How to Transfer Money Between Bank Accounts Online
Move money between your own bank accounts — or to another bank — safely using your bank's website or app.
At a Glance
Log into your bank's website or app
~15sSelect the accounts for the transfer
~15sAdd an external account (one-time setup)
~30sQuick Tip
Quick Tip: Log into the other bank account after 2 days and look for two small deposits (like $0.12 and $0.37). Enter those amounts back in your first bank's app to verify the account.
Enter the amount and choose the date
~15sConfirm and save the confirmation number
~21sWarning
Never transfer money to an account you do not personally own in response to a phone call, text, or email request. This is a common scam technique.
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Transferring money between bank accounts online is one of the most useful features of online banking. Whether you want to move money from your checking to savings, send money to your own account at a different bank, or fund an investment account, this can be done in minutes from your computer or phone.
There are two types of transfers. An internal transfer moves money between two accounts at the same bank — for example, from your checking to your savings at the same institution. This is instant or takes at most a few hours. An external transfer moves money between accounts at two different banks. This usually takes 1-3 business days and uses a system called ACH (Automated Clearing House), which is the standard electronic network banks use to move money in the US.
To set up an external transfer, you need the routing number and account number of the destination account. The routing number identifies the bank (it is a 9-digit number). The account number identifies your specific account there.
ACH transfers are safe and free at most banks. Some banks charge a small fee ($3-$10) for same-day or expedited transfers — the standard 1-3 day transfer is almost always free.
Wire transfers are different from ACH transfers. A wire is faster (same day or next day) but costs $15-$45 and should only be used when someone specifically needs a wire. For most transfers between your own accounts, ACH is preferred.
(Source: Federal Reserve, federalreserve.gov/pubs/feds/2006/200632)
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