As more individuals opt to send money or pay bills online because it is more convenient, simple, and affordable, electronic payments are gaining popularity. Wire transfers and automated clearing house (ACH) transfers are the two most straightforward ways to move money from a bank account.
Money is transferred electronically between financial institutions using ACH payments and wire transfers. But there are noticeable distinctions.
While ACH payments might take a few hours to a few days to process, wire transfers are instantaneous. ACH payments are free or highly inexpensive per transaction in contrast to wire transfers, which are expensive for both the sender and the recipient.
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