Sending money with a checking account number instantly refers to the electronic transfer of funds from one bank account to another, utilizing the recipient’s checking account number for immediate access to the funds. For instance, using an online or mobile banking platform, individuals can seamlessly send money to friends, family, or businesses in real-time.
This method of money transfer offers numerous benefits, including convenience, speed, and cost-effectiveness. Historically, the development of electronic payment networks, such as ACH and SWIFT, has been instrumental in facilitating instant money transfers between checking accounts.
