Sending international wires can be a tricky process, but it doesn’t have to be. By using the ACH network, you can streamline the process and get your money where it needs to go quickly and easily. In this blog post, we’ll walk you through everything you need to know about sending international wires using ACH.
What is ACH?
ACH stands for Automated Clearing House. It’s an electronic network that processes financial transactions, such as direct deposit payments and wire transfers. When you send a wire transfer using ACH, your bank will send the payment information to the receiving bank through the ACH network. The receiving bank will then credit the account associated with the wire transfer.
Why Use ACH for International Wires?
There are a few reasons why you might want to use ACH for international wires. First of all, it’s faster than traditional wire transfer methods. Second, it’s less expensive. And finally, it’s more convenient because you can do it all online.
You can also use some service providers for smooth money transactions likewise Paypal, Wise or MTFX. In addition, MTFX offers you the best exchange rates with a safe and secure way to transfer money.
How Does ACH Work?
When you send an international wire transfer using ACH, your bank will send a batch of payments to a central clearinghouse. The clearinghouse will then distribute the payments to the receiving banks. The whole process usually takes 1-2 business days.
How to Send an International Wire Using ACH
Now that we’ve gone over some of the basics, let’s get into how to actually send an international wire using ACH. The first thing you’ll need to do is gather the following information:
-The name and address of the recipient bank
-The recipient’s account number
-The routing number for the recipient bank
-The amount of money you want to send
-The currency you want to use
-Your account number
-Your routing number
With all of that information in hand, you’re ready to start the process. Just log into your online banking account and follow these steps:
1) Enter the routing number for the recipient bank.
2) Enter the account number for the recipient’s account.
3) Enter the amount of money you want to send.
4) Choose the currency you want to use.
5) Enter your account number.
6) Enter your routing number.
7) Review all of the information to make sure it’s correct, then hit “submit.”
That’s it! By following these simple steps, you’ll be able to send an international wire with ACH quickly and easily.
Sending international wires doesn’t have to be complicated or expensive—if you use ACH, you can also compare ACH with SWIFT. With just a few clicks, you can send money anywhere in the world quickly, easily, and affordably. So next time you need to send an international wire, remember these tips and save yourself some time and money.
Pro Tip: You can use a currency daily look-up and economic calendar to prevent such low inflation rates, in order to transfer money.
