Personal Finance & Money Asked on April 22, 2021
My customer asked one of three options of payment types (for remittance) from USA to UK.
These are:
(1) Intl-Wire – Domestic to foreign
(2) ACH – Domestic to Domestics
(3) IAT – Domestic to Domestics
——— I want to know their difference.
for USA->UK wire transfer costs $20-$50 and takes a few days. it's a huge PITA getting all the data correct for a wire transfer, take extreme care.†
ACH is ONLY for within the USA so irrelevant to you. (it is free and takes a day or so, but has no connection to USA->UK)
"IAT" or "Global ACH" is not available these days so forget it. it's bizarre they mention it
Of the three mentioned wire transfer is your only option
Here's a perfect article explaining:
https://transferwise.com/us/blog/international-ach-transfer
Other options:
if it's a small amount of money (under $500 say) inevitably it's easier to just use PayPal or similar in some way (fees will be very high)
What everyone does these days for international payments: just use one of the two major international payment companies, OFX or Transferwise.
you do have to set up an account which is a bit annoying (however, setting up an account is much easier than making just one old-style wire transfer). once you set up an account you're set for life
once the account is set up, it's extremely easy to send money USA->UK. it takes seconds
it is far faster and cheaper than wire transfer.
more importantly, it's the best possible exchange rate (dollars to pounds) you can get
† this site is flooded with questions "my wire transfer went missing, what to do..."
Answered by Fattie on April 22, 2021
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