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What It Costs to Transfer Money Between Banks

Some banks charge $3 for external transfers — and up to $10 for next-day delivery — while others send money for free.
Banking, Banks & Credit Unions, Money Transfer
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If you have bank accounts at different banks or credit unions, there are probably times when you need to move funds between them. These bank-to-bank transfers, also called external funds transfers, are processed through the Automated Clearing House electronic network, which also handles other ACH transfers such as direct deposits and bill payments.

Some banks and credit unions don’t charge for external transfers, but others assess a small fee.

External transfer fees by financial institution

The table below lists fees and delivery times at different financial institutions. Skip ahead to read more about external transfers.

Financial institutionCost
(both directions unless specified)
Approximate delivery times*
ableBanking$02-3 business days
Alliant Credit Union$01-2 business days
Ally Bank$03 business days
American ExpressNo fees mentioned in consumer disclosures for personal savings accountsTo American Express account: 5 business days.
From American Express account: 1-3 business days.
Associated BankTo Associated Bank account: $0.
From Associated Bank account: $0.50.
2-3 business days
Bank of AmericaTo Bank of America account: $0.
From Bank of America account (3 business days): $3.
From Bank of America account (next-day): $10.
3 business days; option for next-day delivery
Bank of Internet USATo or from Bank of Internet USA account: $0.
To Bank of Internet USA account (next-day): $0.
From Bank of Internet USA account (next-day): $7.
3 business days; option for next-day delivery
Bank5 ConnectTo or from Bank5 Connect account: $0.
From Bank5 Connect account (next day): $3.
Up to 3 business days; option for next-day delivery
Barclays$02-3 business days
BB&TTo or from BB&T account: $3.
Next-day: $10.
3 business days; option for next-day delivery
BBVA CompassTo BBVA Compass account: $0.
From BBVA Compass account: $3.
Up to 3 business days
BMO Harris Bank$02-3 business days
Boeing Employees Credit Union$0.
Next-day: $0.
2-3 business days; option for next-day delivery
Capital One 360 Bank$02 business days
Charles Schwab Bank$01-2 business days
Chase$02 business days
Citibank$0.
Next-day: $0.
3 business days; option for next-day delivery
Citizens BankTo Citizens Bank account: $0.
From Citizens Bank account: $3.
From Citizens Bank account (next-day): $10.
Up to 3 business days; option for next-day delivery
Comerica BankTo Comerica Bank account: $0.
From Comerica Bank account: $3.
From Comerica Bank account (next-day): $10.
3 business days; option for next-day delivery
Connexus Credit Union$0
To Connexus account (same day): $0
From Connexus account (same day): $10
Up to 3 business days
Consumers Credit Union (Michigan)To Consumers CU account: $0.
From Consumers CU account: $3.
3 business days
Discover Bank$03 business days
Fidelity$0Up to 4 business days
First Internet BankTo First Internet Bank: $0.
From First Internet Bank: $5.
Up to 3 business days
Huntington Bank$03 business days
KeyBank$0Up to 4 business days
M&T BankTo M&T Bank account: $0.
From M&T Bank account: $3.
3-4 business days
MetaBank$0.
Next-day: $3.
3 business days; option for next-day delivery
Nationwide Bank$02-3 business days
Navy Federal Credit Union$01-2 business days
PNC Bank$03 business days
Santander BankFrom Santander Bank account: $0.
To Santander Bank account: Santander Bank does not accept incoming transfers.
1-3 business days
Simple Bank$0To Simple Bank account: 3-4 business days.
From Simple Bank account: 1-2 business days.
SunTrust BankTo SunTrust Bank account: $0.
From SunTrust Bank account: $3.
From SunTrust Bank account (next-day): $6.
Up to 3 business days; option for next-day delivery
Synchrony Bank$0Up to 3 business days
TD BankTo TD Bank account: $0.
From TD Bank account: $3.
To or from TD Bank account (next-day): $7.

3 business days; option for next-day delivery
U.S. BankTo U.S. Bank account: $0.
From U.S. Bank account: $3.
To U.S. Bank account (next day): $5.
3 business days; option for next-day delivery (incoming transfers only)
Union Bank$03 business days
USAA$03-5 business days
Wells Fargo$0To Wells Fargo account: 3 business days.
From Wells Fargo account: 2 business days.

*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.

How long it takes to transfer money between banks

Bank-to-bank transfers typically process within three business days, though some banks and credit unions are faster. Nearly every financial institution has a cutoff time for transfer requests, around the end of the business day. If you submit a transfer request after the cutoff, it will generally be processed the next business day.

Bank-to-bank transfers typically process within three business days, though some banks and credit unions are faster.

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, it could mean the money won’t reach its destination account for several calendar days, possibly as late as 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.”

ACH transfer vs. wire transfer

An ACH transfer is cheaper than a wire transfer, which typically costs about $25 to send and $10 to receive. Wire fees are higher for international transfers, often more than $40. There’s a reason for the higher fees: Wire transfers take hours, while ACH transfers take days.

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 may charge you. For example, PNC Bank doesn’t have a fee for online transfers, but it will charge an additional $3 for each staff-assisted transfer.

External transfers aren’t always free, so it helps to know what different banks and credit unions charge. Read our article on how to avoid checking fees to lower your costs and keep more money in your bank account.

Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @Margarette. Spencer Tierney of NerdWallet contributed to this article.

Updated June 20, 2017.


METHODOLOGY

We looked at more than 30 financial institutions: the largest U.S. banks based on assets, debit card volume and internet search traffic; the nation’s largest credit unions with broad-based membership requirements; and other notable and/or emerging players in the industry.