How to Send Money With Just an Account and Routing Number

Sending money to another person or business using only an account and routing number is a common method for electronic fund transfers. This process facilitates the movement of funds directly between bank accounts, offering a secure way to manage various financial obligations. Understanding the requirements and procedures for these transfers ensures efficient and accurate transactions.

Essential Information for Transfers

Before initiating any transfer, gathering recipient and banking details is necessary. A bank account number is a unique string of digits, typically between 8 and 12, that identifies a particular bank account and its owner. This number ensures funds are deposited into or withdrawn from the correct account. You can typically find your own account number on checks, bank statements, or through your online banking portal or mobile app.

A routing number is a nine-digit code that identifies the financial institution itself. It acts like an address for the bank, directing where the money should go. Routing numbers are essential for electronic transactions like direct deposits, bill payments, and funds transfers. These numbers can be found on checks as the first set of numbers at the bottom left, on bank statements, or within online banking platforms.

Beyond these banking identifiers, you will need the recipient’s full legal name, matching their bank account name to ensure correct processing. The full name of the recipient’s bank is also required. You must specify the exact amount of money to be sent. Some financial institutions may ask for the purpose of the transfer. Accuracy in providing all these details is important, as incorrect information can lead to delays, rejections, or funds being sent to the wrong account, which can be difficult to recover.

Initiating an ACH Transfer

Once recipient information is compiled, initiating an Automated Clearing House (ACH) transfer is a common method for domestic electronic payments. ACH transfers move money between banks and credit unions through a centralized network. This system is widely used for routine transactions, including direct deposits and bill payments.

Most banks offer ACH transfer functionality through their online banking portals or mobile applications. To begin, you typically navigate to a “Transfers” or “Payments” section within the platform. From there, you will select an option to “Add Payee” or “Send Money to Another Bank Account.” You will then input the recipient’s bank account number, routing number, full legal name, and the name of their bank into the designated fields.

After entering the required details and the amount, the system will prompt you to review and confirm the transfer information. It is important to double-check every detail at this stage to prevent errors. Once confirmed, the transfer is initiated.

Standard ACH transfers typically take 1 to 3 business days for the funds to become available in the recipient’s account. Factors such as the time of day the transfer is initiated, weekends, and holidays can affect processing times. Fees for ACH transfers are generally low or free.

Initiating a Wire Transfer

Initiating a wire transfer represents another method for sending money using account and routing numbers, often chosen for its speed. Wire transfers are direct, bank-to-bank movements of funds over secure networks like Fedwire in the U.S. They are generally faster than ACH transfers, making them suitable for time-sensitive payments.

Wire transfers can be initiated through various channels, including in-person at a bank branch, via phone banking, or through online services. When initiating a wire, you will provide the recipient’s full name, their physical address, the name of their bank, their bank account number, and the bank’s wire routing number. While the process is similar to ACH in terms of required information, wire transfers involve different underlying systems and often stricter verification.

After providing all details, the bank will process the request. Domestic wire transfers typically settle within the same business day, often within a few hours, if initiated before the bank’s daily cutoff time, which can range from 2 p.m. to 5 p.m. local time. Transfers submitted after this cutoff will be processed on the next business day. Fees for wire transfers are generally higher than ACH, with outgoing domestic wire fees averaging around $23 to $30 per transfer, and incoming domestic fees ranging from $0 to $20. Wire transfers are irrevocable; reversing the transaction is extremely difficult without the explicit consent of the recipient and their bank.