Understanding Different Transfer Types
When sending or receiving money, various transfer methods are used, each with different processing times, fees, and use cases. Below is an overview of the three main types:
ACH Transfers (Automated Clearing House)
Used for domestic transactions within the U.S.
Typically low-cost or free, but may take 1-3 business days to process.
Commonly used for payroll deposits, bill payments, and bank-to-bank transfers.
Wire Transfers
Used for both domestic and international transactions.
Faster than ACH (within 24 hours).
Higher fees compared to ACH, charged by both sending and receiving banks.
Used for large, urgent, or cross-border payments.
IAT Transfers (International ACH Transactions)
A type of ACH transfer for cross-border payments.
Longer processing time than domestic ACH (1-3 business days).
Used for payments between banks in different countries.
Processing Times & Fees
Transfer Type | Processing Time | Cost |
ACH | 1-3 business days | 0.75% |
Wire | 24 hours | $25 (USD) |
IAT | 1-3 business days | 0.75% |
Need Further Help?
If you're unsure which transfer method is best for your transaction, reach out to Chipper Support for guidance.
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