What It Costs to Transfer Money Between Banks

When you transfer money between banks — called an external transfer — there can be fees and it might take days. These transfers are processed through the Automated Clearing House electronic network, much like other ACH transfers, such as bill payments and direct deposit.

While transfers between accounts at the same bank can be instant, you generally must wait for bank-to-bank transfers to process before funds get delivered. Some banks and credit unions don’t charge for external transfers, but others assess a small fee, typically $10 or less. And this applies only to online transfers. We’ll talk about staff-assisted transfers at the end of the article.

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External transfer fees by financial institution

The table below lists the costs to transfer money between banks for some of the country’s largest financial institutions, including Chase’s external transfer fee and Bank of America’s transfer fee. Skip ahead to read more about external transfers.

*These are typical total outgoing and incoming transfer times when initiated through online banking, according to each financial institution’s disclosures and general policies. Delays can occur due to holding periods, sending after daily cutoff times, initial service setup and other reasons. This list includes only personal accounts, not business accounts.

» MORE: Learn the basics of ACH transfers

How to transfer money more quickly

ACH transfers usually take a few business days to process, and nearly every financial institution has a cutoff time for transfer requests. Respecting these will help your money arrive on time. If you submit a transfer request after the cutoff — around the end of the business day — it generally won’t be processed until the next business day.

Weekends and bank holidays don’t count as business days. If you initiate a transfer request at 11 p.m. on the Friday before a three-day holiday weekend, the money might not reach its destination until the following Thursday.

Some banks offer next-day delivery, usually for an extra cost. Even then, “next day” usually means “next business day,” not “next calendar day.” But rules implemented in March 2018 make it possible for most ACH payments, including payroll and account-to-account transfers, to be processed the same day they’re requested.

If you're looking at fees beyond ACH transfers, consider online banks, which have free checking accounts.

Transfer money between banks without fees

Person-to-person transfer service Zelle can work for external transfers between accounts you own. And, unless one of your banks tacks on its own Zelle fee, it’s free.

How Zelle works Zelle is both a service integrated with over 200 banks as well as a standalone app. Zelle requires a way to contact you for notifications, such as an email address or phone number, and if you register for Zelle with two or more banks, you need a different contact for each. You only need one Zelle account to use the service and your recipient must enroll, as well. Zelle allows banks to front payments, so they can arrive within minutes. Banks are reimbursed when the ACH transfer clears.

If you're looking at fees beyond ACH transfers, consider online banks, which have free checking accounts.

» SEE: How to transfer money from one bank to another

ACH transfer vs. wire transfer

ACH transfers are cheaper than wire transfers, which typically cost about $25 to send and $15 to receive. You might pay more than $40 to transfer internationally. There’s a reason for the higher fees: Whereas ACH transfers may take days, domestic wire transfers may be completed in minutes or hours.

» MORE: Learn the basics of wire transfers

Staff-assisted vs. online banking transfer

If you call a customer service representative or visit a branch to request a bank transfer, your financial institution might charge you — even if online transfers are free.

Before you make a transfer, make sure you know your financial institution’s policies. Read our article on how to avoid checking fees to lower your costs and keep more money in your account.

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