Banking Definitions

ACH

Each day, banks and corporations all over America gather ACH (Automated Clearing House) withdrawal and deposit requests into batches and send them to the centralized Automated Clearing House at set times. From there, the Clearing House sends the credit or debit transaction requests out, generally the following day. This system isn't the fastest. It can sometimes take several days for a payment or a deduction to clear. However, this is a low-cost system (most ACH transfers are free or only a few cents per transaction). It is one of the only USD domestic payments always to be credited in full.

Fast and Secure Transfers

Fast and Secure Transfers is an electronic funds transfer service that enables customers of the participating banks to transfer Singapore Dollar funds from one bank to another in Singapore almost instantly. There is a S$200,000 maximum payment limit for this transaction type.

SWIFT

SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a network that allows banks to communicate financial information securely. Most banks and building societies offer SWIFT payments for international fund transfers. SWIFT payments involve a series of banks that work together to ensure your funds are in the right place. You can think of it like making a journey yourself - if there isn't a direct flight to your destination, you might take a series of connecting flights to get there. In the same way, your SWIFT payment can end up being moved between one and three correspondent (or intermediary) banks before reaching your recipient. SWIFT payments are the most common choice for high-street banks making international payments, but they're not necessarily the cheapest or fastest option.