When you are shopping online using your checking account and wish to send money via bank, it is highly likely that you would be required to enter the account and routing number detail for the specific bank account. So how to transfer money using routing number and account number works? Let’s find out!
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- Routing and account number are needed for bank to bank money transfer, check transfer, money order, prepaid card transfer, and cash withdrawal.
- You can successfully complete money transfer by entering correct information, having enough funds, or seeking help from customer care center.
- There are dangers to leaking account number and routing number but there are ways to avoid that too.
…and Much More!
Transfer Money Using Routing Number and Account Number – What Are Your Options?
As we have discussed above, you might be asked to provide routing number & account number when making many different types of transactions.
- Below we have mentioned some of the most commonly used money transfer methods that involve account and routing number.
Bank To Bank Money Transfer
We normally need to make a bank to bank transfer of send money from one debit card to another especially when we are not using mobile wallets or apps. In this case you can visit the bank branch physically and make the transfer.
It might incur few extra charges but it will be safe and you will just have to provide the account number.
You can also use TransferWise which is a service available in the US and outside as well. It can connect with you with local banks and help you in making money transfers using a number of different currencies.
Another form of similar transfer is done using ATM cash withdrawal.This would also require you to provide the account number.
- Visit a nearby spot and take out cash from the ATM.
- visit the bank to deposit the money into the recipients account
Attention! This transfer method is very convenient but it can take up to 2 days for the funds to be reflected in the other account. It works for both, domestic and international, money exchange.
Money Transfer Using Check
Money transfer via check is another simple technique to move funds using routing number and account number.
- You just have to get the check from the bank. Alternatively, option of e-check is available as well.
- Fill it with the amount that you need to transfer.
- After that the check will be submitted to the bank and consequently, the recipient will receive the money in a couple of days or hours.
You might be interested in reading: What Stores Accept Personal Checks and eChecks.
Using Money Order
Money order has been around for a quite some time now. It allows you to send money to the recipient via mail and the best part is that money orders don’t take long to process now.
But, there have been some issues where the sender lost track of the money or it never reached the other party therefore you need to be careful although mostly that is the result of a mistake on money order.
You might be interested in reading: Alternatives To Using Money Order.
Bank To Prepaid Card Money Transfer
Reloadable prepaid cards have become very useful nowadays. You can recharge it with money and then use it till the funds expire. Moreover, you can use your bank account to recharge the prepaid debit card whenever needed.
This type of transfer is mostly done online either directly through your banking app or by using services like PayPal or Skrill.
If you are transferring money from your bank account then you might have to visit the physical branch first to activate such a transaction. Later on, you can recharge the card online without any issues.
Attention! Make sure that you are always using safe internet services when performing online money transfer. Most public computers are accessible to hackers that can obtain your personal information once you have logged in.
5. Withdrawing Cash
Most amazing stores now let you shop online but that does not always eliminate the need to have some cash in hand.
- Now you can also withdraw money or cash using routing and account number.
There is no limit on the amount that you wish to cash provided that you have sufficient funds in your account. Moreover, if the amount that needs to transferred is large then it better to get in touch with bank cashier check services. Cashier check is delivered almost immediately and much faster than regular checks without $0 additional charges.
You might be interested in reading: ATMs That Let You Overdraft.
Method To Withdraw Money Using Account Number and Routing Number
Withdrawing money is pretty straightforward as long as you have sufficient funds in the bank account. Note that excessive withdrawal may result in overdraft. Although there are bank that have generous overdraft limits, it may incur additional fees. Let’s have a look at how it works.
- First of all you have to locate the required routing and account numbers through your online account.
- Routing number is also printed on checks but the placement of account number can vary from one bank to another.
- The next thing is to decide to which company you wish to initiate the ACH payment.
- Enter the numbers and then choose automatic recurring payments. Your bills will be deducted automatically every month.
If you are paying your bills with this method it is better to initiate the transfer a couple of days before the due date. This is because ACH can take up to 5 days so you need to keep the processing time in mind.
Attention! You might have to make one-time payments a couple of times before the automatic billing cycle begins. This is especially true for various credit card payments.
Bank To Bank Money Transfer Using Account and Routing Number
You can send money directly to a recipient’s account if you know his routing number and account number. The method of direct money transfer can vary depending on whether you are sending it to a bank in the same network or a different one.
- Wire transfer is most commonly used when sending money from one bank account to another.
- Enter the important information such as recipient’s name, account number, and routing number.
- The transaction would then be activated on the same day.
- Wait for a couple of days for the funds to be reflected on the recipient’s account.
Attention! Most of the US Banks charge $40 to send a wire transfer and $10 to receive it but the exact amount can vary.
