A guide to transferring money between different banks

Technology has made banking easier, especially when it comes to moving money between accounts. Online transfers are an easy way to move money from one bank to another and we can accomplish this with just a simple click or two.

How you transfer money from one bank to another is typically safe, easy and fast. When selecting the right transfer method, you’ll need to consider how quickly you need the money moved and what cost you’re willing to pay.

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Understanding different transfer methods

How you transfer money between bank accounts depends largely on where you send the money and how fast you need it to land in another account.

“One way to transfer money between your accounts at two banks is by using a bank-to-bank transfer service that is based on the Automated Clearing House (ACH) network. Many banks provide this type of ACH transfer service,” said Ken Tumin, the founder of DepositAccounts.com, a bank comparison site. “You typically have to establish a link to your other bank account and verify that you are the owner of that bank account. Once the link is established, you can initiate ACH transfers between the accounts.”

Other methods of bank transfers include wire transfers, peer-to-peer payment platforms like Zelle, paper checks and cash.

Checking transfer fees and timeframes

Before initiating a transfer, check your bank’s website or contact customer service to see if there’s a fee. The good news, however, is that many transfer services are free.

“There are associated costs for financial institutions to transfer money,” said Kari Mitchum, vice president, payments policy at the Independent Community Bankers of America (ICBA), an association of community banks. “In most instances, however, consumers receive these services as part of their account services, meaning a consumer is not charged.”

You likely will incur charges, however, if you transfer money by wire. To give you an idea of the fee for a wire transfer, U.S. Bank charges $20 for an incoming domestic transfer and $30 for an outgoing one. Internationally, the fees are $25 and $50, respectively.

Domestic wire transfers typically complete on the same day, according to Wells Fargo.

An ACH transfer, Tumin said, can take up to three days. Zelle transfers are free and typically take less than an hour to complete, he added.

Initiating a transfer online

First, you’ll need to link the accounts involved in the transfer. Log in to your bank’s website or mobile app and enter the appropriate information for the account you want to link. To link to a checking or savings account at an external bank you’ll need the external account’s routing and account numbers.

Once you have established a link between your bank accounts, you can set up the transfers. If you’re moving money between your accounts at different financial institutions online, you usually will need only your routing and account numbers to do so, Mitchum said.

Transferring money via mobile banking apps

If you want to transfer money between your own accounts or to another person, such as a gift for a relative or to pay a contractor who did work at your home, Zelle is an option. It’s available through more than 2,100 banking apps, according to the company.

Zelle reported that in 2022, 2.3 billion payments totaling $629 billion went through its network.

“Zelle is primarily intended to be a payment service in which you transfer money to another person,” Tumin said. “It can be used to transfer money to yourself between accounts at different banks, but you’ll have to set up Zelle profiles at the two banks with different email addresses and/or phone numbers.”

In-person bank transfers

A trip to the bank is no longer required for transfers.

“Real-time payments will be embedded in most banking apps and online offerings,” said Dave Scola, the US chief executive officer at fintech company Form3. “You certainly won’t have to go to a teller.”

However, if you have any questions or if you are transferring large sums of money between bank accounts, a trip to the bank could put your mind at ease.

Setting up recurring transfers

If you want to transfer between your bank accounts at different banks frequently, setting up a recurring transfer will save time. And it’s easy to accomplish.

“Many banks offer ACH services that allow you to set up recurring transfers,” Tumin said. “Once you have established a link to your account at another bank, the ACH transfer program will step you through the process of setting up recurring transfers.”

Securing and tracking your transfers

You can track your transfer’s progress by logging in and checking your whichever platform you’re transferring through, likely your bank or a peer-to-peer platform.

“Moving money between financial institutions is a routine transaction and is safe and secure. Moving money from one personal account to your account at another bank is not that different from paying a bill online,” said Scott Anchin, ICBA’s vice president, operational risk and payments policy.

“In addition, instant payment networks are entirely digital, which creates opportunities for financial institutions to use advanced authentication, encryption and fraud prevention tools. In contrast, payment mechanisms like checks are subject to theft at the post office.”