How Long Does It Take to Transfer Money Between Banks?
Quick Answer
Transferring money between banks can take one to five days, depending on if you’re doing a wire transfer or ACH transfer or using a peer-to-peer app or check.
Transferring money between banks can take one to five business days, depending on the banks involved and the transfer method you choose. Bank transfers are a way to get money to someone else without using physical cash. Here's a closer look at the various bank transfer options, how much they cost and how fast they are.
How Long Does a Wire Transfer Take?
Domestic wire transfers electronically transfer money between bank accounts within the U.S. and are typically completed the same business day. International wire transfers can take up to five business days. Other factors can affect how long a wire transfer takes, including:
- Timing: Banks only process wire transfers on business days, so weekends and bank holidays can delay your transfer. Both banks and non-bank services also set cutoff times for processing wire transfers. For example, if your bank's cutoff time is 3 p.m., a domestic wire transfer you initiate at 3:05 p.m won't be processed until the following business day.
- Recipient's location: International wire transfers generally take longer because fraud detection systems and banking regulations can vary from one country to another. Some countries where banking systems are less developed are designated "slow to pay," and there may be additional delays when transferring money to and from these countries.
- Third parties: Many international wire transfers involve third-party banks acting as intermediaries between the sending and receiving banks, which can delay the transfer.
- Errors: To send money via wire transfer, you'll need to provide details including the recipient's identity, address, bank account number and routing number. Any errors or missing information could delay your wire transfer.
You can start a wire transfer through a bank or via non-bank services such as Western Union or MoneyGram.
Learn more: ACH vs. Wire Transfer: What's the Difference?
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How Much Do Bank Transfers Cost?
Bank transfers can cost from $0 to $65 depending on the kind of transfer and the financial institution.
- Automated clearing house (ACH) transfers, which can be used to move money from one U.S. bank to another, are typically free for bank customers.
- Domestic wire transfer fees usually range up to $15 for receiving money and up to $30 for sending money.
- International wire transfers typically charge fees of up to $25 for receiving money and up to $60 for sending money. These fees may include currency exchange fees or fees from third-party financial institutions involved in the transfer.
- Zelle is a peer-to-peer (P2P) payment app embedded within accounts at participating banks and credit unions. If both sender and recipient are registered with Zelle, transfers between bank accounts are free.
- Checks can be used to transfer money from one account to another, typically with no fee. However, some banks charge per-check fees, check printing fees or fees for exceeding a certain number of checks per month.
Tip: Many free methods of transferring money between bank accounts require having a bank account, which may involve fees. However, there are often ways to avoid or reduce bank fees.
Learn more: Best Ways to Send Money
What Is the Fastest Way to Transfer Money?
Zelle or a wire transfer are generally the fastest way to transfer money domestically. Although there are exceptions, both typically complete transfers within the same business day; Zelle transfers often happen within minutes. Here's how long you can expect other bank transfer methods to take.
- ACH transfers typically take one to three days before funds are available for the recipient to use.
- Checks generally clear within two business days. Under federal law, the first $225 of a check must be available the next business day after the check is deposited. The recipient can usually access the rest of the funds on the following business day.
- P2P payment apps like CashApp, PayPal and Venmo allow funds to transfer to your linked bank account for free in one to three business days, or instantly for a nominal transaction fee that's calculated as a percentage of the transfer amount.
Tip: Funds sent with P2P payment apps can be used within the app immediately, but you'll need to transfer the money to your bank account if you want access there.
Learn more: How to Avoid Peer-to-Peer Payment Fraud
Tips for Transferring Money
To help ensure a timely, efficient bank transfer, follow these tips.
- Be mindful of bank closures and holidays. Even though many banks are open on Saturdays, it's typically not considered a business day. Banks usually follow the Federal Reserve's holiday schedule, but some may also close on state holidays, close early the day before a holiday (such as Christmas Eve) or close on Friday if a holiday falls on a Saturday.
- Pay attention to cut-off times. Check with your bank regarding cut-off times for transfers or depositing checks. Allow plenty of time for processes such as waiting in line at the bank or completing forms.
- Double-check all details. Find out what information you'll need for a bank transfer, such as the recipient's account and routing numbers or P2P app username. Carefully check the information before you submit it. Mistakes or omissions can delay the transfer, and if you accidentally send money to the wrong person, your options for recovering it may be limited.
Learn more: Funds Availability in Your Bank Account: What You Need to Know
Frequently Asked Questions
The Bottom Line
There are several ways to transfer money to someone else's bank account without the need for physical cash. To find the best method for your situation, consider both time and cost.
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Karen Axelton
Karen Axelton specializes in writing about business and entrepreneurship. She has created content for companies including American Express, Bank of America, MetLife, Amazon, Cox Media, Intel, Intuit, Microsoft and Xerox.
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