What is an ABA Routing Number

If you’re planning on transferring money to the USA, you’re going to need an ABA Routing Number in order for the transaction to go through successfully. But, if like many you’ve never heard of an ABA Routing Number, what it looks like or how to obtain one, you’re going to find sending your funds across the pond a little difficult. However, Universal Partners FX is here to help.aa

What is an ABA Routing Number?

So, first things first, an ABA Routing Number is a nine-digit code that is used to identify a United States bank. Each and every bank or financial institution in the States has an ABA Routing number, which is used by both domestic and international banks to locate the specific branch for payments to be made. Different states and regions within the United States possess different Routing Numbers, making it imperative that the correct code is entered when a payment to a US bank account is made.

An ABA Routing Number is made up of digits that identify the bank’s location as well as the Federal Reserve check processing centre that serves that specific bank.

Is an ABA Routing Number the same as a Routing Number?

Often referred to as simply a Routing Number, an ABA has several names that banks across the world use to refer to; including a Bank Routing Number and a Routing Transit Number (RTN). This obviously can lead to some confusion if and when you are dealing with different banks and financial institutions as each of them may use a different name when discussing your money transfer. These are all interchangeable, however, so just know that they are all referring to an ABA when they use these different names.

Ensuring a safe and secure money transfer

In order to send money to the USA quickly and safely, you will need to acquire the ABA Routing Number of the bank account belonging to the recipient of your transfer. If you choose to send your money through Fedwire, the transfer system operated by the US Federal Reserve Banks, you will require an ABA Routing Number. If you choose to send your funds through a SWIFT system using a BIC/SWIFT code, then a Routing Number can be provided to you optionally.

Finding an ABA Routing Number

Hopefully, when sending money to the United States, the recipient will have provided you with their Routing Number before making the payment. If for some reason, they are unsure of where to find their Routing Number, it can typically be found in the lower left-hand corner of each cheque in their cheque book. In the event that recipient is unable to provide an ABA Routing Number form their cheque book, they can find it in the account section of their online banking. If they are still unable to find their Routing Number, then you will have to get in touch with your bank in order for them to calculate the code for you prior to making your payment.

Sending money to the USA with Universal Partners FX

If you choose to send money stateside using your bank, be prepared to pay additional transaction fees on top of a poor exchange rate. With Universal Partners FX, these worries are a thing of the past. When you choose to send money internationally with us, you will receive zero transaction fees and bank-beating rates that ensure you get more for your money. Simply tell us the amount you would like to transfer and your currency pairing to receive a FREE, no-obligation quote.

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For more information on how Universal Partners FX can help with your transfer to the United States, do not hesitate to get in touch with one of our foreign exchange experts today.