Wire Transfers vs. ACH Transfers: what’s the difference? Explained. #wiretransfer #ach

Wire Transfers vs. ACH Transfers: what’s the difference? Explained. #shorts

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[buyerenogurlfwendo]

$40 is steep when you’re just Willy nilly sending your grandma 10 G’s 😂

[Steve-tqei]

"Grandma died 2 days later.. and never got the transfer"

[digitalmitch]

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 But the fact that banks in the US still force you on these outdated methods is so wrong!

[Conviently]

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.

[robertking]

Ah. ACH transactions -- the cutting edge of 1960's technology!

[megagame]

While in Denmark it is free and takes 1 sec...

[marcoschavez]

Wire transfer is not reversible. ACH payment can be reversed, bounced back, etc.

[augustotomazini]

In Brazil, we have the most cool bank feature: the Pix transfer. The transfer is absolutely free and it takes seconds to get there.

[grizzlygamer]

Meanwhile, in Europe we just log into our banking app, enter the account details and click send. Instant transfer, zero fee 😂🤣😂

[redemptionradical]

UPI transfers in India are a blessing, America needs to up its fintech culture

[illya]

Honestly the banks in the US are in the stone age compared to Europe.

[Sphere]

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…

[Shae_Sandybanks]

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

[The_Assassin_]

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?

[raxonn]

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.

[sudhanshushekharsingh]

In india we tranfer in 10 sec and free of cost

[douvaman]

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)

[EthanPatrick_CreditCards]

Never heard it explained so well. Thank you.

[jigmetavinashkumar]

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

[MFTW]

Etransfers in Canada. Instant transfers that are free. You just have to send in batches up to the daily limit (typically 3K)