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Do Prepaid Cards Have Routing Numbers?

Fintech and banking

Jun 14, 2022

4 min. read

James Irwin

Author

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 plan to offer prepaid card solutions along with our IBAN accounts in the near future. These are the benefits you will get if you sign up for our suite of services once cards are available:

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.

A UK multi-currency account can streamline how you manage your finances. Whether for business or personal use, a multi-currency account provides you with added freedom and flexibility and removes barriers to payments and transfer methods.

Here is everything you need to know about UK multi-currency accounts.

A Payset UK multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow.

From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients. You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account.

There are lots of banking institutions and financial services that will aid you in opening a multi-currency account. Often they can allow you to convert and transfer a considerable number of currencies.

Before you open a UK multi-currency account with any platform or service, make sure you have explored all of the different options available to you and have found the best type of account to suit your financial needs.

How Does a UK Multi-Currency Account Work?

A UK multi-currency account works in the same way as a standard bank account or electronic wallet. Although the services provided will change depending on where you choose to open your account and who you choose to open the account with, all multi-currency accounts should allow you to:

Withdraw money

Send and receive payments in multiple currencies internationally

Access your funds for electronic transfers

Earn interest on your account total

In the same way that fees can occur with a standard bank account you may run into additional charges with a UK multi-currency account.

You could be charged for a number of actions including; making withdrawals, account opening and closure fees, transfer fees, and more.

The frequency or amount of these charges will often vary and if you ask your banking agency they will usually be able to tell you exactly how much you will be charged and which services you will be charged for before you open your account.

Alternative Options to Consider Before Opening a UK Multi-Currency Account

There are many alternatives to opening a UK multi-currency account. For example, there are also money transfer services and online electronic wallets such as Payset that allow you to send your money in over 34 currencies without the need for a UK multi-currency account. You can start sending money across the globe or in person today using your existing bank account.

Frequently asked questions

What is a UK multi-currency account/IBAN?

Are there limits to the amount of money I can send and receive with a UK multi currency account?

Which currencies can I send and receive in my UK multi currency account?

How do I add money to my UK multi currency account?

Types of UK Multi-Currency Accounts

Multi-currency IBAN accounts
Personal multi-currency accounts
Multi-currency accounts for business
Multi-currency cash passports
Multi-currency wallets

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