Show A routing number, or more specifically a US routing number, is a 9-digit number that’s assigned to each financial institution in the United States. The 9-digit code shows that a bank has an account with the Federal Reserve. More practically, a bank routing number plays a key part in making sure your money arrives in the right place. When you enter it alongside a payee’s account number it helps identify the exact bank account for your money transfer. Larger banks can have multiple routing numbers, so the one you need will depend on the state in which the account was opened. Smaller financial institutions will usually just have one bank routing number.
ABA stands for American Banking Association, who originated the bank numbers system in the United States. As a result of this history, a routing number is sometimes referred to as an ABA routing number. A routing number can also be called a routing transit number (RTN). If you’re sending money to the United States it doesn’t matter if the routing number is referred to as an ABA number or RTN as it means the same thing. This terminology is used interchangeably but simply refers to a bank routing number. Do you need a routing number for a money transfer to the United States?You don’t need an ABA routing number and a SWIFT code to make SWIFT payments; you only require a SWIFT code and an account number. Find out more about SWIFT codes. It doesn’t matter if it’s a payment within the United States or an international money transfer to a US bank account, you’ll need a US bank routing number. This is because the routing number locates the specific bank branch that will receive the payment. As previously mentioned, the bank routing number for a financial institution can vary between states. It can also be different depending on the type of money transfer you’re making. There are different ABAs for Wire Transfers and ACH transfers (Automated Clearing House Transfers). Wire transfers are generally preferred, but some banks and smaller credit unions only accept ACH (First Century Bank for instance). A wire transfer through online banking or an FX platform like WorldFirst might need a different routing number to the routing number on a check, for example. It’s worth double checking the bank routing number with the payee or their bank before making your money transfer. Where to find a routing numberIf you have an American bank account you can find the routing number on the bottom of your checks. The numbers printed on the bottom left-hand side are the bank routing number and the account number is usually next to it. The person receiving the money transfer should also be able to find the routing number by logging into their online banking. Routing numbers aren’t confidential, so as well as finding a routing number on a check you can also try a bank’s website as they often publish their bank routing number. Send money with WorldFirstAt WorldFirst, we can make both ACH and SWIFT/Wire payments, so it is worth knowing which kind of transfer the recipient can receive as this can depend on the ABA they have. If you’re sending money to the USA with a WorldFirst account all you need is an account number with either a SWIFT code or ABA routing number, and the account holder’s name. There is no transfer limitation or cap. Sign up for a free WorldFirst account to get started. Related Content
Ever wondered how financial institutions exchange cash from account to account or even from country to country? The key is the use of specialized codes -- SWIFT codes and routing numbers -- that tell the financial system where and how to send money. The international system – SWIFT codes SWIFT is a member-owned cooperative of 10,800 banks and companies from over 200 countries worldwide. The SWIFT network primarily facilitates the transfer of payments, securities, and Treasuries between said parties the world over. SWIFT codes are a string of eight to 11 alphanumeric identifiers that tell the system how to handle each transfer. Think of the identifiers as the digital address of each institution. The SWIFT system uses the codes to know where the transfer is coming from, where it's going, and how it's going to get there. The code is constructed using a bank or institution code, a country code, a location code, and a branch code. Together, this is a comprehensive construct that effectively identifies every institution on the network, anywhere in the world. The domestic U.S. system -- routing numbers Each nine-digit routing number consists of two different codes and a check digit. The first four digits are the routing code the Federal Reserve banks use to direct each transfer correctly through their system, and the second is the bank identifier used to notate the financial institution associated with the payment. The check digit is used to ensure that checks are correctly inputed into a system. Americans most commonly know the routing numbers as the code printed on the bottom of paper checks, but it's also used for wire transfers, for payments via the automated clearinghouse system, and for direct deposits.  Routing number in this example is 129131673, appearing at the bottom left of the check. SWIFT or routing number? In both cases, the code is a critical tool to ensure that the money transfer moves from one place to the other quickly, efficiently, and accurately every time. This article is part of The Motley Fool's Knowledge Center, which was created based on the collected wisdom of a fantastic community of investors. We'd love to hear your questions, thoughts, and opinions on the Knowledge Center in general or this page in particular. Your input will help us help the world invest, better! Email us at [email protected]. Thanks -- and Fool on! We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. How do I find my routing?You can find your routing number in the bottom left corner of a check.
What can I use instead of routing number?Country code. Check digit. Bank Identifier Code (or BIC) Branch code.
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How do you get a routing number
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