ACH stands for Automated Clearing House, and the US network is managed by NACHA (National Automated Clearing House Association) to process electronic fund transfers. This network facilitates financial transactions for consumers, businesses, and governments at the federal, state, and local levels.
An ACH transfer is a secure and fast alternative for sending and receiving money, commonly used between US banks.
To make or receive an ACH transfer, you need the ACH Routing Number, which you can find in the Nomad app under Profile > Bank details > To receive from other banks in the United States.
There are two types of ACH transfers:
- ACH Push: The transfer is initiated by the account from which the funds will be debited. To receive an ACH Push into your Nomad account, simply provide your bank details to the sender.
- ACH Pull: The transfer is initiated by the account that will receive the funds, and both accounts must be under the same ownership. You can request to send money from your Nomad International Account to your account at another American bank via ACH Pull. Some institutions require a link between the accounts before the transaction, usually done through the confirmation of micro-deposits in your Nomad account.
Important! Currently, Nomad only allows sending, and not initiating, this type of transaction for receiving deposits.