When shopping online using your checking account, you would likely be required to enter the account and routing number details for the specific bank account. How to transfer money using routing number and account number? Let’s find out!
Connect your TransferWise for easy transfer of payments.
- 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 Online – What Are Your Options?
You might be asked to provide a routing number & account number when making many banking transactions.
- Below, we have mentioned some of the most commonly used money transfer methods that involve account and routing numbers.
Bank To Bank Money Transfer
We normally need to make a bank-to-bank or debit to debit card transfer, especially when not using mobile wallets or apps. In this case, you can visit the bank branch physically and make the transfer.
It might incur a few extra charges, but it will be safe, and you must provide the account number.
You can also use TransferWise, which is a service available in the US and outside as well. It can connect you with local banks and help you transfer money using several 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 recipient’s 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 and account numbers.
- You have to get the check from the bank. Alternatively, the 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 quite some time now. It allows you to send money to the recipient via mail, and the best part is that money orders take little time to process now.
However, there have been some issues where the sender lost track of the money or has yet to reach the other party; therefore, you need to be careful, although that mostly results from a mistake on the 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 use it until 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 third-party services like PayPal or Skrill.
If you transfer money from your bank account, you should visit the physical branch first to activate such a transaction. Later on, you can recharge the card online without any issues.
Attention! Ensure you always use safe internet services like fiber internet when performing online money transfers. Most public computers are accessible to hackers who can obtain your personal information once logged in.
Most amazing stores now let you shop online, but that only sometimes eliminates the need to have some cash in hand.
- You can also withdraw money or cash using routing and account numbers.
There is no limit on the amount you wish to cash, provided you have sufficient funds in your account. Moreover, if the amount that needs to be transferred is large, it is better to contact 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 an overdraft. Although there are banks that have generous overdraft limits, they may incur additional fees. Let’s have a look at how it works.
- First, you must locate the required routing and account numbers through your online account.
- A routing number is also printed on checks, but the placement of account numbers 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, initiating the transfer a couple of days before the due date is better. ACH can take up to 5 days, so keep the processing time in mind.
Attention! You may have to make one-time payments 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 and account numbers. 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 important information such as the recipient’s name, account number, and routing number.
- The transaction would then be activated on the same day.
- Wait a couple of days for the funds to be reflected in the recipient’s account.
Attention! Most US Banks charge $40 to send a wire transfer and $10 to receive it, but the exact amount can vary.
What Is Account Number?
Like routing numbers, an account number is a combination of letters, numbers, and characters identifying an owner’s account.
Primarily, social security numbers were used to identify account holders. However, cyber breaches have become common with the development of online banking and the rise in the number of people using cheap Internet services.
It was then realized that 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 several ways to identify ABA routing numbers. 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 you do not risk privacy breaches when you share them with others.
What Is Automated Clearing House?
To date, the payment network is utilized for payroll transactions, deposits, tax payments, refunds, and payment of bills.
Many other US services also use ACH for transferring & paying with a bank account online.
How Is Routing Number Different From Account Number
It is important to understand how the routing and account numbers differ since they are identifiers equally important for money transactions.
The first basic difference is that the 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 less regulated than routing numbers of ACH numbers and are also shorter. An account number would consist of 8 to 12 digits or a letter combination.
Note! Most customers are comfortable sharing accounts and routing numbers. It should be kept in mind that routing numbers can be public, but account numbers are private to you and must be dealt with as such.
Account & Routing Number: When Would You Need Them?
You will be asked to share these two numbers on many occasions, 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, he will need to provide the account and routing numbers. This information is necessary to complete the transaction. The same goes for direct deposit of money, for example, when your employer sends over the payroll.
- When You Need To Make a Purchase or Pay Bill Online
Unless you use a credit or debit card to pay the bills online, you must provide the account and routing number for purchases. Now, you can instantly buy items like gift cards online with a checking account.
- 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
Undoubtedly, many accountholders still rely on paper checks to send and receive money. The paper check contains critical information such as the routing number and account number, and therefore you will be sharing it when making a transaction.
Can I Transfer Money 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 transfer mode is also cheap and easy to perform as it only takes a few minutes to hours.
Furthermore, you can send money with an 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 you provide all the information correctly, or you will lose the money, which might not be reversed.
Is Money Transfer Possible With Just Routing Number?
- You must provide the routing and account numbers to complete the transfer.
However, the routing number of the recipient is optional, but you have to provide the account number in any case. Additionally, you must be careful with your personal information when transferring online. Scammers can obtain this data using spy software.
Choosing The Right Bank For Money Transfers
If you have trouble finding a reliable bank for card services and money transfers, consider following 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 monthly fee.
