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Fastest Way to Transfer Money Between Banks

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As Global Head of Content Marketing, Chris oversees all of the content requirements for our organic, growth marketing, and demand generation campaigns. This requires a fundamental understanding of the pain points our customers are experiencing and a thorough comprehension of the ways those customers consume and engage with content. A growth marketing expert in the tech space, Chris has worked with complex global businesses such as Google, AWS, Microsoft, SAP, Adobe, Dell and Oracle to grow their most valuable customers, increase revenue and speed up deal cycles. He has also led on customer lifecycle management programs and account-based marketing strategies for BlackRock, EY, Grant Thornton and UBS. ConnectSee full bio

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As Director of Global Payment Partnerships at GoCardless, Paul and his team manage global relationships with the organisations that make payments work. His expertise was instrumental in building GoCardless' ACH payment product, enabling the company to enter the North American market successfully. Paul sits on the UK Finance Working Group on Open Banking and holds the Chartered Banker, MCIBS qualification. The Chartered Banker Diploma is the highest level qualification awarded by the Chartered Banker Institute, recognised and supported by major financial services organisations across the globe. ConnectSee full bio

Last editedApr 20232 min read

From paper checks to peer-to-peer banking, we now have more options than ever for transferring money between two bank accounts. If you need to send money in a hurry, which is the quickest way to transfer money between banks? We’ll explore your options below.

How can you transfer money between banks?

Bank-to-bank transfers within the United States traditionally operate using the ACH system. One of the fastest ways to transfer money between bank accounts is with an ACH debit, provided both accounts are linked. To link accounts and set up a transfer, you’ll need to know basic details including your routing number and account number.

Payment processing times will vary depending on your bank and destination. Typically, ACH bank transfers take between two and three business days for processing. However, same-day processing is now available for a fee, provided your transaction is domestic and under $1 million. Nacha members approved a measure to increase the per-payment maximum from the current $100,000 to $1 million effective March 18, 2022

Additional types of bank transfer methods

While ACH payments offer one solution, they’re not always the fastest way to transfer money between banks. Here are some alternative options to explore:

1. Wire transfers

As with other bank-to-bank transfers, you’ll need the recipient’s name, routing number, and account number to complete a domestic wire transfer. You can either wire money through your bank or with a provider like Western Union. Wire transfers are usually completed within the same business day if not mere minutes, but they do have high fees as a result.

2. Online transfer services

Apps like Zelle and Popmoney let you send money to a recipient using your banking app. You’ll first need to register with your mobile phone number and email address, before linking your own bank account to the app. Venmo, Apple Pay, and Google Pay all work in a similar fashion to create a virtual electronic wallet that lets you send money from one bank account to another.

3. Paper checks

Writing and sending a check to someone is definitely not the fastest way to transfer money between bank accounts. However, if you have time to spare this is also an option, and might be useful if you simply want to clear out an old bank account and don’t want to go to the hassle of registering with a new peer-to-peer app.

How to collect payments with GoCardless

1.

Create your free GoCardless account, access your user-friendly payments dashboard & connect your accounting software (if you use one).

2.

Easily set up & schedule one-off or recurring payments via payment pages on your website checkout or secure payment links.

3.

From now on you'll get paid on time, every time, as GoCardless automatically collects payment on the scheduled date. Simple.

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What’s the fastest way to transfer money between banks?

We’ve now outlined the main options:

Which is the fastest way to transfer money between bank accounts? There’s no singular answer to this question, as it will depend on your bank, region, and the amount of funds you wish to send. Generally, wire transfers or online apps will be the quickest options. Here are a few payment options to explore:

Zelle is available either online or through its mobile app. It’s partnered with most major US banks, including Bank of America, Chase, Citibank, and Wells Fargo, allowing you to directly link up your bank account for fast transfers.
PayPal is another popular option. It might not be the quickest way to transfer money between banks, but if you’re sending money from one PayPal account to another the transaction is nearly instantaneous.
Venmo is partnered with PayPal and is a peer-to-peer app designed to make transfers easy. You can add users as your contacts and send money quickly and efficiently.
Western Union is the most popular option when it comes to sending money online via wire transfers. Recipients will receive the funds directly in their bank account.

The bottom line

When you need to send money in a hurry, your best bet is probably one of the mobile apps mentioned above. Many of these are partnered with banks, so it’s worth checking to see if your bank already offers its own app for instant money transfers. Just be sure to compare fees carefully, particularly if you’re sending money to international bank accounts or using different currencies. You should also take care to create a secure password and PIN to keep your banking details safe.

We can help

GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.