What Are Routing Numbers And How Do You Find Them?
Table of contents
Author: Yasmin Purnell
We only list companies that are trustworthy and appropriately licensed. Our aim is to give you a comprehensive view of the regulated money transfer marketplace.
DisclosureMoneyTransfers aims to help users find the best money transfer provider for their needs. To support our free service, we may earn a commission from some of the providers listed in our search results. The commission may also impact the ordering of the providers shown. Our reviews are independent from this and are based on our editorial policy, research and testing of dozens of remittance providers on the market.
Table of contents
Routing numbers are used by banks to identify one another. The Routing Numbers were not used until 1911, routing numbers are an essential part of financial transactions and necessary anytime you are looking to send or receive money. In this guide, we’ll cover exactly what routing numbers are, how to find them, and why you might need one.
Search Now & Save On Your Transfer
Instantly view live exchange rates, fees & features.
What’s a Routing Number?
A routing number is a nine-digit code used to identify where are financial institution is within the United States. Routing numbers are also known as an ABA routing number, an RTN, or a routing transit number, and are often needed for sending money.
How Are Routing Numbers Used?
Routing numbers are essential for enabling banks to accurately send and receive funds by matching the correct financial institution to the right financial transaction.
Routing numbers may be required for a number of reasons. You should have your routing number handy if you are:
Transferring money internationally
Making a payment online or via the phone
Making a recurring automatic payment
Processing checks
What’s the Difference Between a Routing Number and an Account Number?
Routing numbers and account numbers are both equally important elements when sending and receiving money. A routing number is used to identify the specific bank any payment, cheque, or transaction needs to be sent to. Account numbers, on the other hand, are used to specify the actual account a transaction needs to be sent to/from.
You will often need to provide both numbers for any transaction to or from a bank account.
What’s the Difference Between Routing Numbers, SWIFT Codes, and IBANs?
A routing number is used to identify financial institutions, such as banks, located within the UK. This nine-digit code is important if you are arranging a transfer via ACH or a wire transfer to another bank within the US.
A SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, on the other hand, is more often used for international financial transactions. SWIFT codes are made up of either eight or 11 characters that allow banks to identify the country, location, bank, and (in most cases) branch for a foreign transaction.
Equally, IBAN codes are also more commonly used for international transfers. IBANs (International Bank Account Numbers) are codes made of up to 34 characters, the range varies from 15-32, and used to identify a specific bank account and the bank and country it belongs to.
Why Might You Need to Know Your Routing Number?
Your routing number is a set of characters unique to your bank’s location, and is necessary to ensure your money reaches it’s destination accurately and safely.
Where to Find Your Routing Number
Your routing number is an essential piece of information that you will need to provide if you are sending a payment or receiving money from someone else. You can find your routing number in the following ways:
Visit your bank’s website
Find your routing number via your online banking account
Telephone your bank or visit your local branch
Use a routing number generator online
Look on a personal cheque (should be printed on the bottom) or at a bank statement
Sending Money Safely
The information you are asked for when sending money to friends and family is all used to ensure your money arrives at its destination safely, securely, and without delay. Security is only one component of an effective money transfer however - cost, speed, and payment options being just a few additional consideration to take into account.
Our transparent comparison engine helps you find the best way to send money for your specific transfer needs, to start here if you need to send money abroad.
Related Bank Transfer Guides
Revealing Online Banking Statistics & Facts
You may think of online banking as relatively new, but it has been around for over 40 years. However, it was not until the 90s that the practice started to become more popular. The development of the internet and mobile devices has allowed online banking to become practical.
Best Online Banks in the UK
With relatively low fees, easy and convenient access and innovative features and functionality, online banks have changed the banking landscape for good. But there are lots to choose from, each offering different benefits and drawbacks to consider depending on what you need the account for.
Bank Transfer Vs Wire Transfer
The key differences between bank transfers and wire transfers are:
How to Open a Bank Account Overseas
International bank accounts can be useful if you regularly transfer funds overseas or have assets in a foreign country. They can also be useful for business owners looking to diversify overseas.
Best Multi-Currency Accounts
The average cost of an international transfer from a bank since 2016 has been upwards of 17% of the total send amount. When receiving money into your bank account you will pay fees of around 3% just to receive the money.
Contributors
Please share your experience with …