Wire Transfers vs. ACH Transfers: what’s the difference? Explained.
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- Опубліковано 19 жов 2024
- Wire Transfers vs. ACH Transfers: what’s the difference? Explained. #shorts
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Doesn't work like that.
SEPA standard in Europe set forth that any transfer made before 6 pm mus t be received next day. And those are the normal and free transfers. Immediate transfer for less than 50k€ takes minutes and usually cost less than 20€ ( In some cases even less). And these standards apply in Al European Union and associated countries like UK
Chase bank won't let people wire to coinbase 😢😢😢
Imagine it costing to send money to someone
$40 is steep when you’re just Willy nilly sending your grandma 10 G’s 😂
That 10G goes to your granny
The $40 fee you pay goes to the bankers' pocket
I say, that's a big difference there
@@Jiyoon02 and your point
@@damoneboyd9945 his point is that there's a big difference there you nimwitted bozo
Your bank account won't know the difference.
Sometimes it's not your money
"Grandma died 2 days later.. and never got the transfer"
🤣🤣🤣
the money was for meds
Then with inheritance tax you had to pay 1000 to get it back
Well send it back then
She died 2 business days later
This is one of the most surprising (and annoying) things I learned since moving to the US. I'm from the Netherlands, and transfers have been instant (and free) many many years. Somewhat similar to what Zelle does in the US I guess. But the fact that banks in the US still force you on these outdated methods is so wrong!
Same even most countries in south America have that, TBH I think it is just a scam and they will not change unless they are forced, because the business won't do anything pro consumer because less money means angering the share holders.
The thing is it is and isn't instant the 3-5 business days comes from final settlement where there is practically no chance the transaction can be undone
I think the US is the only country that runs this scam
In India too transfers are instant 🤔
People don't really use transfers here so ¯\_(ツ)_/¯
If you’re in UK it’s pretty much instantly if you have the same bank but couples of minutes if it’s a different bank. Occasionally there can be a delay if you’re transferring large amount money as there needs to be more further checks.
And bank transfers in the UK is often criticised to be the slowest in Europe.
@@phantomlumina8686 So true, even minutes seems so slow to me, here in the Netherlands it's instant across all banks. It's insane to think about how slow and outdated the systems in the US are if it takes literal days.
I couldn’t imagine a bank transfer taking more than 5 minutes id think I’d been robbed
All banks are instant in the US if you're transferring within the same bank. Technically, wire transfers are within seconds but banks process them individually so it seems to take longer to hit the other bank.
-Former Branch Manager
@@joostvanassenbergh180wire and ACH transfers are for extremely large amounts of money. In network transfers and checks are free and are available the next business day. Card payments are often instant and are negotiable with your processor.
Wire transfer is not reversible. ACH payment can be reversed, bounced back, etc.
Ah. ACH transactions -- the cutting edge of 1960's technology!
While in Denmark it is free and takes 1 sec...
Same in Australia except for the first time that will take 24 hours at most
Same in brazil which is literally a third world country
Same in India through UPI
Welcome to Murica! 😅
A whole second? It is much faster in the Netherlands.
In Brazil, we have the most cool bank feature: the Pix transfer. The transfer is absolutely free and it takes seconds to get there.
Meanwhile, in Europe we just log into our banking app, enter the account details and click send. Instant transfer, zero fee 😂🤣😂
we've got it in Canada too. we call it "E-transfer's" same process makes splitting a bill easy.
You can do this here too but when you get paid from job or something else, usually it takes a few days and is an ach transfer
India being a 3rd world country entered the chat*
You pay for this in the USA? 😮
As an Australian this is weird. Between bank accounts at the same bank it’s instantaneous. To another bank it takes a few hours… and all of this is free. So every transfer is same day… bizarre.
I can now understand why so many people are not part of the banking system. Because you have to pay for every service! I have $0 banking fees… only bank fee I ever paid was a couple hundred dollars for the establishment fee for my mortgage…
We pay for everything in the US it makes more sense when you realize that America was founded by the top 1% of the colonies and they tricked the poor into fighting for them and the country almost failed instantly because the poors dared ask to be paid for fighting in the revolution and the riches tried not paying them. Voting was only for landing owning white men and once voting increased suddenly a new thing called lobbying was invented where rich people and companies pay people that bribe(sorry “donate to campaigns”) for laws that favor them.
