With more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been.
Michael Benninger Managing EditorWith more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been.
Michael Benninger Managing EditorWith more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been.
Michael Benninger Managing EditorWith more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been.
Updated: Apr 13, 2023, 8:25am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Getty
There are several ways to transfer money between bank accounts, whether online, through a mobile app or by visiting a bank branch. The best method depends on when you need the money to arrive and why you’re sending it.
You’ll learn about different transfer methods below, so you can choose the one that best fits your needs.
Transfers available in more than 170 countries and over 50 currencies.
$0 wire and transfer fees. Exclusive best in market rates for Forbes Advisor visitors.
Secure and Trusted
25+ years’ experience, ASX listed. Regulated by 50+ regulators globally. Over 1M customers.
On OFX's WebsiteTransfers available in more than 170 countries and over 50 currencies.
$0 wire and transfer fees. Exclusive best in market rates for Forbes Advisor visitors.
25+ years’ experience, ASX listed. Regulated by 50+ regulators globally. Over 1M customers.
A bank transfer is a transaction that moves money from one bank account to another, either electronically or via a check. A bank transfer can be internal, meaning the transfer occurs between accounts at the same bank, or external, with funds transferred between accounts at two different banks.
Bank transfers offer convenience since you don’t have to withdraw cash to move funds. You might use a bank transfer to move small amounts of money between your own accounts or move larger amounts to someone else’s bank if you’re buying a home or a car.
In a bank transfer, one account sends money, and another receives it. The accounts may be owned by the same person or by two different entities.
Say you want to transfer funds from your traditional checking account to an online high-yield savings account. Log into the savings account and link your checking account by entering your routing and account numbers. Once linked, navigate to the website’s “transfers” section, and choose the connected checking account as the sender. Enter the amount you want to transfer, and select the transfer date. Verify all of the details, then submit your request.
Knowing how to transfer money from bank to bank—or between accounts at the same bank—can make managing your finances easier. And, if you’re saving toward a particular financial goal, you can schedule recurring transfers from checking to savings.
There are different options for transferring money between banks, and it’s important to choose the method best suited to your needs. Before scheduling a bank transfer, consider:
Several transfer methods are available, each for use in different situations. Here are five ways to transfer money between bank accounts.
If you have more than one account at the same bank—like a checking account and savings account—it’s often easy to move money between them. This is known as an “internal transfer.” Go to your bank’s website or mobile app and look for options to transfer funds. You’ll usually be able to set up a one-time or recurring transfer between connected accounts, and most internal transfers settle immediately or within one business day.
Suppose you have an online savings account at a separate bank than your checking account. You can connect your savings account with your checking account and set up an “external transfer.” To transfer money to an external account, you’ll typically need the external bank’s routing number and your account number. Once the accounts are linked, you can make transfers between them whenever you’d like.
Peer-to-peer (P2P) payment apps like Venmo, PayPal, Cash App and Zelle let you send money to friends or family or pay small businesses directly from your bank account. But not all P2P apps automatically move money you receive to your bank account. PayPal has a feature that can automatically sweep funds into your bank account every 24 hours, but most P2P payment apps lack that setting. Different apps also have different fees, processing times and transaction limits, so check the fine print before signing up.
Wire transfers can help you send money to external accounts quickly and securely—but usually for a fee. This type of transfer is useful if you need to send significant sums of cash immediately because funds are usually available within one business day or even a few hours. Wire transfer fees vary by bank. It may cost $5 or more for domestic wire transfers or $25 or more for international wires.
You can also write a check to yourself if you want to move money from one checking account to another or deposit funds into a new account. Now that mobile check deposit has become common, you can write and deposit a check from the comfort of your home. But remember that it may take a few business days for the check to clear, during which time it will appear as a pending transaction in the deposit account.
Depending on the type of bank transfer, it could take anywhere from a few seconds to several days for the money to move. Here’s how long it typically takes with each type of transfer.
To complete a bank transfer, you’ll need information about the sender and receiver accounts. How easy it is to complete a bank transfer depends on whether the accounts are at the same bank or different banks and whether both accounts belong to you.
If you’re moving money between accounts in your name at the same bank, you just need to know which account should send the money and which one should receive it. You can log in to online or mobile banking, select the transfer option, then choose each account from the menu.
If you’re sending money to another person’s account, you’ll need to know their name, account number and routing number. If you’re using mobile payment apps, you might just need the person’s username or email address to send funds.
If you’re interested in how to transfer money from Cash App to a bank account or how to transfer money from Venmo to a bank, you’ll need the account and routing numbers for the account the money is going to. Cash App and Venmo require account verification before transferring money from the app to your bank.
Domestic wire transfers typically take 24 hours to complete, though you might see the amount debited from your bank account in as little as an hour after requesting the transfer. If someone sends you money via a wire transfer, you might see the deposit show up the same day, though it can still take a few business days to clear.
The processing time is usually longer if you’re sending money via international wire transfer. Depending on the bank, it might take anywhere from one to five days for an international wire transfer to process.
There’s nothing complicated about how to transfer money from bank to bank, and it helps to know what options you have for moving funds around. Before transferring money, consider how long it could take and what it could cost you. That can help you ensure your money gets where it needs to go without unnecessary fees.
You can transfer money to accounts you own at the same or different banks. Wire transfers and ACH transfers allow you to move money between your account and someone else’s account, either at the same bank or at different banks. You can also transfer money to mobile payment apps or friends and family via those apps.
International wire transfers can take anywhere from one to five days to complete, depending on the bank. They tend to be slower than domestic wire transfers and more expensive.
To send an international bank transfer, you’ll need to know the recipient’s name and address. You’ll also need their bank account number and the bank’s SWIFT code. You’ll need an International Payments System Routing Code to send money via wire transfer to certain countries.
The best way to transfer money between banks is the one that delivers funds according to your preferred timeline while resulting in minimal costs to you. For example, ACH transfers are generally fee-free and settle within a few business days. But if speed is important, then you might consider a wire transfer instead.
