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How to Transfer Money Using Routing Number and Account Number

In this article, we will see the best ways to transfer money using a routing and account number and which and which apps are suitable for the transfer
transfer money using routing number and account number

Both routing and account numbers are required to complete most money transfers transactions. For instance, if you want to transfer money from a bank account (or debit card) to a prepaid card, you will definitely need the prepaid card's routing and account numbers to complete the transfer.

Because most customers are unfamiliar with how routing numbers function, it is difficult for them to transfer money using a routing number and account number.

You will need the account and routing numbers when making an online payment via electronic devices such as phones, paying bills, or processing checks.. In order to identify the receiving bank, banks require the routing number and account number when transferring money.

If the routing numbers on a check do not match with the banks, delays may arise; it is therefore critical to confirm the routing number for each transfer with the bank. The routing number is widely used by banks in the United States.

Thanks to technological advancements, transferring money is now very simple. You can manage your account online with banks, credit unions, and other financial institutions. You just need to open an online account using your smartphone or computer, and you're set to go.

Online accounts are convenient since they may be accessed at any time. Furthermore, they allow you to save time that might otherwise be spent queuing at your bank or credit union.

You can transfer money from one person to another in a number of ways. When you send money to another person, you are actually transferring funds from your account to theirs. The key financial institutions that most people use to transfer money are banks and credit unions. Other services, such as PayPal, Payoneer, Venmo, Western Union, and MoneyGram, are widely used and are much more convenient for international transfers.

However, a transfer from your bank to another will require you to provide the receivers account number and routing number. Without these basic info, you wouldn't be able to complete an online money transfer.

You now know the importance of these two numbers, in fact, your probably knew the importance of a bank account number but you weren't aware of importance of a routing number huh?

With all that said, in this article, we will see how to transfer money using a routing number and account number without hassle.

CHECK ALSO: How to Transfer Money from Debit Card to Prepaid Card

What is a Routing Number?

Most of you don't probably know much about a routing number and some are just new to the word. Let's discuss a little about this "routing number".

A routing number, also known as an ABA routing number or an RTN (routing transit number), is a nine-digit number that identifies where a person's bank account was opened. When transferring money overseas, whether directly to friends or from one bank to another, the routing number must be provided.

Routing numbers can be located at the bottom of checks to the left of the account number. Routing numbers can be found on the account page for online banking. Routing numbers are not as private as account numbers, thus most banks publish them on their websites.

CHECK ALSO: How to Transfer Money from Debit Card to Another Debit Card

What is ACH and How Does it Works?

We have mentioned ACH but never really explained what it really is. Let's give some little phrases on that.

The term ACH stands for Automated Clearing House. It is a system used by financial institutions in the United States for electronic money transfers. "Direct payments" is another name for ACH transfers. They make it simple to transfer money from one bank or credit union account to another without having to use credit cards, paper checks, wire transfers, or cash.

There aren't many steps in an ACH transfer. You may not even be aware that you are using ACH transfers with your financial institution. Here are some examples of ACH transfers.

  • A customer paying a service provider.
  • Businesses paying their suppliers for products.
  • Employers depositing funds into their employees' checking accounts.
  • Consumer moving money from one bank account to another.

ACH transfers are divided into two categories — Credits and Debits. When money is transferred into your account through the ACH transfer process, it is referred to as ACH credit. You must provide the account number as well as the routing number.

ACH debit, on the other hand, is an ACH transaction in which money is debited from your account and deposited into the account of your water supplier, internet service provider, or wherever you sent the money.

You can set up an automatic payment to have money debited from your account and transferred into the target account on a regular basis. To make an ACH debit transfer, you'll need your service provider's routing and account numbers.

You can send money to foreign destinations through ACH transfers, which is a unique feature of ACH. You should also keep in mind that international transfers are more costly than domestic ACHs. In addition, all ACH transfers take several days to complete. The transaction takes longer if you conduct it on the weekend than if you do it on a weekday.

You can also transfer money from credit card to bank account.

CHECK ALSO: How to Transfer Money from Chime to PayPal

What's the Difference Between ACH and Wire Transfers?