That’s if you do it through banks, Zelle, PayPal, or Venmo are faster.
UPI transfers in India are a blessing, America needs to up its fintech culture
Wtf America. In NZ, unless I'm sending money literally out of the country, paying some is either instant or taking a couple hours (depending on the bank). The only exception being different banks over the weekend. AND it's free
Same in India. All payments at all times are free and instant. The only ones that MAY take some time are international payments.
American, lived in NZ For 15 years. Much much better financial system there. EFTPOS is awesome.
Between all eurozone countries it is instant and doesn't matter if it is in the weekend.
Laughs in UPI😌
Lessgo India❤
Faxs 😊
Honestly the banks in the US are in the stone age compared to Europe.
Never heard it explained so well. Thank you.
in europe if you are in the same bank there’s no cost and it happens instantly, same if you are in different banks and the cost is 4€ but in all cases it is instantly (at least for up to 10k)
In Finland you can send to every bank instant and its free so.
I am confused ..... I am from a third word country and i can transfer a very large amount to someone else on my phone in like 10 seconds... How is it not possible to do so in America?
It is we just have to use Crypto
It is - a collation of our banks made an app called Zelle that allows for transfers just with phone number
America is a third world country with a Gucci bag
In india, through NEFT in a minute big amounts like 5-10k $ can be send. And if you want to send something upto 2k $, through Upi by putting just recievers cell phone no. It sends within a second not even kidding a second, this system is indigenously made in india affiliated with all banks, and paying apps of all companies.
In india we tranfer in 10 sec and free of cost
I have no idea what either of these are, but in the UK you can make a BACS payment using your banking app. You just need the recipient's account number, name and sort code. It's usually instant.
Etransfers in Canada. Instant transfers that are free. You just have to send in batches up to the daily limit (typically 3K)
In India, UPI, or online bank transfer, so easy, no extra cost and gets transferred within seconds with a ease of button, India really is ahead in online payments
PROUD TO BE INDIAN
Wire transfers for the same bank are free, Zelle is free and instant up to 3.500 daily or 20k Monthly (depending on bank) Wires are $35 in the states and $45 out of the country.
Guys, there’s also something called a book transfer, which is essentially a wire to another account holder in the same bank where you have your account. It’s free
ACH goes out at 5PM ET and received between 8-9AM of the following day usually free. Wire goes out at 5PM as well and recived between 5-6PM of the same day with a cost of 40-49$. Wire cannot be reverse and some banks might have a different routing to complete the transfer so verify before wiring money.
In Scandinavia, money transfer is free and instant, every country basically has an app where they can send money by stating the persons phone number (that the recipient has linked to their bank acccount) and the amount.
We used to have this 20 years ago tho, then we had to wait up to 24 hours. It was still free tho
we are not talking about things like swish. we are talking about bank transfers. with those Scandinavian apps u cant send money to a us bank for example. but with real time bank transfers u can. but USA is stuck in the last century and doesn't have those.
Please explain why $40. Please explain 3-4 days.
$40, the bank fronts the money before it get the recipient. So it’s a convenience fee. 3-5 days ACH, the bank doesn’t front or send ahead the money, it’s your actual money that is withdrawn, processed and then deposited into the recipient’s account.
Some ACH will cost money depending on the bank. However, if you are doing a real estate transaction at closing, then it’s usually best to do a wire transfer due to closing on the home and the funds needs to be received asap in order to get keys to the house. So it will depend on the type of transaction. Good video though.
In Brazil, we have PIX, an instant nationally integrated system for instant transfer and payment. Best part is it costs nothing. The US system is archaic compared to Brazil
Most banks don’t charge for wire transfers over 50k or if it’s infrequent. So if you wire 51k for a down payment on a house they won’t charge you ;)
What about if you’re trying to transfer $100K to another Bank?
