Do Prepaid Cards Have Routing Numbers?
Routing numbers are nine-digit numbers that identify specific banks and financial institutions within the United States and other countries.
Even if you never use a routing number when you make a purchase with your prepaid card, you should be aware of how these numbers work.
So, do prepaid cards have routing numbers?
Most prepaid cards do not have routing numbers attached to them or printed on them. However, your card’s account may have such a number. If you obtained your prepaid card from a bank, you can find your bank’s routing number in a card statement or by contacting your bank directly.
Keep reading for a detailed breakdown of how routing numbers relate to prepaid cards.
What Is a Routing Number on a Prepaid Card?
A routing number is a nine-digit number that allows banks to direct your transaction to the proper location.
Routing numbers were invented in 1910 so that bank clerks could more easily sort and bundle paper checks. These numbers are still used in some (but not all) digital transactions today.
Why Might Prepaid Cards Have Routing Numbers?
Prepaid cards might have routing numbers in order to help direct transactions to the proper bank. It is unlikely that your card itself will have the routing number printed on it, but the financial institution that provides your card may have a routing number.
Here are a few reasons why prepaid cards may have routing numbers:
To Prove an Institution Is Accredited
In the United States, only banks that are accredited with the American Banking Association (ABA) have a routing number.
The routing number proves that your bank is a federally-chartered or state-chartered financial institution. Other countries, such as Canada, have similar systems in place.
To Direct Transactions to a Bank
Even though your prepaid card itself may not have a routing number, your bank may use routing numbers behind-the-scenes.
Small banks might have just one routing number, while large banks can have many routing numbers. These numbers help banks direct your transaction through the proper financial institution.
Your Card Is Connected to a Savings Account
If your prepaid card or debit card is connected to a savings account, you might have a routing number.
The routing number will probably not be printed on the card, but you will be able to find it in your online account. You can contact your bank to find out more.
Why Do Some Prepaid Cards NOT Have Routing Numbers?
Your prepaid card might not have a routing number for a variety of reasons--especially because routing numbers are not strictly necessary for digital transactions.
Routing Numbers Are for Paper Transactions
Routing numbers were originally used with paper checks to direct transactions to the proper destination, meaning that clients would see that number on the corner of each check.
Prepaid cards and other payment tools can now transmit important information digitally, eliminating the need for routing numbers to be printed on the card itself.
Your Prepaid Card Was Issued Outside of the U.S.
If you obtained your prepaid card from a bank or financial institution outside of the United States or Canada, you might not have a routing number. Other countries may use SWIFT numbers, IBAN numbers, ACH numbers, or any combination of the above.
At Payset, we offer accounts with IBAN numbers, which stands for International Bank Account Number. These numbers contain some routing information, but they mainly identify your account.
Routing Numbers Are Not for the Individual
Unlike your account number, routing numbers are not private pieces of information that are unique to the cardholder.
Instead, they are unique to a bank. As such, there is no reason to print routing numbers on a card when bank routing numbers can be published anywhere else.
Payset’s Prepaid Card Solution
At Payset, we offer both prepaid card solutions and IBAN accounts. These are the benefits you’ll get if you sign up for our suite of services:
No Need to Keep Track of Banking Info
With Payset’s prepaid card solution, you’ll get a streamlined payment card that you can use almost anywhere in the world.
You won’t need to worry about keeping track of routing numbers or other banking information. In fact, you don’t even need to use a physical card: Payset also offers a virtual prepaid card that you can use to spend your balance wherever you go.
Multi-Currency Support
Payset allows you to deposit multiple foreign currencies, making it ideal for international travellers.
You can take advantage of exchange rates to avoid conversion fees and get the strongest foreign currency at any given moment. You’ll also save money on fees if transactions go through a country’s own payment network (rather than international bank settlement networks).
Payment Options for Businesses
Payset offers features tailored to both individual users and business users. You can open a personal account, or create a card plan for use within a business setting.
Contact Payset today to learn about your options, or sign up with the “Get Started” button below.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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