ACE Money Transfer - Blog

Whats the fastest way to transfer money between banks?

Whats the fastest way to transfer money between banks?

29 Sep 2022


Moving money from one bank to another from time to time is an expatriate's need. In rare situations, the sender may need to send payments right away. In other cases, time may not be an issue. There are now more alternatives than ever for moving money between two bank accounts, ranging from paper checks to peer-to-peer banking. Which is the quickest way to transfer money between banks if you need to send money quickly? This blog post will go over the best way to make a global money transfer and other options in more detail below.

Transferring Money Between Banks

Traditionally, ACH systems are used to transfer locally almost all over the world. An ACH debit is one of the quickest ways to move money between bank accounts, providing both accounts are connected. To link accounts and initiate a transfer, you'll need basic information, such as your routing and account numbers. The processing period will differ based on your bank and destination. ACH bank transfers typically take two to three business days to complete. However, for a price, same-day processing is now accessible if your transaction is domestic and is less than £1 million (World Bank).

Methods to Transfer Money Internationally and Locally

 

Inter-bank transfers

Transferring money from one bank to another is quite simple these days. You have several possibilities, which will be determined by speed, your bank, and your preferences. Wire transfers are frequently executed on the same business day, if not within minutes. However, they come with substantial costs as a result. Here are some measures to consider when transferring money from one bank to another.

  • Determine how fast the funds must be sent to the other bank.
  • Examine the costs. An alternative like a wire transfer may be required when sending significant sums of money rapidly, although it is unlikely to be free. At times, remittance companies such as ACE Money Transfer can be both quick and secure.
  • Obtain the account details for the recipient. For most methods, you'll need the recipient's name, routing number, and account number.

Wire Transfer

A wire transfer is among the quickest ways to digitally transfer money from the client to the receiver via a bank or a nonbank service such as ACE Money Transfer. You'll need the routing number, account number, and recipient's name for a domestic wire transfer. You may additionally require the recipient's address. You may be able to submit this online, or you may need to go to a local bank location. Wire transfers are fast and may allow you to send more money than other ways, but they are also costly.

Remember that wire transfers may have a weekday restriction and cannot be sent on weekends or Federal Reserve holidays.

Digital Transfers

You may send money online to a recipient using your banking app with apps like ACE Money Transfer. Before linking your bank account to the app, you must register using your mobile phone number and email address. You may send money to more than 100 countries globally via ACE Money Transfer with a few simple clicks by creating a virtual electronic wallet that allows you to transfer money from one bank account to another.

But What is the Fastest Way to Transfer Money?

Which method is the quickest for transferring money across bank accounts? There is no one-size-fits-all solution to this query because it depends on your bank, area, and the amount of money you want to transfer. But compared to any services mentioned above, sending your money through ACE Money Transfer may be the fastest option for you and your loved ones. But what is ACE Money Transfer?

ACE Money Transfer

ACE Money Transfer is a remittance provider serving millions of worldwide diasporas’ money transfer needs to ensure that recipients receive their payments on time. It provides a 24-hour service, making it easy to transfer money internationally. ACE Money Transfer has continually offered recipients in over 100 countries a fast and safe money transfer service. Furthermore, ACE enables remitters to transfer money in multiple currencies depending on their country of residence. It has one of the largest partner networks of more than 375,000 payout locations worldwide.

Swiftly Transfer Money Through ACE

How long does it take to transfer your funds through ACE Money Transfer? International transactions typically require longer than usual due to differences between the time zones, working hours, procedures, and many other factors. However, you’ll be amazed to learn that you can make the swiftest money transfers across borders using ACE’s remittance services. Most customers enjoy one-day transfers from overseas to their home country using its services based on the factors that influence international transactions.

Whether using a debit or credit card, most transactions are processed within minutes. The transaction is completed within 1-2 business days when you send money by online bank transfer.

Delivery times may also be affected by the following factors:

  1. Information Accuracy (both your personal data and beneficiary details)
  2. Time zone difference
  3. Business hours in operation (banks unavailability on weekends, weekdays and local holidays)
  4. Additional information about you is required to maintain the security of your transaction.
  5. Unpredictable events, such as a rare outage incident, impact one of our business partners.

But Why Should You trust ACE?

ACE Money Transfer provides remittance services from 28 sending countries to more than 100 receiving countries worldwide. ACE has been functioning in Europe since 2002 and is a well-known and well-established corporation that cherishes its clients' trust. The firm is an Authorized Payment Institution (API) regulated by the Financial Conduct Authority (FCA).

ACE’s services are centred on the client's requirements and desires, as evidenced by several five-star evaluations. ACE Money Transfer is at the forefront of the remittance game to exceed its client's expectations. ACE Money Transfer is the right choice when sending money abroad, considering the best exchange rates, the lowest transfer costs, and the most secure and swift transactions.


Tips

PREVNEXT
How to Stay Safe and Avoid Frauds Using Apple Pay?
ACE Money Transfer's Mobile App Makes Remittance Transfers Way Easier Than Ever Before

Comments