Transfers less than the equivalent of 24,000 GBP are sent out by one of TransferWise's partner banks in the US by electronic, ACH transfer.
Though transfer process is very similar whether the money is sent out via SWIFT or ACH (both arrive within 1-2 working days once paid out to your recipient) there are just a few key differences.
Additional fee for your recipient:
SWIFT: To reach your recipient's bank account, the transfer must pass through intermediary banks. They will charge processing fees - no more than $15 total in 90% of cases.
ACH: None. US banks won't charge a fee to receive this kind of transfer from our bank.
Required Recipient account details
If you set up a transfer on your TransferWise profile for over the USD equivalent of 24,000 GBP, we will automatically ask for your recipient bank's SWIFT details.
|Swift Transfer||ACH transfer|
|Full account name||18 characters max||18 characters max|
|Account number||5-17 digits||5 digits min, 10 digits max|
|Bank code||SWIFT code: 8-11 digits||ACH routing number: 9 digits|
|Reference||10 characters max||5 characters min, 10 characters max|
|Recipient's address||Not required||Country, city, street, postal code - no PO box|
|Refund speed (refunds
only possible before
money is paid out to
|1-3 working days||1-3 working days|
|Specific amount delivered
to your recipient
|Not possible because
of SWIFT fees
|Possible. For more information, click here.|