Global ACH Transfers give businesses another way of sending money internationally. With Global ACH Transfers, businesses have access to a quick, affordable and convenient way to make cross-border payments. 

Here’s what you need to know about this new global payment solution.

What are Global ACH Transfers?

Global ACH (Automated Clearing House) Transfers is a self-serve digital service that allows businesses to electronically send funds to their employees and vendors in the US and other countries from their online business account. 

What are the benefits of Global ACH Transfers?

Cost-effective—Fees are lower than wire transfers and cheques, starting at $5.
Fast—Transfers generally take 1 to 3 business days to process.
Convenient—You can send a transfer from your online business account whenever you want.
Peace of mind—Ensure recipients’ banking information is correct by sending one free test transfer per recipient.

What are the advantages of Global ACH Transfers compared to other global payment options?

Cheques or bank drafts

We typically don’t recommend this method. Cheques can be costly, have security risks and present potential obstacles, including:

Foreign banks and suppliers won’t accept cheques from outside their country.
Bank drafts must be requested and completed by a bank associate.
Cheques and bank drafts must be physically mailed. Depending on the destination, it can take two to three weeks for the payment to arrive.
If a bank draft gets lost or stolen, it can be difficult to cancel or stop payment because the buyer has already paid out the funds.
Cheques and drafts are at least $10 per item and, depending on the destination country, may end up costing the recipient in the form of deposit fees and foreign exchange commissions.

Wire transfers

Wires are a good way to send large, time-sensitive payments to more than 170 international destinations, with both self-serve and branch-assisted options. However, there may be cases where Global ACH Transfers are preferable.

Fees for wire transfers start at $30 and are particularly less cost-effective for bulk and low-value payments. 
The recipient could be subject to incoming wire fees.
While recalls can be attempted after 90 minutes, they are not guaranteed.

Credit cards

When immediate payment is a priority, a credit card is a great method. Here are some reasons why you may want to consider Global ACH Transfers instead:

Your credit card’s limit is lower than the amount of the payment.
The recipient prefers another payment method to avoid processing fees, or it simply doesn’t accept credit card payments.
If you carry a balance on your corporate card, you are likely incurring costly interest charges.
Global ACH Transfers provide more details to help you facilitate settlement and reconciliation, including recipient name, invoice number, payment purpose and status. 
Foreign transaction fees often apply to credit card payments.

ATB FX

With ATB FX, transfers are included. If you already use this service, it’s a convenient way to make international payments.

If you don’t frequently exchange significant amounts of Canadian funds or have not signed up for the ATB FX service, Global ACH Transfers is a low-cost, self-serve option.

When will the service be available to ATB Business Clients?

Beginning in March, ATB Business clients can send single USD payments to the US.

Later, businesses will be able to make single CAD payments to the US. International and bulk payments will also be available at a later date. As these new services are launched, we will email ATB Business clients.

Where can I get more information?

If you have more questions, your business advisor or relationship manager will be happy to help, or you can call 1-877-363-4855 for assistance.