What's the difference between ACH, EFT & Wire Transfer payments?
ACH is automatic clearing house. This is used mostly when people get direct deposit into their checking/savings account from their employer when they get paid. There is no fee to receive direct deposit. Wire Transfer on the other hand is a bank to bank transfer using the Federal Reserve System. Both the sending bank and receiving bank will charge fees for this service. EFT is just another was of saying ACH where funds are automaticall pulled from your account.- Mostly this is used when paying a bill over the phone.
ACH are electronic transfers that go through the Automated Clearing House system which is a transfer that takes several business days. Its usually free, but some banks charge a nominal fee.
Wire transfers go directly through the Federal Reserve instead of an ACH third party, and they can post within 24 hours.
Wire transfers are usually the preference for people wanting to transfer significant amounts of funds very quickly and can't wait the 2-4 business days an ACH/standard EFT will take. But the price is usually quite substantial (most US banks charge between $20 and $50 for the service and that's just for domestic accounts, international fees will be higher).
Oh, and EFT is a generic term that can apply to either wire transfer or an ACH transfer. Both are electronic (Electronic Funds Transfer).
Wire Money
Free Money Sending
Transfer Money
Send Money
Money Remittance
Transferring Money
Xoom Money
International Money
ACH is automatic clearing house. This is used mostly when people get direct deposit into their checking/savings account from their employer when they get paid. There is no fee to receive direct deposit. Wire Transfer on the other hand is a bank to bank transfer using the Federal Reserve System. Both the sending bank and receiving bank will charge fees for this service. EFT is just another was of saying ACH where funds are automaticall pulled from your account.- Mostly this is used when paying a bill over the phone.
ACH are electronic transfers that go through the Automated Clearing House system which is a transfer that takes several business days. Its usually free, but some banks charge a nominal fee.
Wire transfers go directly through the Federal Reserve instead of an ACH third party, and they can post within 24 hours.
Wire transfers are usually the preference for people wanting to transfer significant amounts of funds very quickly and can't wait the 2-4 business days an ACH/standard EFT will take. But the price is usually quite substantial (most US banks charge between $20 and $50 for the service and that's just for domestic accounts, international fees will be higher).
Oh, and EFT is a generic term that can apply to either wire transfer or an ACH transfer. Both are electronic (Electronic Funds Transfer).
Wire Money
Free Money Sending
Transfer Money
Send Money
Money Remittance
Transferring Money
Xoom Money
International Money
