ATB Global ACH Transfers give businesses 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 from their online business account. Currently at ATB, you can send to the US and we’re working on international capabilities.

What are the benefits of sending a Single Global ACH Transfer?

Single Global ACH Transfers are cost-effective because fees are lower than both wire transfers and cheques. Single transfers generally only take 1 to 3 business days to process. And you can send a transfer from your online business account whenever you want. Plus, with free test transfers, you can ensure recipients’ banking information is correct.

What are the benefits of sending a Batch (also known as bulk) transfer?

With Batch Global ACH Transfers you receive the same great benefits as Single but you are able to send up to 2,500 transfers in one batch. Batch Global ACH Transfers saves you time by allowing you to include all your payments in one batch.  Templates have also been introduced allowing you to speed up the Batch creation process for your frequent or recurring payments. 

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

Cheques or bank drafts

We typically wouldn’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 is lost or stolen, it can be difficult to cancel or stop payment.
• 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 Single of Batch Global ACH Transfers are preferable, such as sending payments to the US. 
Fees for wire transfers start at $30 and are particularly less cost-effective for Batch and low-value payments. Plus, the recipient could also be charged incoming wires fees. In the case you make a mistake or want to cancel, wires recalls can be attempted after 90 minutes but they are not guaranteed.

Credit cards

When immediate payment is a priority, using a credit card is a great option. But there are some important things to consider first:

• Will your credit card’s limit cover the amount of the payment?
• Does the recipient accept credit card payments?
• Are you comfortable with incurring interest charges?
• Does your credit card charge foreign transaction fees?

If using your credit card isn’t right for any of the above reasons, consider using a Global ACH Transfer. Global ACH Transfers provide more details to help you facilitate settlement and reconciliation, including recipient name, invoice number, payment purpose and status. Global ACH Transfers at ATB are currently only available for transfers from your ATB CAD and USD accounts to the US. 

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?

ATB Business clients can send single and Batch USD payments to the US and single CAD payments to the US. International will 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.