What is an ABA Routing Number and when is it required?
In 1910, the ABA routing number was developed by the American Bankers Association. Made up of 9 digits, it is used to identify the region where a financial institution/bank physically resides within the United States.
Routing numbers are used to identify banks when processing domestic cheque, and electronic payments or wire transfers in the United States.
An ABA Routing Number is often referred to as a Routing Number, a Bank Routing Number, or a Routing Transit Number (RTN).
Should an ABA Routing Number be used for international money transfers?
If you are making a money transfer to a bank account in the United States, you will require the ABA routing number of the bank and the beneficiary’s bank account number.
You can also use a BIC number (SWIFT) and the account number of the beneficiary.
An ABA routing number is sometimes used with a BIC / SWIFT code when making transfers to the US through the SWIFT system. This makes it easier to identify the beneficiary bank which could often be the local branch of a large national bank.
It is imperative that you make sure to use the correct Routing Number when sending money to an account in the US – otherwise the payment will fail. Some banks also use separate ABA numbers for wire transfers, direct deposit or ACH transactions.
Payment providers like Fexco use bank account validation tools to make sure Routing Numbers are correct before payments are made. This provides added assurance that payments are delivered quickly and will not be lost in the international banking system.
What if a payment is made from within the United States?
If your payment is being made domestically (within the US), then the ABA Routing Number will be used. If the payment is being sent internationally, then the SWIFT code (BIC/IBAN) will be used to deliver to accounts in banks which are part of the SWIFT network.
If you are in Ireland and receiving payment from the United States, you will need to provide the payer with the BIC and IBAN details of your Irish bank account to facilitate an international transfer.
Where do I find an ABA Routing Number?
The recipient you are sending money should give you the routing number to make a payment to them. An ABA Routing Number is typically found on the bottom left-hand corner of each cheque in a cheque book.
Alternatively, it can be found on their online bank account or by contacting their local branch.
What is a routing number in Ireland?
Irish banks do not use routing numbers for bank identification purposes.
Ireland’s financial institutions use BIC codes for domestic money transfers and incoming international transfers. A BIC is an 8-to-11-character code that is used to identify bank accounts that are held in the Republic of Ireland.
For example, when receiving funds into an Irish bank account from a bank in the US, the sender would be instructed to use the BIC/IBAN of the receiving account.
Do UK banks have an ABA number?
Banks in the UK use a sort code which is the equivalent of a routing number. Used for domestic transfers, it consists of six digits and identifies the specific bank and branch where the account is held. A UK sort code is typically found on a bank statement or online banking.
Sending money to the United States?
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Fexco can pass on savings of thousands of pounds/euros/dollars on the value of your transaction in many instances compared to the exchange rates quoted to you by a typical high street bank. As a registered customer, you will also receive support with any formatting issues related to ABA Routing Numbers
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