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ACH Payment vs Wire Transfer: What’s the Difference and Which Payment Method Should You Use?

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ACH Payment Wire Transfer Speed of transactions Typically takes 1-3 days for the receiving bank to receive the funds Within a day for a domestic wire transfer. International wire transfers can take up to 7-10 days Costs and fees Around 1% of the payment amount. No fees on the receiving side.

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ACH Payment vs Wire Transfer Similarities and Differences: How to Choose Between ACH vs Wire

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To initiate a wire transfer, the sending bank sends a message with the payment instructions to the recipient’s bank via a secure wire transfer network, such as Fedwire or the Society for Worldwide Interbank Financial Telecommunication (SWIFT). This includes real estate down payments and Mergers & Acquisition (M&A) transactions.