Online banking is now an indispensable part of life. We totally have to depend on this system to transfer balance on instantly. Part of this online transfer, checking account is one of the popular and most used form of online transaction. Checking account is playing a significant role to send money with checking account number. Here we are going to know about the function of checking account.
What is Checking Account?
Checking account is a bank account which is accessible to your money. Checking accounts can be featured with liquidity, checks and a debit card, an electronic debit card accessible to automated teller machine (ATM). To send money with checking account number is much more easy and time saving. This transaction may be to pay different bills also.
One can easily transfer money automatically with debit card. You also will have an access to your money in case of writing a check. Additionally, this checking account is highly used to pay for different spending, bills and other debit transaction. Unlike savings account, this account may allow for various types of withdrawals and unlimited deposit.
Checking account may be commercial or business account also. There are more variation of this account which are student’s account, joint account which may provide same feature.
How to Send Money Online to a Bank Account:
Online banking system has changed our hassle. We don’t have go to bank and wait for long time to complete transaction. Now bank is in smart phone through which cash sending has been so easy. When someone is in trouble of money crisis, to send money with checking account number plays a very vital role indeed.
Wire transfer is the best option to for not sending money but also receiving money. This transaction could be done so safely and easily. One does not have to be worried to use the online function to send money online to a bank account. Electronically sending funds is getting popularity among the people in the United States of America as it is hassle free. However, some ways can make you clear.
- Making transfer from one bank to other bank where there may traditional methods of banking
- Fully integrated with electronic payment transfer via Western Union.
The process of wire transfer depends on which type of transfer you are going to make. Sometimes, only bank account number is enough to complete transfer. In many cases, both senders and receivers have to provide much information on bank account number, phone number, legal name and email address.
The Process Of Sending Funds With Wire:
- Recipients bank name
- Recipients Bank American Bankers Association (ABA) routing number
- Recipients account number at the bank
You have to get this information from your recipients to make sure sending money with wire is within short time.
The Process Of Sending Money Internationally:
when you are going to send money internationally, must be required receiver checking account information and bank swift code. This process may be difficult to understand. You may talk to the bank.
1. Bank to Bank:
This way means you are sending money to another bank account from your bank account with wire transfer service. The issues of man to man money transfer can be solved with this service. Man to man money sending may have limit but this wire system has no limit. This is not also costly because it is believed to be traditional system where there is less cost to accomplish this transaction. The cost may be $35 for a transaction in big amount. However, this could be the best choice for business or commercial purposes on domestic and international transaction.
2. Payment for Online Bill:
It is also a free transaction especially for payment online. This system can be a little bit lengthy because the bank will have to take time the process of check like preparation of check, traveling in real time. After waiting a few days the person to whom will be paid will get the check in his bank as deposited.
3. Person to Person Payments:
There are different banks to make person to person transaction. This transaction is accomplished with Popmoney. Several banks may require to get Popmoney account. If you make any payment, you need to log into your account and find the option personal payments (P2P). The sender can send money to the receiver. If the receiver has no account on Popmoney, they have to provide bank account information.
However, there are more options like PayPal, venom, square cash allows, Google pay. To send money with checking account number can be possible with these ways. This can be better if the sender and receiver have similar account.
More importantly, this type of transaction can be accomplished internationally easily. When you have a checking account, you need to make sure it is integrated with overseas transaction. Overseas specified account can be more convenient to make online transaction easier compared to other forms.
4. Man to Man With Mobile Apps Service:
Man to man means you are accomplishing your personal transaction. You may need to send money to someone and in the same way, other person may get money with app service. Luckily, checking account has a significant role in completing this transaction. In this case, both men should have a similar checking account. This transaction with checking account between man to man is completely free.
5. Western Union:
You can send money to your receivers directly and it is available with western union money. This service is also available on WU.com or mobile app. How you can do that-
- Choose bank account as delivery option.
- Choose bank account deposit in case you want to send from agent location.
What Information You Need To Process Sending Money
For Domestic Bank Transfer in USA
- Bank Name
- Checking Account Name
- Checking Account Number
- Routing Number
For International Bank Transfer
- Branch Name
- Bank name
- Branch Code
- Account Number (International)
- Routing Number,
- International Bank Identifier Code (BIC)
- Swift BIC
- Indian Financial System Code (IFSC)
MoneyGram is the worldwide money transferring company. You can save your dear ones or business partner on domestic and international transaction.