When it comes to ACH and wire transfers, many consumers are perplexed. Despite the fact that the two kinds of transfers appear to be the same, they are not. Now that you know what an ACH transfer is, I believe it's time you learned what a wire transfer is. A wire transfer, on the other hand, is a type of money transfer between accounts.

There are two sorts of wire transfers, just like there are two types of ACH transfers. Both regional and international transfers are possible. You must send more than $15 in an international wire transfer from the United States to another country. Sending money from one bank to another by wire transfer is a quicker means of money transmission.

The key distinctions between wire and ACH transfers are listed below.

  • ACH transfers take longer to complete, whereas wire transfers are processed within same working day.
  • ACH transfers keep money pending until it clears the ACH system, which can take up to three business days. Wire transfers allow recipients to use money as soon as it appears on their accounts, whereas ACH transfers keep money pending until it clears the ACH system, which can take up to three business days.
  • If you send a transaction by mistake, you can reverse it using an ACH transfer. Wire transfers, on the other hand, do not allow you to cancel a transaction. You must be very careful not to make any mistakes when entering the information.
  • Most ACH transfers are free, however wire transfers attract substantial fees ranging from $10 to $35.

If you can't decide between ACH and wire transfers, wire transfers appear to be the preferable option because they are faster and give users immediate access to their payments.

CHECK ALSO: How to Transfer Money With Only Card Number and CVV

What's the Difference Between Account Number and Routing Number?

You could be confused as to how the two numbers differ from one another. A routing number and an account number are very different.

To begin with, a routing number separates one bank from another. It is beneficial when moving funds from one bank to another. An account number, on the other hand, identifies you from other bank customers. Each bank's customer is entitled to a unique account number.

A routing number, on the other hand, has nine digits. You may find it on your check as the first set of digits from the left at the bottom of the check. The account number is made up of ten to twelve digits, and it is the middle set of the twelve.

How to Transfer Money Using Routing Number and Account Number

Your routing and account numbers can be used to transfer funds from your account to another. This should occur when you send money from one bank to another. To send money electronically, you can use wire transfers or ACH. The process for transferring money using routing and account numbers is as follows.

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

If you use wire transfers, the money should arrive the next business day, and if you use ACH transfers, the money should arrive in a few days.

CHECK ALSO: How to Transfer Money Bank Account to Prepaid Card Online Instantly

5 More Ways to Transfer Money Using Routing Number and Account Number

There are some other ways to transfer money using Routing Number and Account numbers. They are as follows:

1. Bank to Bank Money Transfer

When moving funds from one bank to another, you'll need both the account and routing numbers. If someone from another bank wants to send money to your account, you'll need to give them your routing and account numbers. If you're sending money to someone in another country, you can use an ACH or wire transfer. Direct deposit is only available for transfers within the United States.

For instance, you'll need to conduct a bank to bank transfer to send money from one debit card to another debit card especially if you're not using mobile wallets or apps.  In this situation, you can make the transfer in person at a bank branch.

It may entail some more costs, but it will be for sure, secure and all you'll need to provide is your account number.

However, you can use an ATM transfer to complete this transaction:

  • Visit a nearby spot and take out cash from the ATM.
  • You'll need to go to the bank and deposit the money into the recipient's account.

You'll also need to provide the account number.

This kind of transfer is quite convenient, however the funds may take up to two days to reflect in the other account. It can be used to exchange money both domestically and internationally.

CHECK ALSO: How to Transfer Money From ReliaCard to Cash App

2. Money Transfer Using Check

Another great way to transfer money from one bank account to another is by using checks. The other bank will request money from your account using the routing and account numbers on your check. If you're writing a check, make sure you have enough money in your bank account to cover the transaction. The check will bounce if your account balance isn't sufficient to cover the check.

Remember that if you have a pattern of bouncing checks, it will be difficult to open new bank accounts or credit union accounts once your name is entered into ChexSystems. It can take up to five years for your information to be removed from ChexSystems.

Here's basically what you should do to transfer money using Routing number and account number with checks:

All you have to do is get the check from the bank. Alternatively, an e-check option is available.

Fill it with the amount you'll be transferring.

The check will then be sent to the bank, and the money will be transferred to the beneficiary within a few days or hours.

