Regular versus Priority Payments
We currently support local (regular) and SWIFT (international priority) Payments. When setting up a payout and adding a beneficiary, make sure payment instructions match your local versus priority setup.
The regular payment method is the local or domestic payment. With Paynode you get four local or domestic payment methods: SEPA, UK Faster, EFT, and ACH/Fedwire payment, which is cheaper and avoids correspondent banking fees.
Regular payment method for EUR - SEPA
Single Euro Payments Area (SEPA) is a payment type used to transfer euro currency within the EEA (EU countries). It works the same way as a local or domestic bank transfer, so long as both countries are inside the eurozone. Learn more: How to set up SEPA payments.
Is SEPA the same as ACH?
SEPA transfers are euros transfers, pushing funds from one bank account to another. It's similar to an ACH transfer, except the SEPA transfer uses the IBAN and BIC numbers of both the sender and recipient's bank, rather than banking account information and routing number.
Regular payment method for GBP - Faster Payment
Faster Payments is one option for sending money electronically in the UK. Since it is a real-time payment system, any money sent is received very instantly. Learn more: How to set up Faster payments.
What is the difference between CHAPS and Faster Payments?
Faster Payments is a lot quicker, often moving the money between accounts within seconds. While CHAPS is a same-day payment transfer service. Faster Payments are generally less expensive to use compared to CHAPS. Faster Payments is also available any time, any day, while CHAPS is only available during working hours between Monday and Friday.
Regular payment method for CAD - EFT
Electronic Funds Transfer (EFT) is the electronic transference of money from one Canadian bank account to another Canadian bank. Learn more: How to set up CAD EFT payments.
Regular payment method for USD - ACH and Fedwire
Difference between ACH & Fedwire Payments
Both ACH and wire transfers work in a similar way but with different timelines and rules. Wire transfers are direct, generally immediate transfers between two financial institutions. ACH transfers, meanwhile, pass through the Automated Clearing House and can take up to 0 to 1+ business days. Learn more: How to set up ACH.
Note: “Cleared” means that the transaction details have been passed on. “Settled” means the two banks have exchanged money to honor the underlying transaction. “Disbursed” means the funds have been released to the end account holder.
1. Transfer speed
Domestic wire transfers usually clear within minutes and settles within a business day. ACH transfers can take between hours and days to both clear and settle.
How long does an ACH transfer take? The time it takes an ACH transfer to clear can vary. It typically can take up to 3 business days. Paynode's cut-off time for an ACH wire transfer out on the same day is 3:45 pm Eastern Standard (8:45 GMT). After the cut-off time, the wire will arrive the next business day.
How long does a wire transfer take? A wire transfer clears as soon as the receiving bank signs off on the incoming message. This happens either immediately or following any routine due diligence. With Fedwire, the transfer settles and disburses immediately if sent before the cut-time of 11:45 am Eastern Standard (4:45 GMT).
Wire transfers generally settle permanently. Some ACH transfers, however, can take up to 1+ business days.
Bank Details Glossary
IBAN routing number for SEPA payments
Account Number unique account number varies between 9-12 digits depending on the financial institution
SORT Code are used in the British clearing system and historically in the Irish system.
ABA/ACH Routing Number differs from WIRE routing number by the financial institution
ABA/WIRE Routing Number differs from the ACH routing number by the financial institution
BIC/SWIFT Instruction for International SWIFT Payments Indicator