There is always a reason to transfer money from your bank account; be it sending money to friends or family, paying for utility bills, or for shopping. This explains why there are several ways of moving money from your account to the recipients. Using a routing number and bank account is one of the available options you can opt for. This article is set to guide you on how to transfer money using the routing number and account number by discussing;
- Ways of transferring money using routing and account number
- How to withdraw money using a routing and account number
- Avoiding transfer issues
- Potential for fraud
- Protecting yourself from fraud
What is a Routing Number?
A routing number is a code used for identifying the location of where you opened your bank account. It has 9 digits. It is also called routing transit number or ABA routing number. Routing numbers are less confidential as compared to bank account numbers. You easily find the routing number online when you log in to your online banking account, or at the bottom left of checks as the first group of numbers of the bank account. Transferring money using the account number and routing number is efficient and easy regardless of the amount involved.
Ways to transfer money using Routing Number and Account Number
There exists several means of how to transfer money to someone else’s bank account using an account number and routing number. These ways are determined by; the level of trust between you and the receiver, and personal choices and preferences. Some of the ways are;
1. Bank to Bank transfer
You need to have the recipient’s account number and routing number, then send money with checking account number directly to their bank account. It is also a convenient way of transferring money through your different personal accounts. These funds can take up to four days to deliver.
Another means of how to transfer money using routing number and account number is using wire transfer. You need to make a transfer request by personally presenting the receiver’s details; name, account number, routing number and address to the bank. Different banks charge different rates on wire transfers, even averagely it costs $40 to send and $10 to receive. Providing all the details when making a transfer makes it a safe means of sending money.
The only issue that comes with this transfer method is that it takes a little longer and a bit expensive for international transactions.
Looking to transfer money or shop online with checking account number in a convenient, secure and quick means? Then BillPay is the best option. All you do is log in to your online bank account, and select the option of sending to the receiver’s bank account. Fill in the receiver details; name, routing number, and account number. After this, your bank will mail a paper check to the recipient. It takes around 1 -7 days for the recipient to receive the money.
- convenient as you don’t have to visit your physical bank branch
- Less costly to use.
- A little slow, taking up to 7 business days to complete.
- Available for US transfers only.
- You must have all the receiver’s details beforehand which can be a hard task.
3. Bank to service bank
This is possible by using money transfer service provider platforms. You only have to provide the email address and phone number of the recipient. They will get an email notification from the service provider then proceed to enter their account details; the account number and routing number.
Some of the services providing for this transfer method include; Chase Quick Pay, Wells Fargo SurePay, Zelle, and PopMoney.
- Generally, it costs low to use.
- It is fully online making it easily accessible.
- Easy to use for subsequent payments after linking the phone number or email address for the first time.
- Available for transfers within the US only
- The recipient must first sign up to the service provider you use. This might be time-consuming.
- Might be a little slow.
- The recipient risks not receiving the money altogether in case they input wrong details.
4. Depositing Directly
You can easily deposit money directly once you have a receiver’s routing number and account number. You can either call your bank to facilitate the direct transfer or log into your online bank account on your device. Select “transfer money to another customer” for a receiver who uses the same bank, otherwise, you will select the option of transferring money to a different bank.
Enter account number and routing number of the account you wish to deposit money. Enter the amount to transfer, and complete the transfer.
From time to time you might notice different banks having a slightly different procedure, either way, it should be straightforward and easy to follow.
- Convenient as you don’t have to visit a bank branch physically.
- Fast as you don’t have to wait for clearance to use the money.
- Easy to automate for regular deposits.
- You must have all the money in your account when initiating a transaction for it to clear.
How to Avoid Issues With Transfers
You can easily avoid the several issues that you encounter when transferring money using routing number and account numbers by using tips like;
- Confirm details : Make sure that all the details are correct, from yours to the receivers. Wrong details can make you send to a wrong recipient, send the wrong amount. Correcting the errors might be time-consuming and costly. Feel free to contact the receiver in real-time when filling out the details.
- Have enough money : Most of the ways of transferring money using the account number and routing number only allows you to transfer money if you have enough amount. It is also important you have enough money you help you avoid costly overdraft charges.
- Contact customer care : Most banks and payment platforms provide well trained and experienced customer care providers who can assist you through the money transfer process. Feel free to contact them in case of any concern, when you need directions on how to complete the transfers and in case you notice any unusual activities when transferring money using routing number and account number.
How to Withdraw Money Using a Routing and Account Number
The main of sending the receiver money is for them to use it in their way. This implies the need to be able to withdraw. There are several ways one can use to withdraw money from the bank account. Most people prefer using ATM withdrawals and online banking. Then comes a time when all you have is your routing number and account number. It should not be a concern as you can still go ahead and withdraw your money.
Withdrawing money using routing number and account number will need you to visit a bank branch and fill out a withdrawal slip and get the cash. You can also cash out a personal check at the counter using your details. In both cases, you must provide identification documents and have enough money to cover the amount of cash you need.
Unlike the ATMs and online money transfer from a debit card that have daily withdrawal limits, withdrawing over the counter using your routing number and account number allows you to withdraw unlimited amounts. Remember you will have to explain your source or reasons for withdrawal in an amount over $10,000 for an IRS report. You might also have to wait a little longer if the bank does not have the amount you need in the vault.
Withdrawing money using routing number and account number is generally easy and safe.
Potential for Fraud Stay Woke!
It is possible for an unauthorized party to access your account using your account number and routing number. It is mostly by sending out spyware software to computers through emails. The software collects your bank information and passwords thus can access to send or withdraw money from your account. You should, therefore, be cautious when providing your bank account information over email.
Ways to Protecting Yourself From Fraud
These are some of the strategies you can use to help protect you from fraud when using routing number and account number to send money.
- Request for monthly bank statements : Make it a habit of looking into your monthly bank statements. This will help you notice any unauthorized transactions or unusual activity. Contact your bank with the details immediately for directions.
- Treat Personal Information Confidentially : Avoid giving out personal details through the mail, over the phone or the internet unless you are the initiating party and trusts the other party you are transacting with. You also avoid entering your details on unsecured and unencrypted websites.
- Destroy Unneeded Documents : Keep it a habit of shredding documents that contain sensitive information. These documents include; bank statements, tax returns, receipts, and credit card approvals. This helps in keeping your routing number and account number reaching unwanted persons when misplaced, lost or stolen.
Over to You
Learning how to transfer money using routing number and account number is one of the best financial practices you can ever get. It is not always that you will have your ATM cards. Sending money using routing number and account number also tends to be less costly, fast and convenient when a large amount of money is involved. You only have to be wary of fraudsters, and take precautions to keep yourself safe.