@@redscorpion9325 depending on amount id recommend a certified check especially if its your own money. Less taxes.
LoL, in India we transfer money instantly without any cost or charges.
Most of India is poor 😂
@@Wanteyt Sure, but the amount of people in India that are not poor and are rich is more than few countries.
Wow in Mexico money transfers are free and they take a few minutes
They aren’t completely free, my family in the US has family members who live in Mexico and you still pay a conversion fee to pay the person receiving the money ($2.99 to $5.99 usually)
In Indonesia, ACH transfer is quite fast. If the transaction is made on working days and operational hours, the money will be received in less than 5 hours.
Set up a savings account with American Express. They allow you to do Express transfers that process same-day, for free*
*free assuming the receiving bank doesn't charge a fee.
The interest rate is pretty solid too because it's a HYSA
Damn UPI goes brr
Great video
In India it's free, happens on mobile , in 2 seconds
We have zelle here too that’s instant but ach is preferred for large transactions
Even IMPS, NEFT are instant and free
We’re living in 2023 right?
And the USA banks say what now?
I am surprised to hear that money transfer takes so many days in US. In India, it is instant for majority of transactions. Batch transfers have become kinda obscure but take 30 min. Cheques is the slowest and have become very rare and takes from a day to two.
Or you could set both parties up with XRP wallets on uphold, convert and send the money which is received in minutes and may cost less than $10 in fees (considering the amount) She receives the money and can withdraw the money in minutes. Whole transaction happens in minutes instead of days
good for u all, in colombia they charge like 3% of the total, so u would've to pay 300 or so for those 10k
In india we use UPI and netbanking no charges involved..
In India you could transfer money through upi to someone's bank account instantly for free and that through your smartphone
ACH push is better since they know the sending account has the money and the message doesn't have to make a round trip.
When I push miney from Fidelity it shows up the next day as long as it's done before the cutoff time, which I think is 4pm et but im not sure.
American banking systems are about 40 years out of date. Apparently they still use "checks" (cheques).
Bruh he’s sending 10 grand yet he won’t pay the 40 bucks💀
$40 is a lot of money just to give away to a Bank,its a bullsh*t fee
@@redscorpion9325it is a service that a company provides, why shouldn’t they charge you a price? I don’t get the logic, you think it should be free so they give you options, you then moan about how long it’ll take. You want free and fast, which is not possible.
Thank you
Wait it takes THAT LONG juet to transfer money from one bank to another? In my country, its done almost instantly.
You can also use a cashier’s cheque
Confusion in not having to pay for bank transfers in the UK
wait, a genuine question. Don't banks in US have an instant transfer option ? even in SL, our transfers from any bank to any bank (within the country) happens within a minute, usually even less, and it's free for us within same bank (regardless of branch) and about $0.01 per transfer for different banks.
Do ya'll have some other options besides wire and ACH or?
In Mexico and most South American countries all money transfer are instant or at most they can take up to a hour. It's crazy how here in the US it takes way longer.
Use Wise or Revolut to lower the costs
Why does ACH take do long in the USA? It's less than 24 hours in my country
It’s still wild to me how transfer fees and shit are still like a thing, in the country where im from you can directly send money from one card to another with no outside interference straight from your bank app and it arrives in a mater of seconds
Does America not have standard bank transfers? I could transfer my mum 50 grand and all the bank would do is call me incredibly concerned.
