How to transfer money from one bank to another: full guide

Wondering how to transfer money from one bank to another bank, or even how to automatically transfer money from one bank to another, so you don’t need to remember recurring payments every time? This guide has all you need to know.

Whether you’re looking to move money between your own accounts, send a payment to a friend, or make an international transfer, we’ve got you covered.

We’ll walk through your options to transfer money from one bank to another online and in person, and introduce Wise as a smart and simple way to send money overseas from the US.

Learn more about Wise

If you're sending money domestically

If you need to move money from one US bank account to another, you’ll usually have a few different options, including:

Internal Electronic Funds Transfer (EFT): used to move money from one account in your name, to another account in your name, within the same bank — from a checking to a savings account for example.

External Electronic Funds Transfer (EFT): used to send payments to a bank account held in someone else’s name, or in a different bank to your own.

Wire transfer: bank wires are a type of EFT usually available both domestically and internationally, and are often used for higher value payments. Domestic wires can arrive on the same day they’re sent in some cases.

ACH: another electronic transfer option, usually used within the US only, with relatively low fees. Can be slower to arrive compared to a wire.

Check: not necessarily the most efficient option as checks take time to clear and be deposited into a bank account, but you can write a paper check and either have the recipient deposit it in person, or use a mobile check deposit function if their bank offers it, to deposit electronically.

Peer to peer payment service: peer to peer (P2P) payments are offered by providers like Zelle¹® and Venmo²®. These can be handy for splitting bills with friends or making fast payments with just a phone number.

Zelle deposits funds to a bank account directly, but with Venmo you’ll need to initiate a withdrawal to your bank yourself, which can take a day or two³.

Money transfer app: aside from Zelle and Venmo, there are plenty of other money transfer apps you might want to consider, such as Western Union⁴® which allows online and in-app payments within the US.

The features and fees for each of these services can vary quite a lot. Let’s dive into a bit more detail about how to transfer money from one bank to another, online or in person. We’ll start with options for local payments in the US and then move into your options for overseas transfers.

How to transfer money from one bank to another step by step

You’ll be able to transfer money from one bank to another in person or by phone. Many banks also offer online and mobile payment options — which we’ll look at in just a moment.

Sending payments in a branch can be convenient as you’ll get a face to face service — but they usually come with high fees.

Chase® — as an example — charges 25 USD for a domestic wire if you arrange it online or in the mobile banking app, or 35 USD if you need help from a banker⁵.

Here’s how to transfer money from one bank to another step by step, assuming you want to transfer in person:
Pick the transfer type that suits your needs — a bank wire or an ACH⁶ for example Visit your bank in person, or call their service desk You’ll be asked to verify your identity to get served Give the banker your payment details — including the full account information for the recipient, and the payment value Check everything over — including the fees — and confirm

If you’ve sent a payment from your bank account in a branch or by phone, you can usually still track its progress through the bank’s online banking system.

Just log in to see when your money is likely to arrive — or ask in the branch when you’re there.

Don't want to transfer money to your bank? Read our full guide on alternatives to send money to someone else's bank account

How to transfer money from one bank to another online

If you’d prefer to send your payment online you’ll often find lower fees — or even no fee at all. Some banks — like Bank of America® — have a service like Zelle built into their online banking system⁷, which makes sending a payment super simple.

Just log into your online or mobile banking, and then use the recipient’s email or phone number to make your transfer.

Other banks — like Wells Fargo® — require you to link outside bank accounts before you can make transfers to them⁸. This is a security measure, but it also means you won’t be able to make an instant transfer as you’ll need 1 to 3 days for the account linking process to be verified.

Here’s how to transfer money from one bank to another online:
Log into your online or mobile banking service Navigate to the payments area Pick the type of transfer you want to make Enter the recipient’s details — this may be just a phone number or may be their full banking information Add the transfer information, including the value any message to the recipient Check everything over and confirm — you may need to complete a verification check for security

How to automatically transfer money from one bank to another

The good news is that you can also set up recurring or scheduled transfers with many banks.

Often, within the US, these are processed as ACH payments, which also makes them cheap — or even free — for the sender. Double check your own bank’s services and fees before beginning.

Here’s how to automatically transfer money from one bank to another:
Log into your online or mobile banking service Navigate to the payments area Pick recurring transfer Enter the recipient’s details and the transfer information, including the value and payment schedule you require Check everything over and confirm — you may need to complete a verification check for security

How to transfer money from your bank to a bank account overseas

From time to time you might need to send a payment overseas — whether that’s supporting a loved one abroad, or to cover an international bill.

Your bank can help you with this, or you can pick a specialist provider to send your international payment online.

Generally if you use your bank directly to send your international payment, you’ll be asked to arrange an international wire (SWIFT transfer). These can be fairly costly overall, and can take 3 - 5 days to arrive, depending on the destination.

Wire transfer fees can be pretty confusing too. Some banks — like Bank of America — offer international transfers sent in foreign currencies, which have no transfer fee⁹.

However, this doesn’t necessarily mean they’re free. Instead, the chances are that the bank fees are rolled into the exchange rate used to convert your payment — making them trickier to spot.

As an alternative, you can send your payment overseas using a specialist provider, like Wise. You’ll be able to pay with a domestic wire or ACH, with a fully online or in-app process, and your money will be deposited in the recipient’s bank account in the currency they need.

Wise doesn’t use the SWIFT network, which can mean faster transfers, with lower, more transparent costs, too. We’ll look at that in more detail, next.

Here’s how to transfer money from your bank to a bank account overseas, using a wire (SWIFT) transfer:
Log into your online banking or visit a branch Navigate to the payments area if you’re online, or ask a banker to help you Enter the details of your payment, including the value and currency Enter the recipient’s details — usually full banking details will be required Check over the fees and delivery time available, and confirm

Make a low cost international transfer with Wise

Another smart option if you’re sending money overseas. Meet Wise.

Register a Wise account online or in the Wise app, and send digital payments from your bank account to 80+ countries, with the mid-market exchange rate and low, transparent fees.

Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site. If another service is cheaper for your particular payment, you’ll be shown — so you can’t lose.

Send money across
banks with Wise

See how Wise compares with international bank transfers in our full guide

Please see Terms of Use for your region or visit Fees & Pricing for the most up to date pricing and fee information

Common questions about sending money between banks

How long do bank transfers take?

Domestic wires can arrive on the same day they’re sent. Domestic ACH transfers may take a day or two.

International payments with your bank can take 3 - 5 days, but you may find you can get a quicker delivery time with a specialist service like Wise.

This way to
fast international transfers

The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions

How much does it cost to make a bank transfer?

The fees you pay to send a bank transfer vary pretty widely depending on whether you’re sending money locally or internationally, and the specific service you pick.

Domestic ACH payments are often cheap or free, while wires — at home and abroad — can come with higher fees.

Compare a few options — including using P2P payment services or specialists in international transfers, to get the best available deal.

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Transferring money from one bank to another shouldn’t be a hassle. You can often make your payment online or in a branch — although the fee you pay may vary.

If you’re sending an international transfer it’s worth checking out specialist services like Wise, to see how they measure up against your bank’s international wire options. You may find you can save.

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Sources:

1. Zelle
2. Venmo
3. Venmo - Bank transfer FAQ
4. Western Union
5. Chase - Personal account fees
6. NACHA - ACH payments
7. Bank of America - Zelle
8. Wells Fargo - Online transfers
9. Bank of America - Wire transfers

Sources checked on 03.03.2023