What is the difference between a Wire Payment and an ACH deposit?
The key differences are speed and guaranteed funds.
- A Wire Payment will always be faster than an ACH deposit by at least a day.
- A Wire Payment is guaranteed funds. An ACH deposit could be reversed.
Other differences are:
- ACH deposits can only be sent in either CAD or USD, and only to Canadian or USA domiciled banks.
- ACH deposits require less banking information to send.
- ACH deposits are cheaper.