Why aren’t the free and instant anyway
Americans have pathetically old shitty banking system
An IMPS or UPI is literally 3 seconds away
And if want to send more using NEFT , it’s almost instant , transferred as much as you want in 1 minute
And ofcourse transfers are 100% free
True, even in our third world country the money transfer happens the moment their database gets updated(which is pretty much the time it takes for the teller to input the transaction and upload it)
We have zelle and it's also free and instant
@@LiamMcBride that’s just one app by private entities which has low security
See I am currently doing a major in cybersecurity + AI so we have studied these systems deeply , they are very outdated
Only thing that can save billions of dollars of Americans is now fed pay only if it’s able to deliver its promises , and most importantly ever get released
They delayed it too much , it won’t be useful if comes out like a decade later
@JALKARNA no its not, it's build in to the banks apps and is interoperable by other banks in the network
@@LiamMcBride that’s exactly what I said , it’s run by private / independent entities
Just look up what UPI is for once , zelle is just a mere wanna be payment system
Don’t believe me? Try entering number of a person from the other side of the world and try sending money , does it work? Works for me
Alright don’t have number? Sure just enter bank acc number and send payment in less than 2 seconds without paying a single cent
You want a subscription? Sure you don’t have to fill up your very vulnerable card data , just enter upi id (like email address) and just confirm autopay via app , you gave got the subscription that you can choose whether it can be continued or not , just cancel autopsy with a click
What about interest? And the USA is crazy slow.
You can do 4 next day transfers with Zelle for $2500 each if your bank has it.
Me being in awe of how the us is still using this method, like why aren’t transfers instantaneous… they are where I live
Bank transfers in euro are for free in the EU, and below 12500 Euro always instantaneous
Finally a relevant information about rsu sale, every other video keeps explaining what is rsu blah blah , like we are kids who got rsu in primary school. Thanks 👍
Ach is usually next day. And with chase I've had them beat wires several times.
40 IS STEEP BUT LETS SEND 10K lol
What’s the benefit of either of these when Zelle, PayPal, Apple Pay exist?
In Brazil we have PIX, we can transfer thousands in seconds no tax.
It’s bizarre that US banks can still justify such steep waiting times and cost when in many other developed countries transfers are free and are being processed in real time (literally 1 second).
People don’t complain often nowadays since you usually use Zelle for low to medium transactions.
It’s not very common to send $10,000 or more to someone on a whim: for example the purchase usually has build-in wait time for other reasons (like buying real estate or vehicle)
Wait. Transfers cost money?
I worked for PayPal. Ach transfers were random. Some took 2 days. MAny ach transfer took 3-5 business days. Some were 5-7 with a holiday. It was one of the worst parts of the job trying to explain that to people. 😂
send grandma $9,999 since 10K or higher will be reported to the Feds.
That’s when XRP comes along
40 dollars to send 10k? In what currency?
will she be taxed for that? i’ve heard different things about taxes on gift money.
Lol do you still use postal pigeons in the US?
How does a Dixie roberts wire transfer work?
Meanwhile in the Eurozone SEPA transfers are free and instantaneous. Doesn't matter between which banks of even if it's in the same country. As long as it's within the Eurozone and in Euros it's free and instant.
And people complain about paying network fees using bitcoin
free and instant in Australia
Granny dies expecting the money
It gave her something to live for
In india IMPS or NEFT it is instant and no charges at all.
10k usd is like 7 lakhs you can even UPI that much lol
Super helpful! Thank you
No way this is a real human
@@trippinballsinumoms i mean tbh it kinda was lol
Is ACH and Alchemy pay related?
Meanwhile in India, people are scratching their heads thinking how come they're able to send bank to bank transfers in minutes for free.
It's almost like banks are still operating with 300 baud dial-up, and don't have a dedicated phone line.
Meanwhile Brazil has Pix, which allows for free and instant payments across any banks lol
When in India, you get free transfers... And as fast as instant(UPI).
? Wire transfer better be 5 to 30 minutes or less or I sincerely would not recommend keeping that bank
You pay so much in USA? In Poland those are free and almost instant...
Every Hypixel skyblock player when they hear 3-5 business days
Why are you sending anything thru a third party in the first place?
In Brasil we can transfer any amount instantly without costs
I find it weird you need to pay money to transfer to someone. Where i live you just open the app, click a few times et voila, they have the money. The only limit is the amout you can transfer which is dictated by the amout you set, which can be changed while using the app anyways.
40 bucks ain't cheap as a fee to move 10k
Is banking system that bad in US?
Idk what bank he using but i did it without a fee?
So US don’t have payID yet ?
So p2p bank transfer aren't a thing?
Time is money so always choose wire