When making local USD payments to another US bank account, you should be aware that not every routing number will have the same effect in terms of cost and speed of transfer.
With ACH and Fedwire payments, there are significant differences to be aware of for local US transfers:
- ACH are generally free of charge and are processed overnight.
- Fedwire will incur a cost for sending (check your bank to confirm) and payment are usually received same day.
If you are using FlashFX for USD to AUD transfers, whereby you deposit USD from a local US bank account, we will provide both ACH and Fedwire numbers.
Please check and confirm with your bank before making any transfers. Most bank prefer to use Fedwire, which appears to be another source to generate revenues.
Should you be in doubt and need assistance, please reach out to us on live-chat.