Want to get a virtual bank account with routing umber? Well it might sound strange and somehow very challenging but it is quite easy to find one if you follow the right procedure.
New virtual bank account providers such as N26 US, Wise and Revolut which are located in the United States alongside some other virtual bank account providers, have their own routing number.
All banks and most of the financial institutions in the United States make use of routing number. This routing numbers is made up of up to 9 digits and are used by banks to identify themselves and you often require this routing number before being able to make a wire transfer in the US.
So as a result of this, it is of no doubt that even if you are planning to open a virtual bank account, you will still somehow need a routing number and in this article, I will show you how to get one for your account but first of all let us see what is a Routing number is actually.
Table of Contents
What is a Virtual Bank?
A Virtual bank is actually a type of bank that operates with electronic channels. Though there is no physical or tangible space for this bank, you are still able to obtain all the banking services that you need.
Banking services are performed online, so you cannot expect a local branch from virtual Bank as a physical bank has.
With Virtual Banks, users can easily open an account, make a deposit and perform all types of transactions through the web address or via the virtual bank's mobile app. Transactions made through virtual banks actually saves a huge amount of time as you will not have to visit a bank.
Benefits of Virtual Banks
Having a Virtual bank account comes with several advantages and below I will outline you some of the major advantages of Virtual Banks.
Convenience: You can perform all banking services online, access the banking services at anytime you want and anywhere.
New Experience: Fintech is widely put in place to offer clients a new kind of banking experience which you might not encounter with normal traditional banks.
No Minimum Threshold: Opening an account with virtual banks do not require any minimum account balance or fees which is an interesting feature since customers are able to open an account no matter their financial situations.
Connectivity: Conventional banks and electronic wallets are connected through FPS so as to ease instant cross-platform transfers.
Regulated: Though Virtual banks do not have a physical space, they are Licensed banks regulated by HKMA, just like any other conventional bank.
What is a Routing Number ?
I believe there are several individuals out there that do not know what a routing number is, though we hear about it on daily basis. A routing number (ABA routing transit number- ABA RTN) is actually a 9 digit code used by banks in order to identify specific financial institutions within the United States.
It was originally established to ease the sorting and delivering checks to the drawer's bank. So in other words, we can say that it is your bank's address.
The first set of numbers that you often find printed on the bottom left side of your checks is actually the code. You are also able to find this code on your monthly statement or once you login into your account. So account holders of the same bank will found themselves having the same routing number.
When you go for a new banking option such as virtual banking, you are going to get a virtual bank routing number in addition to your virtual bank account number.
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How to Spot Routing Number from Account Number
It is critical to understand the distinction between virtual routing number and account number. Your account number is typically 10-12 digits long and is used to identify your personal account. It is your bank's identification number. A routing number is a nine-digit number unique to a financial institution.
It is the institution's identification number. A routing number is the first set of numbers printed on the bottom of your checks, while an account number is the second set of numbers. You can also access both of them by logging into your account.
Best Virtual Bank Accounts with Routing Number
Traditional banking services are completely online with virtual banking. While many traditional banks now provide online banking as part of their banking services, virtual banks do not have physical branches.
As a result, you can instantly manage your money online, with numerous advantages over traditional banking. Already, millions of customers around the world use digital banking, and virtual banking is just another step toward having more transparent, direct access to your finances.
Well, we have arrived the main point why we in the first place came to this article as I will provide you below with the best virtual banks with routing number:
Wise (Formerly Transferwise)
This virtual bank was previously known as Transferwise and it is a convenient, cheap and fast virtual banking solution for sending and receiving money in the comfort of your home or office. Wise has Automated Clearing house - ACH routing number, wire transfers routing number and virtual checking routing number.
This is an American virtual banking institution that lets you accept payments from US banks via their global payment service features. This feature provides you with a Payoneer routing number of 9 digits. This is how you can find your Payoneer routing number.Simply log into your Payoneer account and select Global Payment Service from the "Receive" menu. After selecting a currency, you will be given a Payoneer account routing number.
You can follow the steps below in order to get the routing number on Payoneer:
- Log into the Payoneer account.
- Under the Receive Menu, Move to Global Payment Service.
- Once on the Global Payment Service page, you will get the Payoneer Royting number and other Routing number and other necessary details.
Bunq Routing Number
Unfortunately, Bunq bank does not make use of virtual account routing numbers and also they do not provide bank account in the US. In order to send money to your Bunq account or outside Europe you need your IBAN and also need to transfer using SWIFT. You are able to see your own IBAN by simply going to accounts and then tapping on your account.
Axos Routing Number
Axos Bank is an American virtual bank that was previously known as BofI Federal Bank until October 2018. Best Online Bank 2020 (My Bank Tracker) and Best Checking Account 2020 were the winners (Nerdwallet). Axos Bank has a total of 11 routing numbers. However, only the Axos bank routing number 122287251 accepts both FedACH and Fedwire payments.
N26 is a German online mobile banking platform that provides a checking account to its users. If you want to avoid extremely high bank charges, then you should consider N26 as a payment method.
For European citizens, N26 actually stands as a great way to transfer money with others. It is more accessible and comfortable while also being free. Free as in Free! No Withdrawal fees, No monthly fees, and no credit card fees.
N26 offer accounts for both personal and business purposes. It offers and easy way to save money, transfer money, split bills, etc. You are able to shop inline safely with the virtual card that N26 offers.
Revolut is a digital bank that began its journey as a travel card in the year 2015. Now it operates as a bank. It is the fastest digital bank with numerous features such as savings, cryptocurrency investing, travel perks, cash back rewards and many others.
If you enter Revolut's free plan, it offers no cost in ATM withdrawals for $1200 per month. Users of this Virtual bank are able to access 55000 fee-free ATMs worldwide. Revolut actually stands as an amazing choice for those that want to manage their finances.
More to that, it is a perfect fit that love traveling since it provides multiple perks to users.
In order to obtain a Routing Number from Revolut Account, you can follow the steps below:
- Move to Home Screen.
- Move to Account Tab.
- Select USD.
- Tap on the US flag to see account Details.
- You will see account information with Routing Number.
Final Thought on How to Get a Virtual Bank Account with Routing Number
Financial institutions always publish routing numbers on their websites and for some banks you need to login to the online banking system to get the correct routing number.
When providing routing number information, you will need two components: the nine-digit code based on the US bank location and your account number, which is the 10-12 digits that is unique to your personal account.
Frequently Asked Question
Can you send money with just routing and account number?
It is straightforward to transfer money with your routing and account number, and the process will generally be as follows: You must be logged into your online account. Go to the money transfer section. Enter the recipient's details, including routing and account number.
What is a virtual bank account number?
A virtual account number is a system generated unique account number which is based on logic and masks the original account number.
How do I get a virtual bank account number?
Click + Create Virtual Account. Select the type of receiver in Methods to accept payments in this account field. By default, both Bank Transfers (NEFT, RTGS, IMPS) and UPI Transfer are enabled. This means that both virtual bank account and UPI ID can be created for the customer.