ACH Payment vs Wire Transfer: What’s the Difference and Which Payment Method Should You Use?
Stax
JUNE 27, 2024
For domestic wire transfers, the bank uses Fedwire (Federal Reserve Wire Network) or CHIPS (Clearing House Interbank Payments System). For international wire transfers, also known as remittance transfers, the bank uses SWIFT (Society for Worldwide Interbank Financial Telecommunication), also known as BIC (Bank Identifier Code).
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