Here's all you need to know about payment methods/ transfers.
ACH Transfer
ACH (Automatic Clearing House Network) is a type of electronic bank-to-bank payment in the US. It is made via the ACH network. The ACH transfer allows safe money transfer.
This is the local/domestic payment network banks use in the U.S.
Receiving payments via ACH has a 1% deposit fee.
To receive payments via ACH, use the ACH routing number provided on your bank details.
Receiving payments with your US bank account via ACH TRANSFERS can take 1-3 business days. The process may also fail for various reasons, resulting in potentially longer processing times.
Swift Payments
SWIFT ( Society for Worldwide Interbank Financial Telecommunication) payments are electronic transactions facilitated through an intermediary bank, enabling international fund transfers. While the SWIFT network doesn't transfer funds or operate as a banking system, it is a secure channel for transmitting payment orders between banks using SWIFT codes.
The SWIFT payment network allows individuals and businesses to accept/send international money via electronic or credit card payments. Click here to learn about the Swift code.
Wire Transfer
A wire transfer is an electronic transfer of funds via a network that is administered by banks and transfer service agencies around the world. Wire transfers are sent by one institution and received and administered by banks and transfer service agencies worldwide. It is sent by one institution and received by another. Wire transfers by another. They require information from the party initiating the transfer, such as the recipient's name and account number.
Wire transfers don't involve the physical cash exchange but are settled electronically. They can be sent between banks or through a non-bank service like Western Union. Wire transfers go through a system like SWIFT, the Federal Reserve Banks' Fedwire Funds Service, or the Clearing House Interbank Payments System (CHIPS).
The sender pays for the transaction upfront at their bank. The sender must provide their bank with the following information:
The recipient's name, address, and contact number, along with any other personal information required to facilitate the transaction
The recipient's banking information, including their account number and branch number
The receiving bank's information, which includes the institution's name, address, and bank identifier (routing number or SWIFT code)
The reason for the transfer
Most wire transfers can take 1-3 business days.
NB: The US bank account on Grey only receives funds via ACH.