What is the difference between a local vs wire transfer?

A local transfer, such as EFT (Canada), ACH (United States) or SEPA (Europe/UK) is a type of fund transfer that is sent electronically through a domestic network. Local transfers, like ACH are a great method for receiving and sending payments because there are no fees associated with this type of transfer.

Conversely, a wire payment (while often faster than an ACH) can be costly to send and receive.

Through Loop, you can facilitate both types of transfers by providing the account information for the type of transfer you'd like to send or receive.

ACH Transfer format requires:

• Account Number
• ABA Routing Number

SEPA Transfer format requires:

• IBAN
• BIC

U.S. International wire format requires:

• Account Number
• Swift Code
• Beneficiary Address
• Beneficiary Bank Name
• Correspondent/Intermediary Bank Name
• Correspondent/Intermediary Bank Address

Europe International wire format requires:

• IBAN
• Swift Code /BIC
• Bank Address