How to Transfer Money From One Bank to Another

You can move funds from one bank account to another with online bank transfers.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

If your funds are spread across accounts at different institutions, it helps to have an easy way to make transfers between them. Online transfers are a convenient way to transfer money from one bank to another.

Online transfers are generally free at online banks and brick and mortar institutions, though some do charge, and transfers usually take up to three business days to complete. Check with your institution when setting up a transfer to know when to expect funds to arrive and whether or not there are fees.

» Looking for online accounts with low fees? Read NerdWallet’s list of best high-yield savings accounts

One logo
Learn More

Deposits are FDIC Insured

One Save

One logo


Min. balance for APY


Comenity Direct logo
Learn More

Member FDIC

Comenity Direct High Yield Savings Account

Comenity Direct logo


Min. balance for APY


How to transfer money from one bank to another online

Before you can start, you’ll need to set up a relationship between the two accounts you have at different banks — the one that will send money and the one to receive it.

  • Link the two accounts. Log in to the first bank’s website or mobile app and select the option for making transfers. There may be a choice for internal transfers, that is, moving money in between two accounts within the same bank — from checking to savings, for example. You want the external option, which lets you move funds out to a different bank.

  • Provide external account information. Have the second bank’s routing number and your account number handy. You can usually get this information from a bank statement or printed paper check.

  • Confirm the new account. After you enter the required information, the first bank will typically want to verify that you have access to the second bank’s account. You might be asked to enter your username and password, which the first bank would then verify. Another way the first bank could verify the account is to make a small deposit or two (think a few pennies each) and ask you to confirm the amounts. This process could take a couple of days to complete.

  • Set up transfers. Once the account is confirmed, you can set up transfers from the sending bank’s website. Choose the sending and receiving accounts, and enter the amount to be transferred and the date for the transaction to occur. From there, you can usually see which date the funds are expected to be available in the receiving account. You’ll also want to choose whether you want to make a one-time transaction or a recurring transfer (once a week, for example). After you’ve made your choices, select the option to submit them.

» Want more account options? Read NerdWallet's picks for the best high-interest accounts

The list is here.
See 2021’s best checking accounts, savings accounts and more. All backed by tons of nerdy research.

Use bank transfers to boost savings yields

Bank transfers are common for people who have a checking account at one bank and a high-yield savings account at another bank. If you open a new savings account, you can link your existing checking account for automatic transfers.

This also works for online bank customers, who often need to link their existing bank accounts to fund their online accounts. These folks tend to get the benefit of better rates while having the convenience of keeping their existing accounts.

Limits to savings withdrawals

You can generally make as many transfers into savings accounts as you’d like, but there are some points to consider when it comes to taking money out. Online withdrawals from savings accounts are considered convenient transactions per the Federal Reserve. If you have more than six convenient transactions in a month, some institutions will charge an excess withdrawal fee for each transaction over that limit. This fee is typically around $5 per excess transaction.

Sending money to others

If you don’t own the account you plan to send money to, you may need to explore other options. Many banks offer online bill pay services, which send a check or electronic payment to a merchant or vendor on your behalf. If you need to send money to another individual quickly, you can also use a peer-to-peer payments service, such as Venmo or PayPal. And if you need to send thousands of dollars quickly, it may make sense to wire the money. These services are not always free, but the funds often reach the recipient much faster, sometimes in as little as a few minutes.

» Looking for affordable ways to pay others? Check out NerdWallet’s list of the best ways to send money.

Transferring funds from one bank account to another does not have to be a burden. Moving money can be just another online banking convenience.

Next: Best Savings Accounts
Ready to upgrade your savings? These high-yield accounts will help you grow your money faster.
Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.