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. However, here we are learning transfer money using routing number & account number and Transfer Money From Checking Account To Prepaid Card Online.
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.
Ways to Transfer Money Using Routing Number and Account Number
Money is transferred, all depending on the individual’s choice and preference in various ways. Other time the methods used for funds transfer depends on the level of trust between the sender and the recipient. However, when choosing the way to transfer money, it is essential to ensure that you have the correct account numbers and the routing numbers of both the sender and the recipient, as they are crucial tools. 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 fil there 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 moey 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.
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. To buy a money order, you can visit the following places.
Post office and Western union
This method is getting outdated, and it may not be in use in the next ten years.
Cons of using the bank to bank transfer
- Banks charge you more when you use debit cards instead of depositing directly, yet the use of the debit card is more convenient.
- It takes longer during the first-time transaction since you have to undergo several verification measures.
- Cash transfer
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Transfer Money to Friends and Family Using Routing Number and Account Number
A significant percentage of people need to 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. Transferring money with the routing number and account number is easy and efficient regardless of the amount one needs to send. Banking apps offered by most banks in the US, which one downloads into their mobile phone, mostly have an online payment option that is free. The online money transfer option is convenient since you do not need to know the receiver’s routing number or account number, there may be little to no fees required and the delivery time is minimal.
When one needs to transfer a large amount of money, they can contact a bank to deliver a personal or cashier’s check, which the recipient deposits at their bank for cashing. Some banks have apps that help the clients deposit checks using their mobiles. In this case, the bank requires the routing number and account numbers of both the sender and the recipients. Sending cashier’s checks is the best option for a recipient who needs the money urgently since they can have it as soon as they cash the check as opposed to regular checks, which require a few days to process. There may be no fee required to complete the fund’s transfer, but it is essential to inquire from the bank for closure. Although this method is cheap and secure, checks occasionally get lost in the delivery process, bank usually advice on what to do in such cases.
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.
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 popularization 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.