Do you want to send money to someone and wondering what details are needed to transfer money into a bank account? Today I am here to help you with that. Sending money is critical and you cannot afford to make an error. Although most banks can assist you to reverse your money when you send it to the wrong recipient, the process might be hectic.
Sending money to the wrong recipient can happen if you fail to confirm the recipient details before hitting the send button. Apart from having the account number of the recipient, it is good to have the full names of the person receiving the money so that you can confirm the names before sending it. Most banks will always send a pop-up message showing you the full details of the recipient more so when doing online money transfer.
You can send money to either domestic or international recipients. Again, you can transfer money from your bank account to another account of the same bank using only the recipient’s account number or from your bank account to another bank account using both the account and the routing number. Sending money to another bank needs you to know how to transfer money using the routing number and account number.
What details are needed to transfer money into a bank account?
Different details are needed when sending money to the bank account. This depends on the method you are using to send money. Let us see the different ways you can transfer money into a bank account and the details needed for the same.
1) From your bank account to another bank account of the same bank
When you are transferring money from your bank account to another account of the same bank, you need the account number of the recipient. An account number is a special entity that differentiates a bank’s customer from the others. Any money you receive or save in your bank can be aligned to your bank account details. You may also need the full names of the recipient to confirm when sending.
If you are sending money to another account of the same bank belonging to you, you probably could have memorized the account number of the receiving account. If not, you can confirm the account number from the accounts debit or credit card. Also, you confirm the account number from the bank account registration slip or the checkbook (the second set of numbers printed at the bottom of the check). An account number is normally a 12 digit number.
If you have a debit card and you know how to transfer money from a debit card to another debit card, then you can transfer money from one card account to another account. Since debit cards are normally linked to bank accounts, you will have transferred money to a bank account. Not that, for you to use a debit card to transfer money, you must have an online account for the card.
2) From your bank account to another bank account of another bank
As I had mentioned earlier, you can transfer money from a bank account to another bank account of a different bank. Here, you need both the account number and the routing number of the recipient. You may also need the full names of the recipient. The routing number identifies the specific bank. If the other account is yours, you can see the routing number at the bottom of your checks. It is the first set of numbers which are normally nine in total.
Alternatively, you can ask your customer care to give you the routing number. If sending the money to someone else from another bank, then they should be able to provide their full names, account, and routing numbers. Bank to bank transfer takes some time and the recipient can wait even for around 5 days or more. It is also a bit costly compared to transfers done within the same bank.
3) Use mobile apps
Various mobile apps can help you transfer money to a bank account. These include the following.
Zelle allows you to transfer money fast from one bank account to another. There is a stand-alone Zelle app that does not need you to link to a bank account whereby you can send money to any bank account. All in all, Zelle allows you to transfer money to a bank account. You need the account number of the recipient to send money from Zelle to the bank account.
PayPal allows you to send money both domestically and internationally. It is among the best ways to transfer money internationally whereby millions of people depend on it. If you have a PayPal account, you can easily transfer funds to a bank account. You only need to link your PayPal account with the bank account to transfer money to. In this case, you need the bank account number.
Payoneer is among the upcoming online money sending services that supports numerous currencies. Its operation is similar to PayPal whereby you have to link a bank account to the Payoneer account to transfer money to the bank account.
Other mobile apps that work the same way as the above discussed include Venmo, WorldRemit, Google Pay, Skrill, TransferWise, and Amazon Pay among many others.
4) Use a check
You can write a check from another bank account to deposit money into another bank. A check allows a bank to draw money from an account. If I write you a check to take to your bank, it means that my bank will deduct the amount I have written in the check and deposit in your account.
Checks can be deposited online or at physical bank offices. Online check deposit involves signing the back of the check, opening your online banking app, navigating to the check deposit section, taking pictures of the checks, and uploading them to your bank’s website.
A check can take up to three days to mature. However, it may take more depending on the status of the writer’s account or other factors. To use a check deposit, you need the full names of the recipient and the account number.
5) Money order
A money order is another way of sending money to a bank account. The recipient can decide to deposit the money instead of cashing it out. This way, one will have transferred money into a bank account. One of the popular companies you can use to send money is Western Union. You can also use posters.
To send a money order, you need to write the Payee Name or the name of the person or business you are addressing the money order to, then fill out your details in the purchaser fields. Next, sign the front of the money order. Get the Money Order receipt and keep it safely until the recipient gets their money.
6) Use a prepaid card
Unlike debit and credit cards, a prepaid card is not linked to any bank account. However, you can send money to a bank account using a prepaid card account online. Also, you can link your prepaid card to a bank account. To transfer money from a prepaid card to a bank account, you need the account number and the routing number of the receiving account.
Also, you can transfer money from a credit card to a prepaid card online. Similarly, you can use a debit card to transfer money to a prepaid card. If the prepaid card is linked to a bank account, you can then move the money to your bank account.
MoneyGram allows you to send money into a bank account directly. You can also send money directly to a digital wallet using MoneyGram. You need an account with the company to enable the process.
To initiate the transfer process, log in to your MoneyGram account, select a receiver, or send it to someone new. Next, select Direct to Bank Account’ or ‘Account Deposit’. Enter the receiver information (recipient’s full legal name and bank account information). Review the details and then send the money. The money will reflect in the receiving account.
Can I use a bad credit card to transfer money to a bank account?
A second chance credit card with no security deposit may have several limitations. However, you can always send money to other bank accounts using any type of credit card be it secured or unsecured. The only thing you should ensure is that your credit limit allows you to send the amount you are planning to transfer to the other bank account.
How can I cancel a transfer transaction?
For you to cancel a transaction, it must be under certain circumstances. For instance, if the recipient did not collect money sent via MoneyGram or any other similar way, you can cancel the transaction.
Moreover, if the money sent was not deposited in the receiving bank account, you have the right to cancel the transaction. In any case, you must produce the receipts for any transaction to cancel it. That is why you should keep the receipt until the recipient gets the money.
Can you withdraw money using both the routing number and account number?
There is a way on how to withdraw money with an account and routing number. Most banks in the US have multiple routing numbers and if you are using the same bank in a different location to withdraw money over the counter, you have to produce both the account and routing numbers of your bank where necessary.
Transfer of money into an account may be account to account transfer of the same bank or bank to bank transfer. MoneyGram is a secure and fast way to transfer money directly to a bank account in another country. When doing a transfer of money to a bank account, you must ensure that the details of recipients are correct before sending to avoid inconveniences.