How To Transfer Money Using Routing Number And Account Number

Want to transfer money with routing number and account number? then this is the ideal article for you as I will show you how to do so easily.
Ketcha Brandon
Transfer Money Using Routing Number And Account Number

Thanks to the coming of online solutions offered by most financial institutions, money transfers have become easier and a common way to transfer money is from bank to bank and this involves the use of a routing and account number.

Since the arrival of plastic cards, several individuals have stopped using the old ways to transfer money or make payments both online and offline.

Even though many people are able to transfer money between accounts from their online banking app, some probably do not know much about the accounts themselves aside from the names given to them.

Also there are many that do not even know their bank account number or the routing number of their financial institution and this may bring some challenge if you want to set up direct deposit or make payment from your bank account to another bank account.

A routing number, is made of nine digits, and it stands as a general identifier to which bank your account belongs. It is distinctive and is only assigned once. Each group of numbers on a check has a specific purpose, and this set of numbers is the first one at the bottom. A routing number also enables banks to trace the origin and transfer of funds.

On the other hand, an account number is a unique to your account and helps in differentiating your account information from that of every other account in a banking institution.

Transferring money using routing and account number is simple and straightforward but comes with some fees. Nevertheless, if you think the fee might be too high, there are other less expensive ways to transfer money online which we will see below.

Want to transfer money with routing number and account number? then this is the ideal article for you as I will show you how to do so easily.

Table of Contents

What is a Routing Number?

A routing number, which is also known as an ABA routing number or an RTN (routing transit number), is a nine - digit number that shows the location of the opening of a person's bank account.

The routing number is most especially necessary when sending money internationally regardless of the fact whether it is going to friends directly or moving  money between banks.

I am sure that several individuals have not yet taken note that at the bottom of checks, to the left  of the account number are the routing numbers. You can also find the routing number in the account page for online banking.

What is an Account Number?

An account number is a unique string of numbers, letters, and other characters that identify a specific financial account.

Account numbers are a standard part of almost all financial transactions. Routing and credit card numbers are a couple of examples of account numbers.

How to Get Your Routing and Account Number

Once you open a bank account, an account number is given to you automatically. With the account number, it is easy to identify particular customers in a bank account and nobody else owns an entity that is comparable to someone else's.

Since each bank has its own routing number, this means that you can use your bank's routing number for your transactions. You can differentiate a banking institution from the others by its routing number.

On your checkbook, you will find the routing and account number that you need any bank's checking account holders are always free to ask for a checkbook once the have open this account. Once you have a check book, you can use it to pay people and businesses instead of using cash or an electronic transfer.

There are many that do not even know their bank account number or the routing number of their financial institution and this may bring some challenge if you want to set up direct deposit or make payment from your bank account to another bank account.

Your routing and account numbers can also be found in your online banking or banking app. Checking them is easy because they are always listed in your profile. If you want to send money from your bank account to someone else's debit or credit card, these numbers will be crucial.

Last but not least, you can also get the information by calling your bank and giving them the right information. You can simply go to your branch and ask them if you're unsure.

How to Use Routing and Account Numbers

A routing number is important when you want to transfer money to another bank account that is not registered by your bank.

Each time you have to send money to an account at another bank, you will be required to provide the recipient's routing and account numbers, followed by the amount and other details, before tapping the send button.

Like for example is you will need the debit card's account and routing numbers if your desire to move money from credit card to it.

Money will automatically appear on the debit card if the recipient provides you with the routing and account details of the account linked to the debit card. Savings and occasionally checking accounts are connected to debit cards.

There are two ways to send money using an account and routing number: ACH transfers and wire transfers.

1. ACH Transfer

For many that do not know, ACH actually stands for Automated Clearing House and this transfer method if often employed to transfer money from one bank to another.

Before the money is released to the relevant bank account, the monies are processed through the clearing house for a number of purposes.

The process might often take a while since there are numerous checks made in order to ensure that the money is from a reliable source and the receiver's account has a clean record.

ACH transfers are accepted by both online and physical branch locations. It is also possible to make international or domestic transfers.

2. Wire Transfer

Wire transfers are quite similar to ACH transfers, with the exception that the institutions themselves handle the payments. We learned that ACH transfers take place through a clearinghouse.

Money is electronically contacted for domestic transfers, which take 24 hours to reach the intended account. Transfers abroad could take longer.