Some bank accounts 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 easy to open a bank account and simultaneously avoid the minimum balance requirement. This should always be preferred. The downside of keeping a minimum balance in your account is that the money earns no interest and 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. People need more time to visit the bank when making money transfers. You can sit in front of the computer or take out your smartphone to use the banking app.
- No ATM Fees
Always try looking for a bank account that does not charge you when you withdraw money. Also, it would help if you considered a bank with an 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 become quite efficient nowadays, you should take some steps to ensure you are fine with money transfers.
- Ensure All Details Are Correct
You can only complete the transfer if you provide the correct information. Furthermore, entering the wrong recipient number can transfer the funds to the wrong account, which may not be retrieved.
Contact the bank’s customer support team if you realize you made a mistake when filling out the data.
- Make Sure You Have Sufficient Funds
Money transfers using routing and account numbers will only be useful if you have sufficient funds. In that case, you must overdraft your bank account to proceed.
You can only share your own money unless you use a credit card. In that case, the money will be transferred from your credit limit, and you have to refund the amount later on.
- Get In Touch With Customer Support Team
It would help if you always worked with a reliable and trustworthy bank that provides a helpful customer support team to guide you in times of need.
How To Protect Yourself From Frauds During Transfer Of Funds
You can do a lot to keep yourself safe from online hackers and protect yourself from frauds that can happen if a scammers gets hold of your bank account number.
- Take Responsibility For Your Personal Information
It is smart to keep your data private over the phone or mail. You should also avoid using public computers with spy software installed by scammers. Such programs can store your user ID and passwords even when logged out.
- Look Into Monthly Bank Statements
It would help if you always looked into monthly statements to ensure no unauthorized transactions occurred.
- Shred Documents With Sensitive Information
Banks often send documents like preapproved mail offers that can contain your 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, it is best to shred the documents so they don’t fall into the wrong hands.
Dangers Of Leaking Account Or Routing Numbers
Since you must share the account number and routing number when making a money transfer, it is generally considered safe.
However, we would still recommend that you don’t give this information to just about anybody if you wish to avoid fraud.
- The PIN is far more important and private than account/routing numbers; therefore, you should always keep it safe.
You can only change your account or routing number if you close your account and open a new one elsewhere. However, it is quite easy to change the ATM PIN, and you should do that if you suspect it has been leaked.
Precautions are necessary so that hackers do not exploit your personal data. Luckily, all reliable banks provide good customer support service for successful money transfers.
Alternative To Bank Transfer: What App Can I Send Money With Routing Number and Account Number Without Verification?
ACH payments can take up to a week, but you should try Zelle if you want to be done with a money transfer instantly.
- This service is now compatible with various US banks, allowing you to send money to the recipient in just a few 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 transfer method.
Common Online Platforms For Sending And Receiving Funds
Many online money transfer platforms use routing numbers and account numbers. We have discussed some of them below to provide you with the basic knowledge you might need.
1. PayPal: Paypal is a widely used money transfer mode. It has been in the market for quite some time and has won many online users.
2. Western Union: It is especially useful when making international transfers. 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 money transfer is quick regardless of the bank account 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. Android and iOS apps support it, so you have to sign up for an account for free and make transfers as you wish.
5. Azimo: Azimo is also supported by mobile apps but comes with reasonable fees for every transaction you make. Moreover, you can only contact their customer support team via email, which is a big con for some users.
6. Payoneer: Payoneer is a good choice for instant international transfers and withdrawals. You can easily link your Payoneer account to your bank account and proceed with the exchange.
7. Stripe: Stripe has become more famous for online shopping payments since 2011. It has ensured that its system is fraud-free and protected from online hackers.
8. Skrill: Another service lets you transfer money using a 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 transfer mode is also extensively used in the US, Australia, and China. Hopefully, now you can perform the transaction without any issues. Best of Luck!
Frequently Asked Questions
How can I pay with the 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 bank account details along with the account holder’s name. This should simplify money transfer.
Can I send money to my checking account instantly?
Yes, instant transfer with routing number and account number is possible when sending money through a checking account.
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 a local branch, writing a check, sending money via money order, transferring money online, or making a wire transfer.
How to send money with checking account number instantly no verification?
Best platforms to try if you wish to send money instantly with checking account number and without verification are Cash App, Zelle, Wise, PayPal, and Venmo.
How to transfer money to someone else’s bank account online?
You only need to log in to your mobile banking app, choose the amount you wish to transfer and select the transfer option. The app will ask you to provide account details of the recipient. You can complete the transfer by sharing their account number and routing number.
Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.
From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.