Faster and Cheaper Payment

Which mode of payment is faster and cheaper - ACH or Wire transfer?

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e46fanman

  • Aug 29th, 2011
 

wire is faster but has charge associated for both parties (sender and receiver). It does NOT go through a clearing house (third party) so it is faster. both parties must agree on amount being transferred.

EFT/ACH goes through a "ACH- Automated clearing house". therefore it generally takes 2-3 days to clear but is cheaper or can even be free.

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