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 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|
| || |
More info here
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|
| || |
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.
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 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
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