Over a decade ago when our firm opened the Wells Fargo bank account that is our firm’s present operating account, the bank told us that there were two “ABA routing numbers” that we needed to know. I never really understood why there were two, or how a person might know when to use one or when to use the other. Very recently in my efforts to learn about international business money transfer options, I have gotten to the point of understanding the two routing numbers better. It turns out that there are two ways for a business to send money from one US bank to another, and one is faster and more expensive, and the other is slower and less expensive. In this blog article I will explain what I have learned about this. This information might possibly be helpful to you in either of two ways:
- maybe you have in the past been using the more expensive way for transactions where you were not really in a hurry, and you would benefit from knowing about the slower and less expensive way, or
- maybe in the past you only knew about the slower way, and you would benefit from knowing how to use the faster way in cases where you do not mind paying the higher fee.