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wire transfer

Former Member
0 Kudos

hi all,

please let me know what is wire transfer?

thanks

venu

Accepted Solutions (1)

Accepted Solutions (1)

former_member200240
Active Contributor
0 Kudos

Hi Venu

In US, EFT/wires are called ACH or ABA. This means Automated Clearing House. This is a network of Federal agencies and or Banks/FIs who use the Clearing house for clearing the Direct deposit payments among themselves. Even the recipient uses the information for updating his books (receivables).

S Jayaram

Answers (2)

Answers (2)

former_member200240
Active Contributor
0 Kudos

Hi Venu

Wire transfer is synonymous with Electronic fund transfer. But wire transfers are fast and convenient and funds transferred within a day whereas EFT takes 2-3 days. In US, if funds to be transferred are within US, then it is generally called Wire, otherwise EFT

S Jayaram

Former Member
0 Kudos

Hi,

Thanks for your information.

Please let me know about ACH!

what is the difference between wire transfer and ACH?

I will assign the points for the same.

venu

Former Member
0 Kudos

It is the movement of money through a bank that is not a check or cash.

So some form of automatic payment, it could be a BACS or CHAPS in the UK for example.