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Electronic Fund transfer

ACH

With ACH (Automatic clearing house), money transfer between banks is done electronically within a given country. They are commonly used to process direct deposits etc.. To use ACH, one needs to know the routing numbers/ ABA codes and the account numbers for the source and destination accounts.

Reversal/ availability

The payer’s bank also has the right to reverse the transfer within a few days (5 in USA) - so funds may not be immediately available for withdrawal.

US charges

Chase, BoA: Free pull, $3 for a push (not for chase?). PayPal, ufcu: Free push/pull.

Between USA and India

ACH to Indian bank branches and VISA cards is free if done through ICICI bank : they make money by using a favorable exchange rate.

With ICICI, “Outward remittances” used to transfer money from India to USA: While it is free for NRI’s, for residents, ICICI charges the higher of 0.25% and Rs 1200 for such transfers. They can be done online.

Wiring money

Suppose two banks have reciprocal accounts with each other: then, by sending a message with account and settlement information, they send money. Even if the banks do not hold reciprocal information, they act through ’corresponding’/ intermediate banks.

This is commonly used for international money transfers.