Key takeaways:
Ally Bank charges no fees to send or receive external transfers to or from other financial institutions, making it a cost-free option for moving money between banks.
Standard external transfers from Ally Bank to another institution take up to three business days, though eligible accounts may qualify for next-day transfers based on account tenure, account activity and transfer history.
To link an external bank account for transfers, you'll need four pieces of information: the bank name, routing number, account number and account type (checking or savings).
In this digital age, transferring money between your accounts (either at your bank or between accounts at different financial institutions) is easier and more secure than ever. To make the process even more seamless, here are just a few steps and things to have on hand before initiating your transfer.
What do you need to transfer money between accounts? To move funds between accounts at different financial institutions (aka make an external transfer), you'll need:
The bank name you’re transferring to or from
The routing number
The account number
The type of account (checking vs. savings)
Read more: How an interest checking account works
How to transfer money between your Ally Bank account and other banks
Need to make a transfer between your Ally Bank account and an account you own at another financial institution? No problem. External transfers are secure and simple to execute. Plus, you can even set up recurring transfers.
Login to ally.com and follow these six steps:
Head to “Transfers" and then “Bank Transfers"
Select the option to “Link Other Accounts," where you'll fill out your account type, routing number and account number
Allow Ally to verify your account ownership (depending on the institution, this may be instantaneous but can take up to three business days if micro deposits are needed to verify account ownership)
After verification, choose which account you want to withdraw from and which you want to deposit the funds to
Enter the amount to transfer, the frequency (one-time or recurring) and the date of the transfers
Review your transfer and submit
When you make external transfers, you'll want to keep a few things in mind, including fees, timing and transfer limits. Ally Bank does not charge any fees to send or receive transfers from other financial institutions.
Timing wise, a standard transfer from an Ally Bank account to a non-Ally Bank account could take up to three business days. So, a transfer requested on Monday will be delivered on Thursday. Transfers are not processed on weekends or federal holidays, and holidays may make the transfer period longer.
Certain accounts are eligible for next-day transfers, meaning funds are delivered on the next business day. Ally determines next-day transfer eligibility based on account tenure, account activity and transfer activity.
How to move money between Ally accounts
Moving money from one Ally account to another is even easier. You can transfer funds to and from our:
All you have to do is visit the “Transfers" page and select the account you want to withdraw from and the account you want to deposit into. Then, follow steps 4-6 from above.
You can make an instant transfer from one Ally Bank account to another 24/7 online or through our mobile banking app. Transfers between an Ally Bank account and an Ally Invest account can be made Monday through Friday from 8:00 a.m. to 3:55 p.m. EST and can take anywhere from a few minutes up to five business days, depending on the type of Ally Invest account.
Making money moves
Staying on top of your finances doesn't have to be tricky or time consuming. Both one-time and recurring online transfers are reliable ways to shift funds between accounts at the Ally or other financial institutions, and are just a few clicks away.
