The basic ways of transferring payments are divided into two categories broadly. First is to send money by physically visiting any bank or IMT branch, while the second is to send money online. If we discuss the first case, then there are other two types in that i,e; Wire Transfers and ACH Transfers. Due to increased globalization, people have to send money to Ghana and many other countries regularly.
It is true that there are many points of similarities between these methods, but they vary from each other due to multiple reasons. Here is a short review that will help you in understanding the basic differences between these methods.
1. What Is Systems in Both Money Transfer Services?
Wire Transfers use electronic systems such as SWIFT and CHIPS to send money online. These systems work on notifications, that automatically does all the calculations and add the payments into the receiver’s account. On the other hand, ACH transfers use “automated clearing house” system for money transfers.
2. What is The Time of Transactions?
Wire Transfers send the payments within the same day. In some cases, the sent payment may take time to show in the receiver’s account. But, ACH transfers take 2–3 business days usually. Also, keep in mind that transfer time may change from state to state or company to company.
3. How Money Move Between Sending and Receiving Accounts?
In the case of wire transfers, the payment is directly transferred between the sender and receiver’s account. However, in ACH transfers payment is sent to the respective bank or IMTO branch, from where it is transferred to the receiver’s account.
4. What Is The Process of Payment Reversal?
In ACH transfers, due to system failure or breakdown, the payment can proceed reversely and add back to the sender’s account. After that, all of the transfer will have proceeded again. It will retake 2–3 days for the payment to reach the receiver. On the other hand, wire transfers have lesser chances of confronting such issues.
5. How Many Costs Are Involved in Money Transfer?
Wire Transfers cost almost 10–35$ per transaction. On the other hand, ACH Transfers are mostly free of cost for their consumers. The hidden fee (added with exchange rates) is to be paid in both cases.
Who Should Use These Money Transfer Services?
In the case of corporate transfers, where people have to send large amounts with maximum reliability, it’s recommended to use Wire Transfers. But, if any migrant has to send money to Ghana online, it’s family or loved ones, then ACH or online transfers are more preferable.
Each mode of transfer has several merits and demerits. Different Efficient Companies such as ACE Money Transfer are providing reliable ACH transfer, Wire Transfer and also the facility to send money quickly online. When it comes to money transfer to Ghana, a credible provider can also play an important role in safely transferring the payments.