You can use your USD bank details to get paid by friends, clients, and businesses in the US. Here’s a guide explaining how to use them and some important changes you’ll see in 2019.
Your Wise account comes with two different routing numbers: an ACH (automated clearing house) routing number and a wire routing number. These are both connected to your one account number and one account holder name.
The differences between ACH and wire can be confusing – sometimes a third party payer could pay you via wire, and then sometimes they could use ACH. And you may not know which one they use.
Here are some of the general differences. Use them as a guide when deciding which routing number your payer may need.
|ACH routing number
|Wire routing number
More info here
Here are some common situations that may help you figure out when to use your Wise ACH or wire routing numbers with whoever needs to pay you. If you have questions, you can also ask the third party you want to be paid by.
|Use your ACH routing number
|Use your wire routing number
One of the main difference between ACH payments and wire transfers is that banks process ACH payments in bulk, rather than individually. This means they generally take longer, but also cost a lot less. So if you’re not in a rush, an ACH payment might be a good option.
Because wire transfers are faster than ACH transfers in the US, they are more expensive. An international wire, which means you’re being paid from an account in a foreign country, is more expensive because they can be processed by up to 3 different banks. They can all charge their fee, as can the receiving bank.
Wire transfers into the USD borderless accounts after August 5 2019 need to include Wise in the address field for the wire transfer. The address Wise provides already includes this information.
When providing a third party your USD borderless details, provide the name on the account.
More info here.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.