Transferring money using an account number and routing number is quite easy; this process is called ACH. To use ACH as a means of transactions, all you have to do is provide the routing number of the receiver’s location, their account number, and the amount you are transferring. However, you should know that Routing numbers are not the same; in the US, every state has its own Routing Number, so you are required to provide valid Details for your transactions to be successful. Keep reading to learn more about how to go about this.
Routing and account numbers actually play a huge role when performing fund transactions. The United States routing number is a 9-digit code used when performing a transaction; it’s usually used to determine which bank or credit union your account is registered with. If you are sending funds to somebody in the US, you need to know their state’s routing number same goes for sending money to somebody in the UK. You need to know their sort code and cable for somebody in Mexico.
With tons of financial institutions out there, it’s no surprise that there are different ways of transferring funds from one person to another. However, there is another peer-to-peer payment platform out there that requires a different funds transfer method; that’s why we take it up to give you hints on how to instant transfer with routing and account number effectively. But before we proceed, some of us here may likely be hearing Routing Number for the first time; worry no more as we will give you details about the use of Routing Number.
Now without wasting your precious time, let’s quickly give you the answers to your question.
How Can I Transfer Money With My Routing Number And Account Number?
Transferring funds using Routing Number and account number is quite easy; just make sure you have the recipient details, including the account number and routing number available, See how to go about it below.
- Log in to your online account.
- Select the money transfer option.
- Input the recipient Routing Number and account number in the space provided
- Enter the amount you are transferring.
- Review the information you provided and input your pin.
After sending money to the recipient, their information automatically saves, and you don’t have to input their details the next time you are transferring funds to them.
Advantages And Disadvantages Of Transferring Money With An Account And Routing Number
Since we have given you guides on how to transfer money with just account number and routing number, it’s okay to tell you the advantage and disadvantages of the service you are about to use. That’s why we provided the section below just to enlighten you more.
Advantages
- Payments tend to be faster.
- Different funds transfer option
- Safe and secure
- Easy and straightforward
- Charges are minimize
Disadvantages
- A service fee is required to complete the transaction
- Recipient full details are required.
- Transfer May fail
With the above advantages and disadvantages, It’s obvious that transferring money with a routing number and account number is safe and secure, provided you tread carefully.
Which types of payments can you make with just a routing and account number?
Although it’s possible to send money using account number and Routing Number only, this is not apply to all transactions. There are some transactions for which you can use only the account number and routing number for. However, you can use this two Information for transactions like ACH (Automated Clearing House) transfers and bank wires.
Can You Change Your Routing and Account Number?
If your account has been hacked, you can request a new account number. But banks don’t normally change account numbers for people, except if they are going through serious fraud. However, they can change your debit card so as to stop the fraud. But if it’s getting out of hand, we advise you to abandon that account and cancel all auto payments that enter the account. Inform everybody that pays into that account.
FAQ’s
What App Can I Transfer Money With Routing And Account Number Without Verification?
If you are looking for apps that are verification free when transferring money with routing and account numbers, then Zelle is just right for you.
Is It Possible To Transfer Money With Just Account Number And Routing Number?
You can transfer money using your account number and routing number provided you are using ACH transfer and Bank Wires.
Is It Safe To Transfer Money With Just Account Number And Routing Number?
It’s safe, provided you don’t leak your personal details. Try as much as possible to conceive sensitive information when performing any transactions whatsoever.
Are All Routing Number The Same?
No. Routing numbers usually vary from the region you are in, Illinois’s routing number is different from Colorado, and the same goes for all states in the US. The only thing they have in common is that they are all 9 digits.
