Your guide to Global ACH transfer with ATB in Canada

If you're a Canadian business needing to move money internationally, particularly to the neighbouring U.S., choosing the right service will save you time and money. ATB Financial has a Global Automated Clearing House (ACH) transfer service designed to help Canadian businesses move funds to U.S. bank accounts with lower fees and easy online access. This guide will walk you through ATB’s Global ACH features, fees, limits, and process, plus compare it to Wise Business, a standout alternative with a global reach. Let’s learn!

Understanding ATB's Global ACH transfer service

Global ACH Transfer Service is a self-serve digital payment service that offers ATB Business clients, who hold CAD or USD business accounts and have access to ATB Business Online Banking, to pay employees and vendors in the U.S.¹

Fees and transfer limits

For ATB Global ACH transfers, a flat fee of $5 applies to every transaction.¹ This fee stays the same whether you’re sending less than or more than $1,000.^1. The standard daily and maximum transaction limits are both set at $25,000.¹

• Test Transfers: one free test transfer per recipient.²
• Processing Time: estimated 1-3 business days.¹

How to Initiate a Global ACH transfer with ATB

1. Sign Up/Log In: If you’re not yet an ATB client, start by opening an account and completing the onboarding process.³ Once your account is active, log in.³
2. Add a recipient: Go to the “Move Money” section in your online banking platform.³ If this is a first transfer, add a new recipient by entering their name, address, and bank account details.³
3. Enter recipient bank info: For U.S. recipients, provide their ABA Routing Number.³ For international accounts, enter the recipient’s IBAN. Some countries may require additional routing details.³
4. Initiate the transfer: Choose the account you wish to send money from, enter the transfer amount, and select the recipient.³ Review all information carefully, then confirm and submit your transfer.³

Advantages and limitations of ATB's service

Let's review the advantages and limits of ATB’s Global ACH transfer.

Advantages:

• It’s pretty cost-effective: The flat fee of CAD 5 per transfer is attractive and lower than most wire transfer fees, saving your business money on frequent payments.⁴
• It's convenient: The entire process is managed online through ATB Business Online, no need to visit a branch or deal with paper forms.⁴
• The setup is simple: Adding and verifying new recipients is straightforward, and the free test transfer is nice for peace of mind before larger payments.⁴

Limitations:

• The lack of destinations: Transfers are currently limited to U.S. bank accounts only, which restricts international reach for businesses with other global partners.¹
• The daily limits: The daily transfer limit is capped at CAD 25,000, which may not suit all businesses ¹
• The exchange rates: Currency conversion is handled by ATB’s internal rates.

Commonly asked questions about ATB’s Global ACH

Q: Can I send a Global ACH transfer to countries other than the U.S.?

A: No. While the ATB website states international transfers are coming, it's limited to the U.S. at this time.¹

Q: Are batch transfers available with ATB's Global ACH service?

A: No. Currently, only single CAD-USD and single USD-USD transfers are available.

Q: What is the processing time for a Global ACH transfer?

A: The estimated processing time is 1-3 business days.¹

Comparing ATB's Global ACH with Wise Business

Why consider Wise for international business transfers?

Opening a business account at Wise is free, online and easy! With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
with our demo >>>

It only takes a few minutes to set up your multi-currency account, and make the most of the mid-market exchange rate.

Step 1. Enter information relevant to yourself and your business.
Step 2. Share essential information about your business. This includes

• Business registration
• The business registered and trading addresses
• The industry you’re in
• Online presence
• Name, date of birth, country of residence - for all stakeholders
• Documents proving ownership of the business

Step 3. Enter essential information to verify your identity
Step 4. Set up and make a transfer as indicated on your account. Alternatively, you could pay the one-time fee and get account details in over 10 currencies.
Step 5. Wise sends you a confirmation email within 10 working days.

In case you add team members to the business account, they will need to be verified too.

Wise's has been reviewed and appreciated on public platforms such as:

• Trustpilot Canada: 4.3/5 stars with 256,776+ reviews
• Play Store Canada: 4.7/5 stars with 1.28M+ reviews

Conclusion

Ultimately, the choice between ATB and Wise comes down to your specific business requirements. ATB’s Global ACH transfer service is a solid choice for Canadian businesses with regular payment needs to the U.S with its low $5 flat fee and online convenience. However, it may not meet the needs of all businesses. If your business is making regular international payments beyond the U.S. and seeks faster processing, batch transfers, and attractive exchange rates, Wise Business is a standout alternative. Learn more andsign up today!

Sources:

1. Global ACH Transfers | ATB Financial
2. A new international payment option: Global ACH Transfers | ATB Financial
3. How to send a Global ACH Transfer with ATB
4. A new international payment option: Global ACH Transfers | ATB Financial