Cryptocurrency Q&A
Do you need a SWIFT code for ACH payments?
Do you need a SWIFT code for ACH payments?
HanbokElegance
Mon Jul 22 2024
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7 answers
1654
For those interested in the intricacies of financial transactions, I have a question. In the realm of digital payments, we often encounter a variety of systems and protocols. One such system is ACH, or Automated Clearing House, which facilitates electronic payments in the United States. Now, when it comes to international transactions, SWIFT codes are commonly utilized for identifying banks and facilitating cross-border payments. However, does this requirement extend to ACH payments, which are typically domestic in nature? Do we actually need a SWIFT code for ACH payments, or is it solely for international transactions? I'd appreciate any clarification on this matter as it could potentially impact the efficiency and cost of various payment methods.
7 answers
Lucia
Wed Jul 24 2024
ACH, short for Automated Clearing House, is primarily utilized for domestic payments within the United States.
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EthereumLegendGuard
Wed Jul 24 2024
Conversely, SWIFT, standing for Society for Worldwide Interbank Financial Telecommunication, is a global system enabling international financial transactions.
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MysticChaser
Wed Jul 24 2024
Despite their different domains, both ACH and SWIFT facilitate direct deposits into recipient accounts in the respective local currencies.
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Valentina
Wed Jul 24 2024
ACH and SWIFT, though both serving as payment methods, are not interchangeable.
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BlockchainLegendary
Wed Jul 24 2024
However, this is where the similarities between the two end.
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