A routing number, also known as ABA routing number or RTN (routing transit number), is the nine-code digit number used to identify where an individual opened their bank account. The routing number is an essential recommendation anytime once has to transfer money internationally, whether directly to friends or from a bank to another bank. Routing numbers can be found at the left of the account number at the bottom of checks. Online bankers can find the routing numbers on the page of the account. Most banks post the routing numbers on their websites, as they are not as confidential as the account numbers.
The routing and account numbers are required when making an online payment using electronic devices like phones, paying bills and processing checks. The banks need the routing number and account number in money transferring, so they can identify the receiving bank. Delays may occur if the routing numbers on a check fail to match with the banks, it is, therefore, essential to confirm the routing number for every transfer with the bank. The routing number is commonly used in banks situated the USA.
The format of the routing number comprises of the first four digits, which is the symbol of the Federal Routing, followed by four more digits, which are the identifiers of the American Bankers Association institution (ABA) and the last single check digit. The rates charger to transfer money to individuals and banks using the account and routing number depends entirely on the financial institutions assisting in the transfer.
Prepaid Card with Routing and Account Number
A prepaid card is a special card that you can use to buy goods and services. It resembles the ordinary debit and credit cards in physical appearance. Unlike credit and debit cards, a prepaid card does not require you to have an account. However, people with bank accounts can as well have prepaid cards.
A prepaid card does not require you to have a good credit record because you have to deposit money in the cards account in order to use it. Once the money in your card depletes, you can then recharge it at your issuer’s center. Again, you can use an online checking account and send money electronically to the cards account number.
Many banks give prepaid cards to their customers. Banks such as Bank of America give prepaid cards to their customers to help them do convenient payment for goods and services .You can recharge Bank of America prepaid card from any bank so long as you have the routing number of the bank. Many people do not know how to find the routing number for Bank of America. To know the routing number of your Bank of America’s branch, you can visit the bank’s website and search your state.
Ways to Transfer Money Using Routing Number and Account Number
How to Send Money through Routing Number
A routing number is very important when it comes to transferring funds from one bank to the other. You do not need an account number only as it is for account to account transfer in the same bank.
There are various ways one can use to transfer money from one account to the other. For instance, I can transfer money from a prepaid card account to a debit card account. I have to master how to transfer money from my prepaid card to a debit card before performing any transfer.
For your information, when choosing to transfer money to a different bank, it is essential to ensure that you have the correct account numbers and the routing numbers of the recipient, as they are crucial requirements. The options of transferring money either domestically or internationally include:
- Bank to bank funds transfer
- Using Bill pay, also known as online transfer or payments
- Using services that the recipients sign up to receive money from the sender’s account, for instance, the recipient may receive an email with a link to a form requiring them to fill their bank details for the transfer.
- The sender depositing money directly to the recipient bank using the recipients accounts number and their routing number.
- The sender transferring money to a recipient using online banking apps without the bank’s intervention.
- The sender using check transfer method whereby he or she has to fill in the amount of money to be send and either deposit the check at the bank or send by mail.
- The Sender using money order whereby he or she can send money by mail after providing your bank details. Most of them require you to understand how to send money with account and routing number.
-: Let us look at the most popular methods :-
Bank to bank funds transfer
This service is beneficial when sending money to those people who cannot use phones. They need to visit banks personally and get cash directly from the cashier. You can use TransferWise. This service applies both inside and outside the United States of America. When doing domestic bank transfers, you incur fewer charges as compared to international shipments. This allows you to send money with checking account number anytime you need to do so.
Transfer Wise began as a peer-to-peer method of sending money. However, today, it has connected with the local banks. Currently, it supports multiple currencies. You can get a free multi-currency borderless account. You incur currency exchange fees. However, here we are learning transfer money using routing number & account number and Transfer Money From Checking Account To Prepaid Card Online.
Pros of using the bank to bank transfer
- Very fast and convenient. The transfer takes 1-2 business days.
- The recipient is not directly involved but waits to withdraw the money.
- The method is beneficial for both domestic and international money transfers. Wherever the recipient may be, he or she can get cash with account and routing number.
- The method allows you to send small amounts by using a debit card.
- The majority and more so, the elderly prefer this method of money transfer. You visit your bank and withdraw the amount you wish to send. You can as well get money from an ATM point. After cashing out, you then go and deposit to the recipient’s account directly. You must have their full name and the account number. This money transfer using account number is easy and convenient
This method is simple. You fill a check, indicating the amount you want to pay in full. Fill both in figure and words. Make sure you close it so that no one tampers with it. You can submit the check yourself to the bank or hand it on the recipient to send. Electronic checks require transfer money using routing number.
Send by use of money order
This method allows you to send money by mail. It is one of the traditional methods of cash transfer. It is easier to get the sending process canceled. You must keep the receipt to trace lost money.
