Do you need to move money out of your Ally Bank account? Whether you're paying a bill, transferring funds to another bank, or sending money to a friend, Ally Bank offers several convenient options. This comprehensive guide will walk you through each method, step-by-step, ensuring you can transfer your money smoothly and securely.
Let's dive in and get your money where it needs to be!
How to Transfer Money Out of Ally Bank: A Step-by-Step Guide
Ally Bank, being an online-only institution, provides various digital methods for transferring funds. Understanding each option and its nuances is key to choosing the best approach for your specific needs.
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| How To Transfer Money Out Of Ally Bank |
Step 1: Assess Your Transfer Needs
Before you initiate any transfer, it's crucial to understand what kind of transfer you need to make. This will determine the most suitable method.
Sub-heading: Consider the Recipient
To your own external account: Are you moving money to another bank account you own? This is usually the easiest and most common type of transfer.
To someone else's account: Are you paying a friend, family member, or a business? This will influence whether you use Zelle, an external transfer, or a wire transfer.
International transfer: Important Note: Ally Bank does not support outgoing international wire transfers. If you need to send money overseas, you'll need to use a third-party service like Wise (formerly TransferWise) or Revolut, or transfer the funds to another US bank that does offer international wire transfers.
Sub-heading: Consider the Amount and Urgency
Small amounts, quick delivery: For smaller, immediate transfers to individuals, Zelle is often the best choice.
Larger amounts, standard delivery: For larger sums to external accounts (yours or someone else's), an ACH external transfer is a common and usually free option, though it takes a few business days.
Very large amounts, immediate delivery (domestic only): A domestic wire transfer is the fastest way to move significant funds within the U.S., but it comes with a fee.
Step 2: External Transfers (ACH) – The Most Common Method
This is the most frequent way to move money between your Ally Bank account and an account you hold at another financial institution. Ally Bank does not charge fees for these external transfers.
Sub-heading: Linking an External Account
QuickTip: Reading regularly builds stronger recall.
If you haven't already, you'll need to link your external account to Ally Bank.
Log In to Ally Online Banking: Go to Ally.com and log in with your username and password. External transfers are not yet permitted on the Ally mobile app, so a computer is recommended for initial setup.
Navigate to Transfers: Once logged in, select "Transfers" from the main menu.
Choose "Bank Transfers"
Select "Link other accounts": You'll be prompted to enter the details of your external account.
Account type: Checking, savings, etc.
Account nickname: Something easy to remember (e.g., "My Chase Checking").
Routing number: The nine-digit routing number for the external bank.
Account number: The full account number of your external account.
Verify Account Ownership: Ally Bank will typically verify ownership through one of two methods:
Instant Verification: You may be able to instantly link the account by providing your login credentials for the external bank.
Trial Deposits (Micro-deposits): If instant verification isn't available, Ally will make small trial deposits (less than $1.00 each) into the external account within three business days. You'll then need to log back into Ally, navigate to the linked accounts section, and verify the exact amounts of these small deposits. This confirms you own the account. Do not attempt a full transfer until these trial deposits are verified.
Sub-heading: Initiating an External Transfer
Once your external account is linked and verified:
Log In to Ally Online Banking: Again, go to Ally.com and log in.
Navigate to Transfers: Select "Transfers" and then "Bank Transfers."
Select Accounts: Choose the Ally account you want to transfer money from and the linked external account you want to transfer money to.
Enter Amount: Input the amount you wish to transfer.
Set Frequency: You can choose a one-time transfer or set up a recurring transfer. For recurring transfers, you'll specify the frequency (weekly, bi-weekly, monthly, etc.) and the start date.
Review and Submit: Carefully review all the transfer details. Ensure the amount and recipient account are correct. Then, submit the transfer.
Sub-heading: Important Considerations for External Transfers
Processing Time: Standard external transfers typically take three business days to process. If you initiate a transfer on a Monday, it will generally be delivered by Thursday. Weekends and federal holidays will extend the processing time.
