Guide for using your USD bank details in 2019

TransferWise content team
20.12.18
4 minute read

You can use your USD bank details to get paid by friends, clients, and businesses in the US. Here’s a guide explaining how to use them and some important changes you’ll see in 2019.

Your account comes with two different routing numbers

Your TransferWise account comes with two different routing numbers: an ACH (automated clearing house) routing number and a wire routing number. These are both connected to your one account number and one account holder name.

The differences between ACH and wire can be confusing – sometimes a third party payer could pay you via wire, and then sometimes they could use ACH. And you may not know which one they use.

Here are some of the general differences. Use them as a guide when deciding which routing number your payer may need.

ACH routing number Wire routing number
  • Only people or businesses in the US or with a US bank account can use ACH to pay you
  • Best for being paid a salary or receiving earnings from platforms like Amazon and Stripe
  • Best if you’re not in a rush
  • Usually free or cheaper than a wire transfer for the payer
  • To accept payments, your account holder name may not need to completely match the account name on the ACH payment
  • People inside the US can use your wire routing number to pay you
  • Best if your payer intends to make a same-day wire transfer
  • Can be more expensive for the payer than ACH
  • If your payer has an account in certain countries outside the US, you can reach out to us so we can generate the SWIFT code from your wire routing number, which they can use to pay you
  • To accept payments, your account holder name must entirely match the account name on the wire transfer
  • More info here

    When do I use what routing number?

    Here are some common situations that may help you figure out when to use your TransferWise ACH or wire routing numbers with whoever needs to pay you. If you have questions, you can also ask the third party you want to be paid by.

    Use your ACH routing number Use your wire routing number
    • If you want someone to pay you automatically or on a recurring basis
    • If you want to withdraw USD from Upwork or Amazon into your TransferWise account
    • If you want to withdraw USD from a payment service provider (PSP) like Stripe into your TransferWise account
    • If you’re receiving a direct deposit
    • If you don’t need to be paid immediately by someone in the US
  • If you need to get paid immediately from an account in the US
  • *If you’re being paid by someone with a foreign bank account, we can generate the SWIFT code they need using the wire routing number
  • Why are ACH payments cheaper?

    One of the main difference between ACH payments and wire transfers is that banks process ACH payments in bulk, rather than individually. This means they generally take longer, but also cost a lot less. So if you’re not in a rush, an ACH payment might be a good option.

    Because wire transfers are faster than ACH transfers in the US, they are more expensive. An international wire, which means you’re being paid from an account in a foreign country, is more expensive because they can be processed by up to 3 different banks. They can all charge their fee, as can the receiving bank.

    Important changes in how you use your USD details

    We recently updated the account holder name for your USD bank details to include TransferWise FBO before your name. We made the change, together with our bank partners, as a way to streamline how we deliver your USD, and to keep you and your money safe.

    This change only affects wire transfers into your borderless account. On January 1, 2019, we’ll reject any wire payments made to this account that doesn’t include the updated account holder name. We will not reject ACH payments. If you don’t know how your third party pays you, we recommend updating your account holder name, just in case.

    None of your other bank details in your TransferWise account are affected.

    More info here

    We’re sorry, and appreciate your support

    We know the change to your USD bank details isn’t great, and that you didn’t have much time to let the people and businesses who pay you know. We’re so sorry about that.

    Please know that we had to make the change now in order for you to continue using your USD bank details to receive USD. We appreciate your understanding.

    Want to tell people that your details changed? Here’s a template email

    TransferWise is the smart, new way to send money abroad.

    Find out more

    Tips, news and updates for your location