ACH as fast as SWIFT wire?

[JimGant]

I haven't sent a SWIFT wire in years, as I never needed the apparent speed (vs. ACH). Nor relished the cost ($45 front end fee). 

 

I tried an experiment on Monday, 10:00AM Thai time, when I submitted an ACH transfer to USAA. This is 9:00PM  Sunday USAA time (Texas), and I figured all involved were asleep. Normally, I would have submitted Monday, 10:00PM (or thereabouts) Thai time, when USAA is awake and they would package my request into their afternoon batch transfer (which ACH transfers are) to Bangkok Bank NY. Then, in this scenario, I would always see it show up at my Thai account on Wednesday morning about 9:30AM, always getting the 0830 TT rate. Thus, about 36 hours of end-to-end transfer time. So, I figured my early request would just languish until Texas working hours the next day -- with same result as if I had not submitted until my normal 10PM Thai time.

 

But today Tuesday, at 2:30PM Thai time, my ACH showed up in my Thai Bangkok Bank account. About 28 hours transit time. And I bet (I'll experiment next time) if I had waited a few more hours to submit, it would have still arrived here at about 2:30PM Thai time -- for an even shorter transit time. (As, apparently, the robots are now processing batch transfers after-hours.)

 

Now, if Monday morning here I had decided I needed money sent "soonest," I couldn't have initiated a wire transfer until USAA opened at 7:30AM their time -- or 8:30PM Monday night here. Then, USAA guarantees the money will be sent by 3:30PM their time -- but Bangkok Bank is closed then. So, a wire transfer wouldn't have shown up any earlier than Tuesday -- same as my ACH (although possibly in the morning, not afternoon).

 

Point: With some banks, like USAA, ACH transfers have become more efficient,  matching (or nearly so) a SWIFT wire transfer. Also, SWIFT normally allows for a larger transfer than ACH. But I've a handshake with USAA to allow $30,000 per day of ACH transfers (normal amount is only $5000). Obviously, your bank/financial institution probably differs -- and may even eat the wire fee (vs. the $45 I would have to pay USAA). And, yeah, I still have to pay a $10 upfront fee to Bangkok Bank NY for an ACH transfer. But, it's sure nice to know I can go online to USAA, fat finger in a few strokes, and have $30k delivered next business day. And not pay $45 and need to phone USAA during their business hours to initiate a wire transfer.

 

 

[lopburi3]

Not sure what happening but I started a recurring transfer from USAA for 2nd of each month - it was listed as sent on 2 Nov and it was received by Bangkok Bank here at 0830-3 Nov.  I was expecting to see it on the 4th.  

Edited November 8, 2016 by lopburi3

[JimGant]

We live in interesting times.......:)

[lopburi3]

Sorry - had typo - was changing when you posted.

[JimGant]

Still, that's quick enough for most of us. Certainly dictates a Social Security Direct Deposit should be filtered thru a US bank (at least one as efficient as USAA) to eliminate that hideous "must show up in person to collect" if Direct Deposited into a Bangkok Bank account. Set it on automatic to go to Thailand, like you have set up, and it eliminates all and any downsides.

[Pib]

I haven't done an ACH transfer from USAA for a long time (like around 4 years), but one time I got an ACH transfer from USAA to Bangkok Bank in less than 24 hours....I think it was 18 hours.   That was my world record for ACH transfers.   I must have hit on the gates just at the right time.