You are aware that wire transfers are helpful for transferring significant amounts of money. You should, however, be sure that all the information you enter is true because the transfers happen swiftly.

Unlike ACH transfers, reversing a wire transfer can be difficult like for instance, you might find it difficult to reverse the cash if you use a wire transfer to send money from a credit card to a bank account.

How to Transfer Money With Routing Number and Account Number

You are able to transfer money from one account to another by making use of your routing and account numbers. As also seen above, you can use wire transfer or ACH transfers to send money electronically using an account and routing number.

Below are the outlined steps to follow if you want to transfer money using routing and account numbers.

  • Log in to your account online.
  • Go to the section on money transfers.
  • Fill up the recipient's information, including account and routing numbers.
  • Enter the amount you'd like to send.
  • Press the "Send" button.
  • Review the transfer information.
  • Authorize the transaction using your PIN, Touch ID, or any other way that is most suitable for you.

If you make use of wire transfer, the money should arrive the next business day but if you use ACH transfer transfer, the money will take few days before it gets to you.

Other Ways to Transfer Money Using Routing Number and Account Number'

There are several other ways that can help you transfer money using routing and account number. Below are some of them:

  • Direct Deposit
  • Mobile wallets such as PayPal, Cash App, Venmo, Zelle, etc
  • Checks
  • Money Order

Can I Send Money Without Routing and Account Numbers?

Yes you are able to transfer money from your account to another person's bank or credit union account with Zelle - which is an online money transfer service that lets you transfer money between banks.

Most of the banks in the United States accept Zelle and creating an account with Zelle is easy since all you need is your phone number or email.

There is a way to send money to someone using their phone number if the person is also a Zelle user and the money will top up in their bank account instantly. More to that, even though the receiver's bank might charge you fee, sending money through Zelle is free.

Zelle is compatible with most US banks and credit unions while also supporting debit cards. Via Zelle, you are able to easily transfer money from one bank account to another or to a credit union.

Money cannot, however, be transferred instantly from a credit card to a bank account. This is as a result of Zelle not accepting credit cards. You cannot quickly transfer money from a credit card to a bank account.

However, you can withdraw cash from an ATM and then deposit it into a bank account that is exclusively accessible at that specific institution.

You'll see the money immediately away. However, because you'll be using a cash advance, the technique comes with high fees.

Do Credit Unions Have Routing and Account Numbers?

Yes, Credit Unions since it is a financial institution, they also have Routing and account numbers. These numbers are provided by every financial institution to make money transfers less complicated to its users. You will also see account number present in even mobile wallets like Cash App, Venmo, Payoneer and others.

Transferring money to a credit union is the same as it is with transferrin money to a bank account.

Can I Change My Routing and Account Numbers?

A route number may be changed from one branch to another. If you were working in one state and were compelled to migrate to another, you might need to change the information in order to continue using the bank's services in your new location.

You travel to a branch in the new location and request that your information be transferred there. Even though it can take a few days, you will eventually receive a new routing number—the routing number of the branch in the new location.

But for the account number, you cannot change your account though opening a new account and then transferring money from the previous one is the only best option you have to get a new account number.

Can Someone Withdraw Money With My Account and Routing Numbers?

In one way or the other, individuals that overexpose their account and routing numbers end up losing money.

This happens when the criminal individual already has your address. Your bank can issue checks that they can use to pay for goods and services reason why they can still still your money even if they do not know your PIN or account password.

More to that, there are several ways that allow you to withdraw money from an ATM without PIN. So these are the types of strategies that fraudsters often employ so as to have quick access to your money.

Fraudsters can also steal from you by visiting your bank, signing the withdrawal slip, and then withdrawing money from your account if they have your ID and contact information. You ought to keep the details private and only divulge them to people you can rely on.

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.

More to that, 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.

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.

Final Thoughts on How to Transfer Money Using Routing Number and Account Number

A routing number, is made of nine digits, and it stands as a general identifier to which bank your account belongs. It is distinctive and is only assigned once. Each group of numbers on a check has a specific purpose, and this set of numbers is the first one at the bottom. A routing number also enables banks to trace the origin and transfer of funds.

On the other hand, an account number is a unique to your account and helps in differentiating your account information from that of every other account in a banking institution.

If you adhere to the instructions provided in this article, transferring money using a routing number and account number shouldn't be problematic.

Frequently Asked Questions of Transferring Money Using Routing Number and Account Number

How can you send money to someone else’s bank account?

There are numerous 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..

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..

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