How to Use the US Bank Routing Number for Wire Transfers?
If you wish to use the US Bank Routing Number for wire transfers, follow the below steps,
Step 1 - First of all, log into your banking account.
Step 2 - From the main dashboard, Choose ‘Transfer, Deposit & Pay’.
Step 3 - Now choose ‘External transfers & wires’.
Step 4 - Select the option ‘Send a wire transfer.’
Step 5 - Choose the account from which you want to conduct the wire transfer.
Step 6 - Enter the amount of funds you want to transfer.
Step 7 - Choose ‘proceed’ or ‘continue’ to move forward.
Step 8 - Enter the recipient name, account number and the US Bank’s routing number.
Step 9 - Complete the authentication process.
Step 10 - You will receive a confirmation receipt online and keep an eye on any updates on wire transfers.
How Do You Use the US Bank Routing Numbers for ACH Transfers?
Consider the below steps to use the US Bank Routing Numbers for ACH Transfers.
Step 1 - Login into your banking account.
Step 2 - Move to the option ‘transfer’ or ‘payment’ transfer section.
Step 3 - Enter the details of the receipt you are asked for such as the recipient’s name, account number, and the US bank routing number.
Step 4 - Enter the amount you want to send.
Step 5 - Verify the details and confirm the ACH transfer.
Step 6 - Keep checking the updates on the ACH transfer.
What is the Difference Between ABA & ACH Routing Numbers?
ABA and ACH routing numbers are different. Here is a comparison of ABA and ACH Routing Numbers.
Here is a comparison of ABA and ACH Routing Numbers.
| ABA Routing Number | ACH Routing Number |
|---|---|
| It is a code of nine digits set up by the American Bankers Association (ABA) to determine the financial institutions for several transactions, especially paper checks. | It is a code of nine digits usually used within the Automated Clearing House (ACH) network for e-fund transfers. |
| ABA is used for various tasks associated with paper checks, such as check processing, direct deposits, and wire transfers. | ACH is exclusively used for several e-transactions counting direct deposits, online bill payments, and automated recurring payments. |
| It is comprised of 9 digits, out of them, the first two digits always come between 00 and 12 indicating the Federal Reserve district. | It is also comprised of 9 digits, among them, the first two digits are always between 61 and 72. |
| ABA comes into play during payroll processing, bill payments, setting up direct deposits, and facilitating wire transfers. | ACH plays a leading role during electronic fund transfers between accounts held at distinct banks. |
| Since it is a traditional paper check payment method, it may take much time to process and clear | The most comforting side is ACH payments work quickly, and often clear within 24 hours or the next business day. |
Types of Routing Numbers.
You may not know but there are mainly two types of routing numbers namely ABA and ACH.
ABA: The full form of ABA is the American Bankers Association routing number.
- It is also recognized as a Routing Transit Number (RTN).
- It is used for several e-transactions such as check processing, wire transfers, direct deposits and many more.
- Its main function is to identify specific US Financial institutions.
- It is composed of 9 digits.
- It is usually printed on the left corner at the bottom of the check.
ACH: The full form of ACH is the Automated Clearing House.
- It is particularly used for ACH transactions.
- You can think of it as the subset of the ABA routing numbers.
- Its main function is to identify the clearing house and the financial institution’s location.
- It is used in various electronic fund transfers such as automated bill payments or direct deposits.
- It can often be sometimes different than the ones printed on checks.
- It is only needed for electronic fund transfers within the US.
What is the Difference Between ACH and Wire Transfers?
Both ACH (Automated Clearing House) and wire transfers are methods for transferring funds to another account. However, they carry some differences. Here is a comparison of ACH and wire transfers.
Here is a comparison of ACH and wire transfers.
| BASIS | ACH | Wire transfer |
|---|---|---|
| Speed | Typically slower than wire transfers | Usually instantaneous |
| Cost | Usually free and sometimes free of charge | It is more expensive as it involves higher fees for both sender and receiver. |
| Use | Used for direct deposits of paychecks, automated bill payments, and other routine transactions | Often used for urgent or large-sum transactions, real estate transactions, or international transfers |
| Limits | Often have lower transaction limits as compared to wire transfers | Generally having higher transaction limits makes it suitable for large-sum money transfers |
| Security | Mostly secure, but they are subject to a higher risk of fraud in comparison to wire transfers | Usually more secure due to instant and rigorous authentication processes |
| International Transactions | Usually used for domestic transactions within the US, not designed for international transactions | Best-suited for international transfers. Money can be sent or received internationally through it. |
How to Find Your Routing Number on a Bank Statement?
You can easily locate your routing number on a bank statement if you don’t have checks at that moment. First, look for the account information section and you will find a nine-digit routing number at the bottom and near the account number. Verify that this is the correct nine-digit number and don’t forget to note the type of routing number (ABA for wire transfer or ACH for electronic fund transfer).
Is the US Routing Number only for the US Banks?
Yes, the US routing number is only specific to the banks and financial institutions within the US. it is generally used to determine and route transactions between banks and credit unions within the US. however, if you wish to conduct transactions outside the US then you will need to use a different system like SWIFT Code for international fund transfers.
Which US Bank Routing Number Should You Use?
First, specify the type of transaction you want to conduct. On the basis of that, you can choose your US routing number. If you want to conduct a wire transfer, you will need to use the ABA routing number while you want to transfer funds within the US, you must use the ACH routing number.
Top 20 Biggest Banks in the US.
It is undeniable that the US is a hub for a diverse and extensive banking industry that is serving individuals, businesses and institutions. Among them, the US’s top banks are giving a big hand in shaping the country’s economic landscape. Take a look at the top 20 biggest banks in the US, each contributing considerably to the nation’s stability and growth.
Top 20 Biggest Banks in the US.
| Sr. No | Banks |
|---|---|
| 1 | JPMorgan Chase Bank |
| 2 | Citibank |
| 3 | Bank of America |
| 4 | Wells Fargo Bank |
| 5 | Truist Bank |
| 6 | U.S. Bank |
| 7 | PNC Bank |
| 8 | Goldman Sachs Bank |
| 9 | Capital One |
| 10 | BMO Harris Bank |
Top 20 Biggest Banks in the US.
| Sr. No | Banks |
|---|---|
| 11 | TD Bank |
| 12 | Fifth Third Bank |
| 13 | Citizens Bank |
| 14 | First Citizens Bank |
| 15 | Key Bank |
| 16 | M&T Bank |
| 17 | Ally Bank |
| 18 | American Express National Bank |
| 19 | Huntington National Bank |
| 20 | HSBC Bank USA |
