Here in Australia, electronic bank payments are very easy. If you have the destination bank and account numbers, you can enter that in your online banking and make a payment. It is usually free, and payments go typically go through same day or next day.
Many suppliers include account information on their invoices, so you can make the payment electronically. (There is provision for limited reference information e.g. invoice number and payer.)
It works equally well to transfer money between your own accounts at different banks.
How does this work in the USA? I don’t know whether I don’t know the terminology or what to look for, or whether there is no similar facility.
My online banking has bill pay options which look similar, but I enter all the payment information and then the bank… mails a check!?
ACH looks promising but it seems to talk about pulling money from customer accounts, and seems to need some sort of setup before it is available. I want to push money from one account to another.
I need to transfer money between accounts at different banks. The only way I can figure out to do that online will involve mailing myself a check. Or may be a wire transfer, with corresponding wire transfer fees.
I can transfer electronically from an Australian account to a US account using the various FX companies, but I can’t figure out how to use a US account as the source.
What am I missing?