Transfer Limits: Ally Bank generally has high transfer limits for domestic ACH transfers once your account has been open for 90 days. For new accounts (less than 90 days old), there might be a limit of around $25,000. If you need to transfer more, contact Ally Bank customer service to request an exception.
No Fees: Ally Bank does not charge fees for sending or receiving ACH transfers.
Step 3: Zelle® – Fast Transfers to Friends and Family
Zelle is an excellent option for sending money quickly to people you know and trust, often within minutes. It's integrated directly into Ally Bank's online banking and mobile app.
Access Zelle: Log in to your Ally Bank account (online or via the mobile app). Look for "Transfer & Pay" or "Zelle" in the menu.
Enroll in Zelle (if not already): If it's your first time using Zelle with Ally, you'll need to enroll by agreeing to the terms and conditions and linking your Ally account.
Add Recipient: You can send money to someone using their U.S. mobile phone number or email address. If they're already enrolled with Zelle through their own bank, the money will go directly to their account. If they aren't, they'll receive a notification and instructions on how to enroll to receive the money.
Enter Amount: Input the amount you wish to send.
Review and Send: Double-check the recipient's information and the amount before confirming the transfer. Zelle payments are generally irreversible.
Sub-heading: Zelle Limits and Features
Daily Limits: Ally Bank's Zelle daily limit is typically $2,000 for instant transfers and $5,000 for scheduled transfers (which can take up to 3 business days).
No Fees: Ally Bank does not charge fees for using Zelle.
Speed: Funds are often available to the recipient within minutes, especially if they are already enrolled with Zelle.
Security: Only send money to people you know and trust. Treat Zelle like cash.
Step 4: Domestic Wire Transfers – For Urgent and Large Sums (U.S. Only)
Wire transfers are the fastest way to move money domestically, with funds often arriving the same business day if sent by the cut-off time. However, they come with a fee. Remember, Ally Bank does not offer outgoing international wire transfers.
Gather Recipient Information: You'll need specific details for the recipient's bank account:
Recipient's Full Name and Address
Recipient's Bank Name and Address
Recipient's Account Number
Recipient's Wire Routing Number (ABA Code)
If applicable, Intermediary Bank details (name, routing number, "For Further Credit To" account number/name)
Initiate the Wire Transfer:
Online Form (Recommended): The quickest and easiest way is often through Ally's online wire transfer form. Log in to online banking, select "Menu," then "Wire Money" under "Transfer and Pay."
Mobile App: You can also initiate a wire transfer through the mobile app by selecting "Menu," then "Wire Money" under "Transfer and Pay."
Fax: You can print and complete an Ally Bank Domestic Wire Transfer Form (PDF) and fax it to them at 1-866-608-2635.
Provide Payment Details: Enter the amount you want to transfer and the desired processing date.
Review and Confirm: Carefully verify all information before submitting. Wire transfers are difficult to recall once sent.
Sub-heading: Wire Transfer Fees and Cut-off Times
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Fee: Ally Bank charges a $20 fee for outgoing domestic wire transfers. Incoming domestic wires are free.
Cut-off Time: To ensure same-day delivery, submit your wire transfer request before 3:00 PM ET on a business day. Requests received and verified after this time will be sent the following business day. Ally will review and verify all wires, so keep your phone handy in case they need to call you. Verified wires are typically sent by 6:00 PM ET.
IRA or CD Transfers: If you're wiring money from an IRA, you'll need to fill out an Ally Bank Domestic Wire Transfer Form (PDF) and a Traditional or Roth Distribution Request Form (PDF), then send both via Secure Message or fax. For CD withdrawals, you'll typically need to call Ally Bank customer service. Be aware of potential early withdrawal fees and penalties for CDs.
Step 5: ATM Withdrawals (for cash needs)
While not a "transfer" in the traditional sense, if you need physical cash from your Ally Bank Spending Account, using an ATM is the way to go.
