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What is ACH?

The ACH is the U.S. automatic clearing house for electronic funds transfers. It processes financial transactions for consumers, businesses, and federal, state, and local governments. The U.S. banking system commonly uses ACH transfer, a safer and faster alternative for sending and receiving money.

Your account must have an ACH Routing Number, which is a code that you can find on your Nomad app in the Profile > Banking details > Receive from an account in the United States.

There are two ways to send/receive an ACH transfer:

  • ACH Push
    The bank will debit the transfer amount to the account that initiated the transfer. To receive an ACH transfer in your Global Account, you only have to share your account details with anyone who wants to make a deposit. Nomad can not initiate this transaction, only to receive it.

  • ACH Pull 
    ACH Pull is a transfer initiated by the account to receive the amount.
    You must own both receiving and debiting accounts. After registering your Global Account in another financial institution, you can request to send money from your Global Account to your other account via ACH Pull.
    For security reasons, some institutions ask to link both accounts before allowing this type of operation. Usually, the institutions deposit random values in your account for you to confirm.
    Nomad is still unable to initiate this type of transaction.

 

 

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