When you pay by bank debit (ACH), we'll debit money from your bank account once you have authorised the payment through our website.
Once you've set up a transfer, all you need to do is click on the bank debit payment method, enter in your bank details and log in to your online banking. This will then set up a one-time debit from your checking account to ours, meaning that these login details will need to be entered each time you make a payment via bank debit.
Here's all the information you need to know about bank debit transfers.
Bank debit features:
|General availability||US only||Cannot be used for transfers from outside the US|
|Availability from banks||Widely available||Most banks should support bank debit as it's the same method most companies use to pay their employees. If you're unsure, please check with your bank|
|Time for your money to reach TransferWise||1–4 working days||It usually takes 1–4 business days for your money to reach TransferWise. And you’ll usually see the debit in your bank account within 2–3 business days of making the transfer. Please make sure you have the full amount available in your account during this period.|
|Extra required details||In addition to the required details for the country you're sending to|
|Recipient's address||Yes||Must be a residential address and not a PO box address|
|Your US state and ZIP code (or full address for non-US residents)||Yes|
|SSN verification/ID verification||Yes||We ask for an SSN from every customer sending from the US. If you don't have this, you can send a US or non-US ID document (except in the case of ITIN's where a non-US document is required). If you don't have an SSN, you'll need to tell us why.|
|Amount Lock Transfers||No||Not available via any US payment method. However, if you successfully set up the bank debit before 7:00 pm (EST) the next business day after creating the transfer, you'll get an effective specific amount due to the fixed exchange rate. You can read more about 24 hour rate lock below|
|Minimum/maximum transfer size||3 USD /15,000 USD||Upper limit is for bank debit only. A single debit or a sum of those can't go over the limit, which resets every 24 hours. The limit in Nevada and Hawaii is 10,000 USD|
|Transfers to an email address||No|
|Guaranteed rate||Yes||For transfers from USD, the exchange rate is fixed providing we receive your money by 7:00 pm (EST) the following working day after you set up the transfer. With bank debit payments, the rate stays locked beyond this time providing a 'successful' attempt is made by this time|
Once you choose bank debit (ACH) as your payment method, choose your bank. If it's not on the list, choose All other banks, and we'll ask you to enter your details manually.
You can cancel a transfer up to 30 minutes after you’ve set it up, without us debiting your account. If you cancel your transfer any later than that, we may already be processing the debit. So, we’ll issue you a refund once we get your money.