ACH transfers: What are they and how are they different from bank transfers?

It's good to know the operation of ACH (Automated Clearing House) transfers, as well as how they should be used and why they are used to receive tax refunds and pay mortgage bills.

This is a network that is used to send money between banks electronically, with a high level of security for payment processing purposes.

Thanks to this, the The customer will be able to purchase items at a very high cost, without having to worry about a specific spending limit, while saving money and time when processing the corresponding transaction

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What are ACH transfers?

ACH transfers are those that allow money to be sent between banks and also with credit unions through the network known as the Automated Clearing House or ACH for its abbreviation in English.

ACH transfers are very useful for paying payroll directly, as well as the monthly debit corresponding to routine payments. With the account number and the bank route number, companies can pay their bills. In addition, there are on-line payment services that allow transactions with ACH, such as online bill payment services with credit unions and banks.

However, the procedure for these ACH transfers is as follows:

• The issuer initiates the payment when you send instructions to your bank.
• The financial institution send a set of digital files to the ACH network.
• This network transmits the series of files to the receiving bank.
• The bank that receives the money adds the monetary amount to the receiver's bank account.
• If it's about paying a bill, a debit or direct payment is made from the issuer's account. If the case is that a company, employer or government agency transfers money to the consumer, this is called direct deposit or credit charged to your account.

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How long do ACH transfers take?

The monetary amount sent using ACH transfers is most likely to be settled quickly. It can even happen on the same day they are entered, as well as on business dates and during working hours.

Although These transactions are not necessarily effective within the same day they are made, since everything depends on the way in which they are processed and because measures must always be taken against fraud and money laundering. This is due to the number of cases in which ACH transfers take several days to complete.

There are even financial institutions that have a limit on the amount of money they allow you to transfer, as well as a commission they can charge for the transaction made. Also, there are ACH transfers that can be returned for insufficient funds.

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What are the limits for ACH transfers?

It all depends on the type of customer and the bank from which the ACH transfer is made.

There are banks that allow you to make ACH transfers with a limit of 1,000 dollars. Other financial institutions provide the customer with the possibility of ACH transfers from 10,000 to 1,000,000 dollars.

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ACH transfers from the United States to Mexico by Félix Pago

If it is possible to make ACH transfers between the United States and Mexico, Thanks to that Félix Pago offers you this possibility, to get the monetary amount as soon as possible to its recipient resident in Mexican territory.

Learn the steps you must follow to quickly send the monetary amount you want with Felix Pago:

1. Go to the website of Félix Pago, where you must supply your WhatsApp number, as well as choosing Mexico as the nation where the money should arrive, so that, finally, you click on the button “Start transfer”.
2. Later, WhatsApp will open automatically, where you will see a menu with several options, one of these being “send money”. Here you will have to determine the amount of money you want to send, as well as the city and state where the recipient resides within Mexican territory.
3. Then you have to indicate if the money to be sent will be deposited in a bank account of the bank where the recipient has their account, Or if, will be withdrawn in cash at one of the bank's branches.
4. Also, you must specify the number of the CLABE account or failing that, the debit card of the person in charge of receiving the money, and thus confirm the transfer at the payment gateway where this transaction will take place.
5. Once the payment has been made, the money will reach the recipient in Mexico, with the option “confirm with customer”.

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With this simple procedure, Félix Pago will help you send your money from the United States to Mexico in just minutes.

In addition, ACH transfers between banks in both countries are necessary to make payments to personal accounts (in the name of individuals or contractors), and to send money to business accounts, when no proof of payment is needed.

In the end, theACH transfers are executed through the ACH network and its processing It is run by private companies such as United States Federal Reserve, or the Clearing House Payment Company. These are ideal transactions for sending money to very large groups of people or for handle large amounts of money in a short time.