CHECK ALSO: How to Open a Navy Federal Business Checking Account

3. Using Money Order

Money orders have existed for quite some time. It allows you to send money by mail to the recipient.

A money order functions similarly to a check in that it can be cashed or deposited into a bank account. When transferring money via money order, you must first purchase a some sort of paper that contains the details of the money to be sent. It contains two signature spots, one for you and one for the receiver.

You can use a check or a debit card to pay for your money order. You can also buy a money order from another bank using your account and routing numbers. Money orders can be used both in the United States and abroad. The steps for writing a money order are as follows.

  • To fund the cost, go to your bank or credit union using cash, a debit card, or your bank or credit union account.
  • Fill in your name and the name of the person who will receive the money order. Because you will not be able to edit the details afterwards, you should take special care to ensure that everything is correct.
  • A duplicate of the money order receipt should be kept. The money order is usually a carbon copy of the original.
  • You can then trace your money order information to guarantee that the money is delivered to the intended recipient.

However, there have been cases where the sender lost track of the money or it never reached the intended recipient, so be careful when using money orders.

CHECK ALSO: 20 Best Instant Credit Online Shopping Catalog With Instant Credit

4. Bank to Prepaid Card Money Transfer

Reloadable prepaid cards have become quite popular in recent years. You can put money into it and then utilize it till the funds run out. You can also use your bank account to top up the prepaid debit card whenever you want.

Money can be transferred from a bank to a prepaid card and the other way round. A prepaid card is a type of payment card that allows you to make online purchases of goods and services. Your prepaid card can be topped up at a bank or credit union. A prepaid debit card has an account and routing number because it is a separate financial institution.

As a result, if you want to transfer money from your bank account, you'll need to collect your routing and account numbers online when you sign in. Remember to follow the same steps you would if you were moving money from one bank to another. You can also transfer money from a prepaid debit card account to a bank account in the same way.

This type of transaction is typically completed online, either directly through your banking app or through services such as PayPal or Skrill.

If you want to transfer money from your bank account, you may need to go to a physical branch first to complete the transaction. You can easily recharge the card later on online when needed.

CHECK ALSO: How to Transfer Money from ReliaCard to Bank Account

5. Direct Deposits

Direct deposit is the process of depositing money from your account to someone else's account. You'll need the recipient's routing number as well as his or her account number. If you're an employer, direct deposit is a convenient way to pay your employees.

Direct deposit has only one drawback: it does not allow you to transfer money internationally. Furthermore, unlike credit union or mobile money wallet account-to-account transfers, it takes longer for funds to reach the designated bank account.

CHECK ALSO: Credit Unions That Don't Use ChexSystems

6. Withdrawing Cash

Most outstanding stores now let you to shop online, but this does not necessarily negate the necessity for cash. You can now use your routing and account number to withdraw money or cash.

An account number and routing number can be used to transfer funds from one bank account to another. You'll need the receiving bank account's routing and account number. You can withdraw money from an ATM or a bank account once the funds have been transferred to the target account. Paying your monthly bills is also another method to withdraw money.

There is no limit to how much money you can withdraw as long as you have enough money in your account.

Furthermore, if the amount to be transferred is big, it is best to use bank cashier check services. Cashier checks are delivered practically instantly, considerably faster than ordinary checks, and there are no additional fees.

CHECK ALSO: List of Best Banks That Don't Use ChexSystems

7. Pay Bills With Routing and Account Numbers

You can get the routing and account numbers for your service provider's bank account and set up an automatic direct transfer to pay your bills, such as energy, internet, and water, among other things. Setting up a direct transfer is a good way to make sure you don't forget to pay your bills. If you do not pay your bills on time, several service providers may levy a penalty.

CHECK ALSO: Best Online Checking Account No ChexSystems No Opening Deposit

How to Withdraw Money Using Routing and Account Number

You can easily use your routing and account number to withdraw money from your bank account. However, the most convenient way to do is is by paying for bills as a way to withdraw money using routing and account number. The process is as follows:

  1. Grab your account and routing numbers from your bank's online platform.
  2. Now, Log into your bank account.
  3. Go to a section related to money transfer.
  4. Choose to set up a direct deposit.
  5. Enter the routing and account numbers.
  6. Next, enter the amount of money to transfer.
  7. Initiate the transaction with your Touch ID or PIN.
  8. Choose whether you want to set automatic payments.
  9. And there you go...

