How to Transfer Money to Bank Account: 5 Methods Compared

Sending money between banks doesn’t have to be complicated. Whether you need to move cash quickly or keep fees low, there’s a transfer method that fits your needs. Let’s break down your options and what each one actually costs you.

Speed vs. Cost: Which Transfer Method Wins?

The fastest way to move money between your own accounts at the same bank? Instant, zero fees. But when you’re sending to a different bank or another person, things get trickier. Here’s what you’re actually looking at:

Fastest options:

• Same-bank online transfer: immediate
• Money transfer apps (like Zelle or Venmo): minutes to two business days, usually free
• Wire transfer: one day or less, but costs $30-$75 per transfer

Budget-friendly options:

• Online transfers between different banks: free, but takes two to four business days
• P2P apps: free for standard transfers
• Check deposit: free, but slowest (one to five business days)

Method 1: Online Transfer Between Your Linked Accounts

This is the easiest path if you’re moving money between accounts you own. Here’s how it works:

Log into the first bank and locate the transfer section. Enter the routing number, account number, and account type for your destination account. The bank will verify ownership—usually by depositing two small test amounts into the target account. Once you confirm those deposits (takes one to two business days), you’re all set to transfer anytime.

Same-bank transfers? Instant and free.

Method 2: Wire Transfer—Fast But Pricey

Wire transfers are your move for large amounts or when speed matters. You can send money domestically or internationally, but expect to pay. Standard outgoing wire fees range from $30 to $75, with international transfers costing even more. Contact your bank or use services like Western Union to initiate.

Most banks have cutoff times for same-day processing, so check before 2 PM.

Method 3: Good Old-Fashioned Checks

Still works. Write a check and mail it to the recipient, who deposits it into their account. Takes one to five business days, and it’s free. Some banks will issue cashier’s checks if you prefer that route.

Method 4: Withdraw and Deposit Cash

Simple but not always practical for large amounts. Withdraw cash from your account and deposit it at another bank. Note: some banks (including Wells Fargo) won’t accept cash deposits from non-account holders, so confirm first.

Method 5: P2P Money Transfer Apps

Apps like Venmo, Zelle, PayPal, and CashApp let you send money using just a phone number or email address. Transfer is usually free and can hit the recipient’s account within minutes or up to two business days.

Catch: both parties usually need the app set up. Fees kick in if you want expedited delivery or pay from a credit card.

The Real Talk on Timing

• Online transfer (same bank): done immediately
• Online transfer (different banks): 2-4 business days
• Wire transfer: typically 1 day or less
• Cash deposit: same day if you hit cutoff; otherwise next day
• Check: 1-5 business days
• P2P apps: instant to 2 business days depending on both banks

Bottom Line: Choose Your Path

For personal transfers to someone else’s account, P2P apps beat wire transfers on both cost and convenience. For large amounts where speed matters, wire transfer is faster but expect to pay $30-$75. Moving money between your own accounts at the same bank remains the fastest and cheapest option—instant and free, every time.