps are a good idea if you want to send money to someone for, say, a birthday present. Or repay a friend for a dinner they covered on their card. Sometimes, you might use it to pay for services like house cleaning or repairs. Just keep in mind that they tend to be less secure than options like wire transfers, and you may not be able to send as much money or as quickly.

4. Write a personal check

Writing a personal check is an option for moving money, although it's less common now since there are various electronic methods to send money. You can get access to checks by opening a checking account. Some banks charge for checks, while others give them to account holders for free.

Your personal check should list your banking information, including your account number and bank routing number. These are usually located at the bottom of the check, while your personal details, like your name and address, are at the top.

To transfer money with a check, you will need to fill out the check as follows:

1. Where the money is going: In the “pay to the order of” line, write the name of the individual or business to whom you're transferring the money.
2. How much you’re sending: Underneath the recipient's name, write out the amount you’re sending in words. In the box next to it, write out the amount in numbers.
3. Date and signature: In the top right, date the check. Sign the check at the bottom right.

How long writing and cashing a check takes: Writing a check takes a few minutes and with mobile deposit, checks can take as little as one day to clear, depending on which bank the money goes into. Still, it could likely take up to two days to clear. Cashing a check allows you to get your money right away, and if you cash it at your bank, you won’t usually face a fee for it.

When a check is a good idea: A check is a good idea when you want a transaction record and a paper trail of your expenses. You also have the option to stop or cancel a check if you sent it to the wrong person or place by mistake. Peer-to-peer payment apps don’t have this cancellation option, which may make checks more reassuring for some people.

Pros and cons of different transfer methods

Limits to transferring money from one bank to another

Some banks limit the number of transfers you can make every month, which is important to keep in mind if you plan to transfer money from one bank to another.

For instance, due to a rule called Regulation D, you can make no more than six transactions per month at some savings accounts at traditional banks. Other accounts have no limits on the number of transactions you can make each month.

The type of transfer you're making also impacts those limits. For instance, banks that impose transaction limits on savings accounts usually limit those to withdrawals, but you’re allowed to make as many deposits as you’d like.

Not all financial institutions have transfer limits. If you’re worried about going over your limit, compare different banks and accounts to find ones that don’t have limitations or with restrictions that will align with your needs.