Routing and account numbers are essential requirements when you wish to make a fund exchange regardless of whether you are using a bank account or apps like Cash App and Chime. In fact, anything from online payment to paying bills physically at a utility point may require you to provide these details.
All trustworthy banks would provide you with account details including routing number and account number when you start your journey with them. However, if you wish to proceed with money transfers without any issues, you would need to understand how it works and what these numbers stand for.
What Is Account Number?
Similar to routing numbers, an account number is also a combination of letters, numbers, and characters that identifies an owner’s account.
Primarily, social security numbers were used to identify accountholders. However, with development of online banking and raise in the number of people using cheap internet services, cyber breach became common.
It was then realized and social security number was more vulnerable to identity theft in the electronic age and therefore banks quickly adopted the use of checking account numbers instead.
What Is Routing Number?
There are a number of ways to identify routing number. You can find it printed on the bottom of your check or contact online banking and your account to find it.
Typically, routing numbers are not confidential and there is no risk of privacy breach when you share it with others.
What Is Automated Clearing House?
The payment network is utilized, till date, for payroll transaction, deposits, tax payments, refunds, and payment of bills.
Many other US services also make use of ACH for transferring & pay with bank account online.
How Is Routing Number Different From Account Number
It is important to understand how routing number and account number differ since both of them are identifiers are equally important for money transactions.
The first basic difference is that routing number is specific to your banks and branches. It is always 9-digits long with the first two digits typically being between 61 to 72.
Similarly, every bank has a unique account number. It will be linked to the account holder’s ID or fingerprint for security purposes.
However, account numbers are not as regulated as routing number of ACH number and they are also shorter. Mostly an account number would consist of 8 to 12 digits or letter combination.
Note! Most customers are comfortable sharing account and routing number, it should be kept in mind that routing numbers can be public but account number are private to you and must be dealt as such.
Account & Routing Number – When Would You Need Them?
There are many occasions at which you will be asked to share these two numbers especially during financial transactions. Let’s have a look at some of them!
- When You Have To Receive Money In Your Bank Account
If someone wishes to send funds directly to your bank account then he will need to provide the account number and routing number. Without this information, it will not be possible to complete the transaction. The same goes for direct deposit of money, for example, when your employers sends over the pay roll.
- When You Need To Make a Purchase or Pay Bill Online
Unless you are using a credit card or a debit card to pay the bills online, you have to provide the account and routing number for purchases. In fact, now you have the option to buy items like gift cards online with checking account instantly.
- In Case You Want To Connect Your Bank Account To an App
If you have opened an account with a financial app and wish to transfer funds with routing and account number from your bank account then the linking process would require you to provide these numbers.
- When You Issue a Check
There is no doubt that considerable number of accountholders still rely on paper checks to send and receive money. The paper check contains the critical information such as the routing number and account number and therefore you will be sharing it when making such a transaction.
Is Money Transfer Possible With Just Account Number?
- You can send money using just the account number if the transfer is to be done to a bank in the same network.
This mode of transfer is also cheap and easy to perform as it only takes a couple of minutes to hours.
Furthermore, you can send money with account number online. There is no need to visit the bank yourself. Luckily, online banking services take just a couple of minutes. The funds will be instantly transferred to the recipient within the same day.
Note! The most important thing here is to ensure that you provide all the information correctly or you will lose the money and it might not be reversed.
Is Money Transfer Possible With Just Routing Number?
- You have to provide both the routing number and account number to complete the transfer.
However, the routing number of the recipient is not necessary but you have to provide the account number in any case. Additionally, you have to be careful with your personal information when making the transfer online. Scammers can obtain this data using spy software.
Choosing The Right Bank For Money Transfers
If you are having trouble finding a reliable bank for card services and money transfers then you should consider going through the following criteria.
- Account Without Monthly Fee
It is always helpful if you choose an account without any monthly fees. Accounts that only require an initial deposit are more useful than the ones that charge a small fee every month.
There are also some bank account that do have monthly charges but these can be avoided through some means.
For example, by keeping your account balance above a certain value. This is a great incentive for customers to focus on their savings.
- No Minimum Balance Requirement
It is not difficult to open bank account easily and avoid minimum balance requirement at the same time. In fact, this should always be preferred. The downside of keeping a minimum balance in your account is that the money earns no interest and it will be locked without being of any use to you.
- Online and Mobile App Access
Online banking services and mobile access are quite useful nowadays. Nobody has time to visit the bank when making money transfers. You can simply sit in front of the computer or take out your smartphone to make use of banking app.
- No ATM Fees
Always try looking for a bank account that does not charge you when you take out money from the bank. Also, you should consider a bank that has extensive network of ATMs that you can access easily.
You might be interested in reading: Banks That Don’t Use Chexsystem.
