The paper presents a theoretical analysis of heat transfer in a heated tube bank, based on the Nusselt number computation as one of the basic dimensionless criteria. To compute the Nusselt number based on the heat transfer coefficient, the reference temperature must be determined. Despite the value significance, the quantity has several different formulations, which leads to discrepancies in results. This paper investigates the heat transfer of the inline and staggered tube banks, made up of 20 rows, at a constant tube diameter and longitudinal and transverse pitch. Both laminar and turbulent flows up to Re = 10,000 are considered, and the effect of gravity is included as well. Several locations for the reference temperature are taken into consideration on the basis of the heretofore published research, and the results in terms of the overall Nusselt number are compared with those obtained by the experimental correlations. This paper provides the most suitable variant for a unique reference temperature, in terms of a constant value for all tube angles, and the Reynolds number ranges of 100–1000 and 1000–10,000 which are in good agreement with the most frequently used correlating equations.