What’s the difference between ACH and Wire transfers?

ACH (Automated Clearing House) transfers and wire transfers are both methods of moving funds from one bank account to another, but they have several key difference:

ACH Transfers

• Typically, these are less expensive than wire transfers and can often be free, especially for domestic transfers.
• Often used for regular, domestic transactions such as payroll deposits, bill payments, or peer-to-peer transactions.
• Platforms that use ACH transfers: Upwork, Fiverr, Gusto, Paypal, Wise

Wire Transfers:

• These usually incur a fee for both the sender and the recipient. The fees can be significant, especially for international wire transfers.
• Commonly used for large transactions.
• Important note: only US wire transfers are supported at this time (no international wire transfers outside of the US will be accepted

Read more on How To Deposit via ACH or Wire Transfer here: https://parallaxlabshelp.zendesk.com/hc/en-us/articles/19228939559437-How-do-I-receive-or-deposit-money-into-Parallax