Differences Between ACH and Wire Transfer Methods in the United States
There are two main transfer methods in the U.S.: ACH transfers and Wire transfers. Each has different characteristics regarding costs, processing times, and transaction methods.
ACH Transfers
What is ACH? ACH (Automated Clearing House) transfers are a payment method that uses a batch process. This means multiple transactions can be processed together.
Cost: ACH transfers tend to be very low cost or, in many cases, free.
Processing Time: ACH transfers usually take 3 to 6 business days to complete due to the clearing method used by the U.S. banking system.
Wire Transfers
What is a Wire Transfer? Wire transfers are individual transactions that require specific requests to process.
Cost: Wire transfers are typically more expensive than ACH transfers due to higher processing costs.
Processing Time: Wire transfers are generally completed within 48 business hours, which is faster than ACH transfers.
How to Receive a Wire/ACH Transfer
To receive a Wire or ACH transfer into your ARQ account, follow these steps:
Use your U.S. Account Details:
ARQ provides you with unique U.S. account details for receiving Wire and ACH transfers.
The Wire transfer account details are the same from ACH account details.
Steps to Find Your U.S. Account Details for Wire/ACH Transfers:
Open the "Receive" tab in the ARQ app.
Select the "Dollars" option.
If this is your first time opening your U.S. account details, you may need to complete additional identity validations.
Once you have completed these steps, you will be able to view your U.S. account details for Wire/ACH transfers.