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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.
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.
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.