Bank Account Transfer Methods

So, you’re looking at opening a bank account in the USA. Here are the best accounts to look at for your hard-earned money.


  • ACH –Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills. Debit transfers also include new applications such as the point-of-purchase (POP) check conversion pilot program sponsored by NACHA. Both the government and the commercial sectors use ACH payments. Businesses increasingly use ACH online to have customers pay, rather than via credit or debit cards. (From Wikipedia)
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    This is the cheapest way to transfer your money from one account to another. Domestic ACH transfers are free (depending on bank), but international can be some fees. Not as much as the next one though. ACH is very slow though (can take up to weeks for an international transfer) and a week for a domestic transfer.

    2. Wire Transfer

    The ultimate way of sending money domestically and internationally. This is the most expensive with domestic costing up to $40 and international costing up to $100. Many accounts on the cheap end don’t even offer this service so this can be an interesting service to watch out for.

    3. Dwolla

    Dwolla is a 50c way of moving money from bank account to bank account via ACH at a faster pace than ACH. It doesn’t support international yet, but that’s going to be an upcoming feature.

    4. Venmo/Tilt/Paypal/Square/Google Wallet/FB/Snapchat/etc./etc./etc./etc.

    If you want to pay your roommate for that utility bill, food, or something else entirely, any of these other options offer free transfer from bank account to bank account. Many people use this on a day to day basis to send money to each other.