Guides
How to transfer money between banks
Moving money from one bank to another comes down to picking the right rail for your deadline and having the correct recipient details. Here is how the common methods compare, and the steps to send a transfer without it bouncing back.
Compare transfer methods
| Method | Typical speed | Typical cost | Best for |
|---|---|---|---|
| Instant / real-time payment | Seconds to a few minutes | Free or low flat fee | Everyday transfers where the recipient needs the money now |
| ACH / standard bank transfer | 1–3 business days | Usually free | Rent, payroll, recurring bills that are not time critical |
| Domestic wire | Same business day if sent before the cut-off | Often $15–$35 | Large one-off payments such as property deposits |
| International wire / SWIFT | 1–5 business days | Sending fee plus an exchange-rate margin | Paying an account held in another country |
| Debit card push transfer | Minutes to 30 minutes | Percentage fee is common | Small urgent transfers when you only have card details |
Speeds and fees vary by bank and country — check your own bank's published schedule before sending.
Send a transfer in five steps
- 1Confirm the destination: account holder name, account number and sort code, routing number or IBAN, depending on the country.
- 2Choose the method that matches your deadline — an instant payment for today, a standard transfer when a couple of days is fine.
- 3Check limits and cut-off times. Wires sent after the cut-off leave the next business day.
- 4Send a small test amount first when you are paying a new recipient for the first time.
- 5Verify the transfer with your bank's security step, then keep the confirmation reference until the money lands.
Avoid the common mistakes
- Mistyped account or routing numbers are the top cause of failed transfers.
- Weekend and holiday sends usually start processing the next business day.
- For international payments, compare the exchange rate as well as the fee — the margin on the rate is often the larger cost.
- Daily and per-transfer limits can quietly split or block a large payment.
How transfers work at Monumment Bank
In the Monumment Bank app you can move money instantly between your own accounts, including across currencies at live exchange rates, or send to an account at another bank from the same screen. Every transfer is confirmed with your transfer PIN and an email verification code, and it appears in your transaction history straight away so you always have a reference.