With modern technology constantly on the go, money transfer is becoming a trending topic in the financial industries since you can now carry out your financial transactions directly on your phone.
Transferring money was a big hassle over the years — you'd basically have to move all the way to a local bank branch or use money transfer services to transfer money from one account to the next.
A checking account is an important financial asset, and it's worth metioning that at least a checking account is usually involved in most money transfers worldwide.
If you're familiar with transferring money from one bank account to another then, you should be familiar with the routing and account number, which are two series of numbers that facilitate the transfer.
While routing and account numbers, nowadays are used for traditional money transfers, some folks, however, still opt for using it for instant transfers.
If you've always wondered how to do an instant transfer with routing and account number, then, you're at the right place.
To help you out, we've compiled a couple of ways to instantly transfer money with routing and account number.
Table of Contents
What is a Routing Number?
A routing number, also known as an ABA (American Bankers Association) routing number or an RTN (Routing Transit number), is a unique, nine-digit number that identifies your bank or credit union in a given financial transaction.
The routing number is used in many transactions including; money transfers, direct deposits, digital checks, and bill payments.
What is an Account Number?
A bank account number, also known as checking account number, is a unique, ten to twelve digit number that identifies and differenciate your bank account from other account in the same financial institution (bank or credit union).
Can I Do An Instant Transfer With Routing and Account Number?
Yes, you can instantly transfer money with routing and account number.
There are many ways to do an instant transfer with routing an account number including; Direct Deposits, Wire transfers, transfers through digital payment apps.
How To Instant Transfer With Routing and Account Number
The routing and account numbers are basically involved in most transactions through your bank or checking account.
For instance, fund transfers from a checking account in the U.S. usually require the account and routing number since they are used in a majority of money transfers through bank accounts.
If you've always wanted to do an instant transfer with routing and account number, but don't actually know how to proceed, then, you might find the below methods useful.
1. Direct Deposit
Who doesn't know about direct deposits? I can say that almost everyone reading this have heard or even used direct deposit at least once for sending and/or receiving payments.
Well for the benefit of doubts, let me explain what direct deposit is in a few lines.
Direct deposit is a process where funds are deposited electronically by a payer into a payee's account through an electronic network, usually the ACH (Automated Clearing House) network that makes the fund transfer possible.
Direct deposit is the preferred way for getting payed in the United States according to the American Payroll Association's 2020 Getting Paid in America Survey, as the survey reports over 94% of American workers receive their payments through direct deposit since it is a safe and convenient way for receiving payments.
Setting up direct deposit takes a few days (up to 3 business days).
Once set up, you can begin sending and receiving payments through it.
The account and routing numbers are two important elements for making a direct deposit, although you'll also need the recipient's bank name.
Funds transferred through direct deposit usually hit the recipient's account at midnight. So they aren't instant you might think since it works under the ACH network.
However, the time it takes for direct deposit to hit a bank account depends on the bank account.
Also Read: Best Untraceable Money Transfer Apps
2. Wire Transfer
A wire transfer is an electronic transfer of funds from one financial account (bank or credit union) to another.
Wire transfers are used by many financial institutions to transfer funds between banks and even non-banking services such as Western Union.
Here's a quick overview of how Wire transfer works:
- You usually pay for the transaction upfront at your bank.
- You provide your banking institution with your recepient's personal details, their banking details (such as their account number) and the receiving bank's information including the institution's name, address, and bank identifier (routing number or SWIFT code).
- Your bank will then initiate the transfer by sending a message with the transfer instructions to your recepient's bank through a secure system (such as Fedwire or SWIFT).
- The receiving bank then deposit's the transaction amount into the recipient's bank account from its reserved funds.
- The two financial institutions (your bank and the receiving bank) then, settle the transaction behind the scene.
Wire transfers are usually fast and are considered by many as the best way to do an instant transfer with routing and account number.
Major banks such as Bank of America allow you do an instant transfer with routing and account number through your checking account.
However, the transfer fees is the major downside with using this method, especially for international transfers.
So when looking to do an instant transfer with routing and account number through a Wire transfer, always keep a close eye on the transfer fees.
3. Digital Payment Apps
Digital payment apps are some of the great benefits that modern technology brought to the financial industry.
They have facilitated money transfers by allowing people transfer money online only with some few taps within the apps.
For instance, a popular payment app like Zelle allows users transfer money instantly from your bank account to another bank account
Zelle works with many U.S. banks so you'll basically find your bank or credit union within the Zelle network, and even if it isn't there, you can always use Zelle without a bank account by linking your debit card to the app.
It's simple and convenient way to do an instant transfer with routing and account number, and all you need is to set up an account which only takes a few minutes.
Another popular payment app such as Cash App also allows users transfer money with checking account — all you'll need to do is to open a Cash App account, verify your identity, and link your checking account to the app through its routing and account numbers.
Some other payment apps such as PayPal and Venmo allow you do an instant transfer with routing and account number from your bank account as long as you have an active account with them.
The benefit of using payment apps is they are usually free or cost-effective, and transfers through them are usually instant.
Also Read: Best International Money Transfer Apps
How to Transfer Money With Routing and Account Number Bank of America
Bank of America is a well-known bank in the U.S. and the process to transfer money with routing and account number we outlined above is the same you should imply here.
To do this transaction with Bank of America, Sign in to your account and click Transfers from the navigation menu to initiate a transfer. You'll need to know the recipient's account number and transit routing number.
Can You Send Money With Just a Routing Number?
No, you can't send money to someone just by using their routing number.
You'll basically need the account number for sending money within the same bank, and in some cases you'll need both the routing and account number.
However, you can send money with only the account number.
What App Can I Send Money With Routing and Account Number?
There are many apps that let you send money with routing and account number, which include;
How To Send Money With Checking Account Number Instantly
You can instantly send money with checking account number if you and the recipient are banking at the same institution and if your banks are located in the same region.
Sending money with checking account number instantly is easy as follows:
- Login to your bank's mobile banking app.
- Go the the "Send Money" tab.
- Enter the recipient's account number.
- Enter the amount and a description.
- Finally, tap Send to send the money.
Keep in mind that the steps might differ for each bank.
Frequently Asked Questions
How can I transfer money instantly using routing and account number?
You can transfer money instantly using routing and account number through direct deposit, wire transfer or payment apps.
How can I send money instantly with my checking account?
The best way to send money instantly with your checking account is to link it to a payment app like Cash App, PayPal, Venmo or Zelle.
What can I do with just a routing and account number?
You can deposit money, do ACH transfers, and even do online shopping with just a routing and account number, though you'll be required to do some little verification to prove you're the legal owner of the account.
Final Thoughts: Instant Transfer Using Routing and Account Number
Transferring money nowadays have become even easier than ever before.
You no longer need to use a complicated service or move all the way to your bank's local branch — you can do everything on your own from your mobile device.
Routing and account numbers are two important elements for completing money electronic money transfers from one bank account to another.
This guide shows the different ways to do an instant transfer with routing and account number.
If you got another method that's worth a mention, just drop it in the comments section below and we'll be more than happy to feature that on this page.