Locate an ATM: Ally Bank does not have its own ATMs. However, you can use your Ally Bank debit card at any ATM worldwide.
Allpoint® or MoneyPass® Networks: Ally Bank offers fee-free usage at Allpoint® and MoneyPass® ATMs in the United States. Use their ATM locators (available online or in the app) to find one near you.
Other ATMs: If you use an ATM outside of the Allpoint® or MoneyPass® networks, the ATM operator may charge a fee. Ally Bank will reimburse you up to $10 each statement cycle for these fees.
Withdraw Cash: Follow the on-screen prompts at the ATM to withdraw your desired amount.
Sub-heading: ATM Withdrawal Limits
Daily Limit: After 30 days of opening your account, your daily ATM withdrawal limit with Ally Bank is typically $1,010. Initial limits for new accounts may vary.
Spending Account Access: Your Ally Bank Spending Account is designed for everyday transactions, including ATM withdrawals.
Step 6: Checks (for physical payments)
For situations where a physical check is required, Ally Bank allows you to order checks for your Spending Account.
Order Checks: You can order checks directly through your Ally Bank online banking portal or by contacting customer service.
Write and Mail: Once you receive your checks, simply write them out as needed and mail them to the recipient.
Sub-heading: Official/Cashier's Checks
If you need an official or cashier's check, you can request one from Ally Bank customer service at 1-877-247-2559, at no charge.
Step 7: Troubleshooting and Support
If you encounter any issues during your transfer, Ally Bank offers 24/7 customer support.
Phone: Call 1-877-247-2559.
Secure Message: Log in to your online banking and send a secure message.
Chat: Use the chat feature available on their website or mobile app.
10 Related FAQ Questions
Tip: Don’t overthink — just keep reading.
Here are some common questions about transferring money out of Ally Bank, with quick answers:
How to link an external bank account to Ally Bank?
You can link an external account by logging into Ally online banking, going to "Transfers" > "Bank Transfers" > "Link other accounts," and providing the external account's routing and account numbers. You may need to verify ownership with trial deposits.
How to set up a recurring transfer out of Ally Bank?
Log in to Ally online banking, go to "Transfers" > "Bank Transfers," select the Ally account and the external account, enter the amount, and choose a recurring frequency (e.g., weekly, monthly).
How to send money internationally from Ally Bank?
Ally Bank does not offer outgoing international wire transfers. You will need to transfer funds to a different bank or use a third-party international money transfer service (like Wise or Revolut) after moving your funds out of Ally.
How to find Ally Bank's routing number?
Ally Bank's routing number is 124003116. You can also find it in your online banking account details.
How to check my Ally Bank transfer limits?
Ally Bank generally has no upper limit for domestic transfers once your account has been open for 90 days. For newer accounts (under 90 days), there may be a $25,000 transfer limit. You can contact Ally customer service for specific limits or to request an exception.
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How to send a domestic wire transfer from Ally Bank?
Log in to Ally online banking or the mobile app, navigate to "Transfer & Pay" > "Wire Money." You'll need the recipient's bank details (name, routing number, account number, address) and the transfer amount. There's a $20 fee for outgoing domestic wires.
How to cancel a scheduled transfer in Ally Bank?
Log in to Ally online banking, select "Transfers," and you should be able to review, edit, or cancel scheduled transfers. Note: Transfers between Ally accounts are immediate and cannot be canceled.
How to get cash from my Ally Bank account?
You can use your Ally Bank debit card at any ATM worldwide. Ally offers fee-free usage at Allpoint® and MoneyPass® ATMs, and reimburses up to $10 in fees from other ATMs per statement cycle.
How to get an official or cashier's check from Ally Bank?
You can request an official/cashier's check by calling Ally Bank customer service at 1-877-247-2559. There is no charge for this service.
How to contact Ally Bank customer service for transfer issues?
You can reach Ally Bank customer service 24/7 by phone at 1-877-247-2559, through secure message in your online banking, or via their online chat feature.
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