Ways To Avoiding Issues With Money Transfers
Although banking systems have nowadays become quite efficient, you might have to take some steps to ensure that you do not have any issues with money transfers.
- Ensure All Details Are Correct
You can not complete the transfer unless you are providing all the correct information. Furthermore, entering wrong recipient number can transfer the funds to the wrong account and these may not be retrieved.
Quickly get in touch with bank’s customer support team if you realize that you made a mistake when filling out the data.
- Make Sure You Have Sufficient Funds
Money transfer using routing number and account number will be of no use if you don’t have sufficient funds in your account. In that case you will need to overdraft your bank account in order to proceed.
You can only share the money you own unless you are using a credit card. In that case, the money will be transferred from the credit limit that you have and you have to refund the amount later on.
- Get In Touch With Customer Support Team
You should always work a reliable and trustworthy bank that provides helpful customer support team to guide you in times of need.
How To Protect Yourself From Frauds During Transfer Of Funds
There is a lot that you can do to keep yourself safe from online hackers and protect yourself from fraud when sending or receiving money.
- Take Responsibility For Your Personal Information
It is a smart move to never share your personal data over phone or mail. You should also avoid using public computers that may have spy software installed by scammers. Such programs can store your user ID and passwords even when your have logged out.
- Look Into Monthly Bank Statements
You should always look into monthly statements to ensure that no unauthorized transaction has taken place.
- Shred Documents With Sensitive Information
Banks often send documents like preapproved mail offers that can contain your personal data. Other than that, bank statements, tax returns, receipts, etc., also mention some of your personal information. If you don’t plan on using them then it is best to shred the documents so they don’t fall into wrong hands.
Dangers Of Leaking Account Or Routing Numbers
Since you are required to share the account number and routing number when making a money transfer, it is generally considered to be safe.
However, we would still recommend that you don’t give this information to just about anybody if you wish to avoid frauds.
- PIN is far more important and private than account/routing numbers and therefore you should always keep it safe.
You can not change your account or routing number unless you close your account and open a new one elsewhere. However, it is quite easy to change the ATM PIN and you should definitely do that if you suspect that it has been leaked.
Precautions are always necessary so that hackers do not take advantage of your personal data. Luckily, all reliable banks provide good customer support service for successful money transfers.
Alternative To Bank Transfer: Make Instant Payments With Zelle
ACH payments can take up to a week but if you want to be done with money transfer instantly you should try Zelle.
- This service is now compatible with various US banks and it allows you to send money to the recipient in just a couple of minutes.
You have to choose the Zelle money transfer option when you transfer the money. The transaction will be carried out using the same ACH protocol.
This means you can use this service to send and receive money like any other reliable and instant method of money transfer.
Common Online Platforms For Sending And Receiving Funds
There are many platforms for online money transfer that make use of routing number and account number. We have discussed some of them below to provide you with the basic knowledge that you might need.
1. PayPal: Paypal is widely used money transfer mode. It has been in the market for quite some time now and has won considerable number of online users.
2. Western Union: It is especially useful when making international transfers. Both, PayPal and Western Union, were primary options before other online platforms became popular.
3. Venmo: This is an excellent choice if you make frequent business transactions. The transfer of the money is quick regardless of the bank account that you are sending it to.
4. World Remit: World Remit is currently operating all around the globe as one of the most secure ways of sending money. It is supported by Android and iOS app so you simply have to sign up an account for free and make transfers as you wish.
5. Azimo: Azimo is also supported by mobile apps but it comes with reasonable fees associated with every transaction that you will make. Moreover, you can only get in touch with their customer support team via email and that is a big con for some of the users.
6. Payoneer: Payoneer is a good choice for instant international transfers and money withdrawal. You can link your Payoneer account to your bank account easily and proceed with the exchange.
7. Stripe: Stripe is more famous when it comes to online shopping payments since 2011. It has ensured that its system is fraud-free and protected from online hackers.
8. Skrill: It is another service that lets you transfer money using quick internet connection. It was launched back in 2001 with headquarters in London, UK.
The Bottom Line
So this is all you need to know about sending and receiving money using account/routing numbers.
This mode of transfer is extensively used in the US, Australia, and Chine as well. Hopefully, now you can perform the transaction without any issues. Best of Luck!
Frequently Asked Questions
How can I pay with account number and routing number?
You first have to add your checking account to the checkout option at the retailer of your choice. Then provide the details of the bank account along with the name of the accountholder. This should simplify money transfer.
Can I send money with my checking account instantly?
Yes, checking account allows for instant transfers .
How can you send money to someone else’s bank account?
There are multiple ways to send money to another bank account. You can deposit the cash by visiting local branch, write a check, send money via money order, transfer money online, or choose to make a wire transfer.