If you use this method to pay your bills, you should start the transfer a few days before the due date. This is due to the fact that ACH can take up to 5 days to process, so keep that in mind.

You must have surely withdrawn your funds using your account and routing numbers in this method. Remember that you may have made your payment by withdrawing funds from your account number. But can someone use my account and routing number to make a withdrawal?

Withdrawing money using someone else's account and routing number is tough. However, some thieves may be able to wipe your account clean by using the two sets of numbers. As a result, it's always a good idea to share numbers with people you can trust.

You may ask yourself, if these numbers can be used to steal money from your account. If someone can imitate your signature, then, he or she can write a check to seek funding from your bank using the numbers.

CHECK ALSO: How to Add Money to Robinhood Without Bank

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.

How is it Possible to Transfer Money Instantly Using Routing and Account Numbers?

Your account and routing numbers are required for direct deposit and ACH transfers, however the funds take too long to arrive in the recipient's account. When you send money through wire transfer, however, the funds can reach the recipient instantly or within 24 hours.

You must be aware that most wire transfers are irrevocable, and you must be extremely cautious while entering your information; otherwise, you risk losing your funds.

CHECK ALSO: How to Open a Bank Account Without SSN or ITIN

Can I do Transactions Online by Knowing my Account Number?

It is now simple to open a bank account online. You can start a free online checking account with no opening deposit or credit check. After that, you have your account number and can begin making various transactions. However, your account number alone isn't the only thing required to complete transactions. If it was enough, anyone may withdraw funds from your account.

To access money from an online account, you must first enter your login details. When you create an account online for the first time, you normally create a PIN, Touch ID, Face Unlock, or password. You may send money to friends, make bills, and check your balance when you're logged in.

CHECK ALSO: How to Get Free Virtual Credit Cards Without Bank Account

Why Do I Need a Routing and Account Number?

You'll need a routing and account number for a variety of reasons. The following are the reasons why the two sets of numbers are required.

1. To Send Money to Bank Accounts When Needed

When using direct deposit, wire transfer, or ACH, you'll need a routing and account number to send money to someone else. If you're sending money to another account at the same bank, all you need is the recipient's account number.

2. When Using Bill Pay or In Online Purchases

You must transfer money from your bank account to the recipient's bank account in order to pay bills online. To send money to the service provider's account, you'll need their account and routing numbers.

CHECK ALSO: 10 Best Online Bank Accounts With Instant Virtual Debit Cards

3. When Linking Your Account to Financial Apps

You can withdraw money from your bank account using financial applications. You must, however, link them to your bank account. You'll need your routing and account numbers in this case. Similarly, you'll need your routing and account numbers to add a bank account to a financial app to help you fund your transactions.

4. When You Issue a Check

When you write a check to another bank, the receiving bank will use your account number and routing number to withdraw funds from your account and credit them to the beneficiary's account. That is why I said before that if someone has your routing and account information as well as your physical address, they can request a check from your bank.

CHECK ALSO: How to Open a US Bank Account as a Non-Resident

Can You Send Funds With Just a Routing Number?

You can't send money to someone just by using their routing number. It must be used in conjunction with the account number. Similarly, you cannot send money to another person's bank account solely by using their account number. If someone just provided you their routing number, you should ask for their account number so you can transfer them money.

What App Can I Send Money With Routing and Account Number?

There are many apps that let you send money online money transfer without you having to use your bank account. The following are some of them.

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

Money can be transferred in a variety of methods in today 's era. Money can be transferred both online and in person at bank and credit union locations. When sending money to a bank or credit union account, all you need is the account number.

When transferring money to a separate bank account, though, you'll need both the routing and account numbers. Someone could steal from your bank account by using your routing and account numbers.

So that's everything you need to know about using account/routing numbers to send and receive money.

This method of transfer is widely employed in the United States, Australia, and China. Hopefully, you can now complete the transaction without any problems.

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Graphic Designer, Web Developer, Ethical Hacker, Programmer, Content Creator is what I am and over all a Biochemist with an aim of bypassing all restrictions that separate me from my objectives.

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