What it costs to transfer money with a bank account

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When you transfer money between banks – called an external transfer – there may be fees and it may take days. These transfers are processed through the automated clearing house’s electronic network, just like other ACH transfers, such as bill payments and direct deposit.

While transfers between accounts at the same bank can be instant, you usually have to wait for bank-to-bank transfers to be processed before funds are delivered. Some banks and credit unions don’t charge outside wire transfers, but others charge a nominal fee, typically $ 10 or less. And this only applies 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 of transferring money between banks for some of the largest financial institutions in the country, including Chase external transfer fees and Bank of America transfer fees. Go ahead to learn more about external transfers.

Financial institution (Click on the name of the bank to read the notice)

Cost (both ways, unless otherwise specified)

Approximate delivery times *

1 to 3 working days; 3 or more business days for transfers initiated to the bank where the funds are to arrive.

To Bank of America account: $ 0. From the Bank of America account (3 working days): $ 3.

From the Bank of America account (the next day): $ 10.

3 working days; possibility of next day delivery.

To the Bank5 Connect account: $ 0. From Bank5 Connect account (standard delivery): $ 0. From the Bank5 Connect account (the next day): $ 3.

Up to 3 working days; possibility of next day delivery.

2-3 working days; possibility of free delivery the next day.

3 working days; possibility of free delivery the next day.

To a US bank account: $ 0. From a US bank account: Up to $ 3.

3 working days; free next day delivery option (inbound transfers only).

To Wells Fargo Account: 3 business days. From Wells Fargo account: 2 business days.

* These are typical total outbound and inbound transfer times when initiated through online banking, in accordance with the disclosures and general policies of each financial institution. Delays may occur due to waiting periods, after-hours daily shipments, initial service setup and other reasons. This list only includes personal accounts, not business accounts.

Citibank, NA logo

Citi Priority Check

Citibank, NA logo
APY

0.01%

Alliant Credit Union High Rate Verification

Logo of the Alliant credit union
APY

0.25%

LendingClub Bank logo

Verifying LendingClub Rewards

LendingClub Bank logo
APY

0.10%

How to transfer money faster

ACH transfers typically take a few business days to process, and almost all financial institutions have a cut-off time for transfer requests. By respecting them, your money will arrive on time. If you submit a transfer request after the deadline (towards the end of the business day), it will usually not be processed until the next business day.

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

Some banks offer next day delivery, usually at an additional cost. Even so, “next day” generally means “next business day”, not “next calendar day”. But the rules implemented in March 2018 allow most ACH payments, including payroll and account-to-account transfers, to be processed the same day they’re requested.

If you’re considering fees beyond ACH transfers, consider online banks, which have free checking accounts.

Transfer money between banks free of charge

Person-to-Person Transfer Service Zelle can work for external transfers between the accounts you have. And, unless one of your banks charges their own Zelle fees, it’s free.

How Zelle works

Zelle is both an integrated service for over 200 banks and a stand-alone application. Zelle requires a way to contact you for notifications, such as an email address or phone number, and if you sign up 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 also register. Zelle allows banks to anticipate payments so they can arrive in minutes. Banks are reimbursed when the ACH transfer clears.

If you’re considering fees beyond ACH transfers, consider online banks, which have free checking accounts.

ACH transfer vs bank transfer

ACH transfers are cheaper than wire transfers, which typically cost around $ 25 to send and $ 15 to receive. You could pay more than $ 40 to make an international transfer. There’s a reason for the higher fees: While ACH transfers can take days, domestic transfers can be completed in minutes or hours.

Staff assisted bank transfer or online bank transfer

If you call a customer service representative or visit a branch to request a wire transfer, your financial institution may charge you, although online transfers are free.

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

METHODOLOGY

We looked at over 30 financial institutions: America’s largest banks in terms of assets, debit card volume, and Internet search traffic; the largest credit unions in the country with broad membership requirements; and other notable and / or emerging industry players.

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