The ACH (Automated Clearing House) Network is managed by the NACHA (National Automated House Association) and is the American automatic clearing house for electronic funds transfers. It processes financial transactions for consumers, businesses and federal, state and local governments. ACH transfer is commonly used by American banks and serves as a safer and faster alternative for sending and receiving money.
To make or receive an ACH transfer, 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" > "Banking account":
There are two ways to send / receive an ACH transfer:
ACH Push: it is a transfer initiated by the account where the transfer amount will be debited from. To receive an ACH transfer in your Nomad checking account, all you have to do is share your account details to anyone who wants to make a deposit. Nomad is still unable to initiate this type of transaction, only to receive.
ACH Pull: it is a transfer initiated by the account that will receive the amount. In addition, both accounts must be owned by you. After registering your Nomad checking account in another international financial institution, you can request from there to send money from your Nomad checking account to your other international account via ACH Pull. For security reasons, some institutions ask link both accounts before allowing this type of operation. Normally, the link is made by confirming the amounts of micro deposits that must be deposited into your Nomad account. Nomad is still unable to initiate this type of transaction.