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Customer stated three options of international payment?

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.

One Answer

wire is your only option of those three:

  1. 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.

  2. 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)

  3. "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

nobody uses wire transfers these days, just use a transfer service:

Other options:

  1. 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)

  2. 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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