Transfer money from bank account to prepaid card online
For you to use a prepaid card to make any payment, you have to recharge it with money. Once the money in the card is used, the card becomes useless. Remember that a prepaid card is totally different from a debit card in that, it cannot use your bank accounts money unless you recharge it.
If you have a bank account, it becomes easy to recharge your prepaid card. You can make an online money transfer using an online checking account such as PayPal, Payoneer or Skrill among others. Again, you can visit your bank and recharge your card by authorizing money transfer to the prepaid card’s account. Moreover, you can use your banks online services to send money to the prepaid card’s account.
You should take caution when using online money transfer. If you are using a public computer, you should be very careful that no one is looking at what you are doing. Again, remember to erase all the browsing history after logging out of your account. In fact, the best way to use online banking services is to use your bank’s app in your smartphone. Apps are difficult to hack and thus more secure.
Get Cash with Account and Routing Number
A good number of people send money to family and friends for various reasons like helping with bills and school fees, assisting parents at home and funding individual projects when one is away. Getting money with the account and routing number is easy and efficient regardless of the amount one needs to send. Someone can use an online money transfer option to send you money to your account upon providing them with your account number and routing number in the case of a different bank from your bank.
When someone needs to to you, they can contact a bank to deliver a personal or cashier’s check, which you can deposit at their bank for cashing. Some banks have apps that can help you to deposit checks using your mobile phone. In this case, the bank requires the routing number and account numbers of both you and the sender
Receiving cashier’s checks is the best option if you need money urgently since you can have it as soon as you cash the check as opposed to regular checks, which require a few days for processing. There may be no fee required to complete the fund’s transfer, but it is essential to inquire from the bank for closure.
Bank To Bank Money Transfer Using Routing Number and Account Number
If you have the account number and the routing number of the recipient, you can transfer money directly from your bank to theirs. One can also transfer money between personal bank accounts especially those people who have different transactions accounts and savings accounts. Depending on the bank, the transfer could be free. The funds transferred take a maximum of four days to be delivered. Sending money from bank to bank is mostly applicable to those people who have not embraced the idea of online banking, or they do not have access to it. However, banking apps allow users to send money from their online bank account to another bank account by entering the name, routing number and account number and the amount they need to send.
The commonly used method of transferring money from one bank to another is through wire transfer. The sender needs to have the name, address, routing number, and account number of the recipient to present personally to the bank. The bank then requires you to fill a request for either online or manually in the bank. The wire funds transfer should be active on the same day, but it may take a day or two to reflect on the recipient’s bank account. The wire transfer fees are mostly around forty dollars to send and ten dollars to receive, but it may differ with the various banks.
How to Send Money Using Bank Account Number
When you want to send money using an account number, you can only do that to the same bank. If you have two accounts, you can transfer funds from one account to the other. You should also know how to transfer money from another account to my account. Sending money from one bank to the other will require you to have a routing number of the bank you want to transfer money to.
There are various ways you can utilize account numbers to send money. If you have a child in a school somewhere, you can pay school fees for your child by directly depositing money into the school’s account and taking the receipt with you to the school’s account officials. Even when paying for commodities, you can transfer money from your account to the account of the seller.
Sending money using a bank account number can either be online or by usual way of visiting the bank’s branches and sending money over the counter with the aid of the bank tellers. For you to send money online, you must have an online account with your bank which has the necessary security features such as PIN.
Can You Send Money with Just a Routing Number?
A routing number helps to identify if a bank is a federal or state chartered institution. As I mentioned somewhere above, a routing number, also called ABA number is a nine digit number that helps to identify a particular financial institution.
When sending money to someone of a different bank, you need the routing number for that bank. Your account has to link to that other bank account before transfer. However, you will also need the account number of the recipient in the other bank. So in real sense, you cannot send money with just the routing number. You must have both the routing number and the account number of the recipient.
To ensure a successful transfer, confirm all the details of the recipient. Replacing a single digit more so in the account number may make you lose your money. If the money lands into the wrong account, the recipient may decide to withdraw all the money and disappear instead of sending it back to you. However, there are laws governing such kind of crimes and you may be lucky to recover your money back. Above all, caution is very important when making financial transactions.
Can I Send Money with My Routing Number
When sending money to someone else, it is not your details that are needed, but rather the recipient’s details. You need to have the correct routing and account numbers for the recipient’s account. Without any of those, you might not be able to send him or her money.
However, if you are sending money to a recipient of the same bank, you will not need a routing number. An account number of the recipient is enough for the process. Always remember to keep your bank details private. Many have ended up being conned due to carelessness. For instance, exposing your bank details such as email address, account number, and routing number may lead to hacking of your account.