The following steps are to send money to another bank account:
Select a receiver: you need to make sure to whom you are going to pay. The recipient’s full and legal name is mandatory for the first step.
Select Account Deposit: this step is to send the money. When this account Deposit is on screen, you fix up the amount that you want to send.
Payment Procedure: You should make sure the procedure of payment. If you want to pay from your checking account, please choose it.
Submit your information:Information is required to verify that you are sending money.
Send freely and safely: you have to provide who is receiving money. You must ensure bank account number. Before sending, you need to review and send.
Square Cash is mobile app based service developed by Square,Inc. to send money from checking account to any debit card. This transaction is on free cost. It is easy and convenient to send money through square cash.
The following process are-
- Create an email to the payee
- Put the dollar amount to be paid in the subject line
- Forward a carbon copy of the message to email@example.com to make them know your making payment.
- Send the mail.
This process may be for the first time or you are using for the first time. In that case, Square cash will ask you to submit your debit card number. On the other hand, the payee also will be asked to submit debit card number. Within two business days, the fund will be available in payee’s checking account.
PayPal is one of the popular form of online transaction internationally. PayPal is also a favorite and trusted choice for online merchant. However, from checking account it is completely free when it is personal transaction. But with debit and credit, sending money may cost a fee when it is a business payment. However, PayPal is playing a greater role in sending and receiving money worldwide.
Google pay is another tool to send money which is integrated with Gmail. Money can be sent to any email address where there is no cost. The process is the recipients should have bank account information or debit card number to make sure receiving money. This is also a better option to send money from your debit card linked with checking account.
International Transfer With Checking Account:
However, Sending money using checking account is a little bit easy and one can handle it to send money anywhere and anytime. Domestic transaction in the United States of America is much more advanced and easy. Additionally, international transaction also requires some criteria. Most of the banks may allow you to send money in the foreign countries. These banks have some special features to send money with checking account number internationally. You may contact directly to know those special service.
How to Open Checking Bank Account?
Many banks are offering to open a checking account with minimal fees. Opening a checking account is getting much popularity today because transaction or transfer of money is low cost and free. However, the banking resource are ready to help and teach you open a checking account within a short time.
On the other hand, consumers can search on website of a bank and can know some better ideas on opening a checking account.
It is also possible to open a checking account with the help of an agent. You may provide your banking history to focus a better financial term. Banks and credit unions justify these reports and allow to open a bank account. When there is something good in the history, you may get your account so easily.
Checking account will have liquidity and it is the feature of checking account. This account is loaded with money. However, we should know some issues before opening checking account.
Checking Account vs. Credit Score:
Opening checking account may affect the credit score. Checking account has always transaction as to send money with checking account number, withdrawals and writing checks also. So you have to take care of your credit on time to make sure the credit history is not going bad.
Don’t Let Mistake Occur:
Having a checking account doesn’t not mean that you don’t have to check your balance on regular basis. A simple mistake can make a bad history which affects the relationship with the bank. You monitor the account and check the balance to avoid any overdraft charges and fees. If those can happen, you need to convince the bank that your checking account is sufficient to pay and it should be done within short time.
How to Cancel Checking Account?
When you are going to change bank, you might change the checking account of the existing bank. This is not difficult process. Here are some process
the first thing is to stop the transaction. Before you close the account, you may allow existing charges to clear. This may take a while but you have to wait. You have to make sure how much charges have been cleared and how much has been outstanding. You also need to cancel automatic payment option from your old account.
The balance in the old account should be moved to new checking account. Before doing that, you have to be careful to transfer money keeping any extra charge to make sure not to overdraft. If overdraft is happened, this can be bad as you may need to come back to this bank. This history will be kept in the database.
Write a Letter:
The last thing is to write a letter to close the account and send to the bank authority. In this letter, your name, location, account number should be included clearly. You may request to get feedback as to get a letter to confirm you that your account has been closed.
To send money with checking account number can reduce cashing. It is online transfer that is easy and safe. For international transfer, this checking account should be integrated with the features that let you transfer money internationally. Different banks are ready to let you transfer money internationally. However, you may communicate and contact with different banks to get best checking account with best features.
Not to the Readers: In this article, you have already got so many ideas on checking account. When you are planning to open a checking account, different banks and bank’s agent are ready to help you open an account. Surely it is a monetary decision and it is better to discuss with any professional who deals with monetary affairs before opening a checking account.