Wire Transfers for Businesses

With Dwolla, businesses can choose to expedite a transaction through the ACH Network or request a wire transfer to move funds even quicker—at an additional cost.

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Comparing Wire Transfers & ACH Transfers for Businesses

While both payment options involve transferring funds, ACH transfers are generally inexpensive and come with automated processes for monitoring transactions compared to wire transfers, which are fast but tend to come with manual and costly tasks.

Cost

Most ACH transactions are less than $1, compared to wire transfers which can cost anywhere from $10-$40 per transaction (See Dwolla’s Pricing).

Tracking

Each wire transfer comes with a tracking number that is similar to an ACH transaction. But once a wire transfer is sent, recovering funds can be difficult due to the instantaneous nature of the transaction.

Automation

While multiple ACH transactions can be scheduled and ultimately automated, multiple manual tasks are required from both the originating and receiving financial institutions to complete a single wire transfer.

How to Have More Efficient Payments Using the ACH Network

As a way to offer payments that balance speed with value, Dwolla offers Same Day and Next Day ACH transactions that can cost just cents per transaction. With Dwolla, ACH transactions are processed in batches at noon and 4 p.m. CST; Next Day ACH transactions are processed and become available on the next business day.

Wire transfers do not instantly move money but offer a fast alternative to move funds. Funds may settle within a few hours but wire transfers can cost anywhere from $10-$40 to initiate. Some of Dwolla’s customers have shorter windows to move funds and work with their account manager to request a wire transfer for the purpose of preloading a bank account to send payments.

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