Fraudsters use spy software such as emails which they send to your inbox. Upon opening them, they record every information concerning your bank account and send it to the fraudsters. They then use the details to withdraw your money mainly online. Sometimes you might not know whether someone withdraws money from your account especially when handling large amounts of money. Requesting for monthly statements can help you identify any fraud in your account and take the necessary steps.
Money Transfer with Account Number
Money transfer with an account number of the recipient is possible if you are from the same bank. It is cheap as compared to transferring money to an account of a different bank. In addition, it takes a shorter time to transfer money to an account of the same bank. The money reflects within hours in the recipient account. If you know how to transfer money from one debit card to another, then you know how to send money to another account.
Again, with an account number of a recipient, you can send money online instead of physically visiting your bank. Using your banks online banking services, you can send money within the shortest time possible. Today, we have mobile money banking services which use phone numbers as account numbers. You can send money and it reflects instantly in the account you are sending to. It helps to solve urgent financial problems.
The biggest attention you should pay when sending money to an account number is to ensure that you confirm the details of the account properly. If you send money to the wrong account number, you may lose the money immediately. However, some companies can reverse before the wrong recipient withdraws the money.
What are the common online money transfer platforms?
There are several online money transfer platforms available in the market. They support transfer funds with routing and account number. The most common ones include PayPal, Payoneer, World Remit, Skrill, Azimo, Stripe, and Western Union, among others.
PayPal :- is the most secure online method to transfer money using routing number and account number. PayPal has been in the market for long and has seen tremendous growth more so with online shopping.
World Remit :- operates in over 140 countries in the world. It is secure and fast. With the introduction of Android and iOS app, you can now send money within minutes to people around the globe. The good thing with World Remit is that transfers can be received as bank deposits, airtime top-up and cash pick up. The sender and the receiver get a notification message when the transaction gets completed. The first sign up deal is free.
Venmo :- is an excellent platform for business transactions. Transfer of money is quick to bank accounts as you can send money using routing number to someone’s account. PayPal bore Venmo, and the platform is quickly growing. It works by linking your credit card or bank account to the app.
Azimo :- has an app in the Google play store and apple’s app store. Azimo has reasonable fees for every transaction carried out. They have over 200,000 destinations in the world. However, their customer service is only by email.
Western Union :- is popular among many people in the world. It has been there for some time and has been the primary avenue for international transfers. Before the popularisation of many online platforms, the western union was the king in the market. However, it seems that the newest ones in the market, such as Skrill and Payoneer, are surpassing them.
Payoneer :- is another online money transfer platform that is shaking the world. With Payoneer account, you can receive international payments directly into your bank account and withdraw them. You have to link your bank account with your Payoneer account. Payoneer operates in more than 100 countries in the world. Payoneer can allow you to send money using routing number.
Skrill :- was formerly known as Moneybookers. Skrill allows money to transfer across the internet. They have low transaction costs. Skrill started operating in 2001. Their headquarters are in London, United Kingdom. The Paysafe Group owns Skrill. It has a prepaid payment method with a Paysafe card.
Stripe :- is an online payment platform for online businesses. Stripe is very useful for making online shopping payments. Its headquarters are in San Francisco, United States of America. Stripe has powerful fraud prevention mechanisms that allow for safe online payments. It began operating in 2011.
What happens when my routing and account number gets exposed to the public?
There is no danger of exposing your routing and account number at all. If you have a fundraising activity, give everybody those details to transfer money using routing number and account number. It is only dangerous if you reveal your Private Identification Number (PIN). If someone has your ATM PIN, he or she can withdraw your money if they come across your ATM Card. Maybe in the future, they will use the Biometric Identification System at ATM points to curb theft.
If you suspect that someone has your PIN, then you should report to your bank immediately and change it. You should report lost ATM cards also as some fraudsters have a way of using ATM Card information to hack your account.
This method of funds transfer is safe as it requires all the personal details and accounts information of both the sender and the recipients, including their physical address. International wire transfers are more expensive than local transfers and may take more time to be delivered.
Money transfer is the most used banking service since it crucial in day-to-day life, from paying bills on all utilities to helping friends and family with financial issues and paying for booking in advance. Banking services like funds transfers are easy and efficient with the emergence of online banking applications, which the banks provide. The transfer fees are minimal, and delivery is fast because of the independence to banks.
However, taking precautions is crucial as the money may not be safe if fraudsters have access to the owners account details. Always take advantage of the customer care services available in all banks for assistance in successful money transfers.
Sending and receiving money has really revolutionised the world. Today, you can send money to a person in America, Australia or even in China and it reflects within hours. Some years back, it could take days and even months to receive money. Again, today, payment of goods and services have become easy due to the availability of digital payment platforms. Using a prepaid card, a debit card or a credit card, you can make payment for goods and services.