How can US residents receive money using ACH on FasterPay?

ACH stands for Automated Clearing House, a U.S. financial network used for electronic payments and money transfers. Also known as “direct payments,” ACH payments are a way to transfer money from one bank account to another without using paper checks, credit card networks, wire transfers, or cash.

You can now use FasterPay to open an ACH account (Local USD Account) to receive or load money into your FasterPay account.

Benefits

FasterPay is a convenient and reliable platform for all your payment needs.

The platform offers various benefits, including:

• Save on transaction costs with efficient and cost-effective direct transfers to your FasterPay account.
• Enjoy faster processing time for prompt and seamless transactions.
• Transfer funds with peace of mind knowing your transactions are secure and protected against fraud within the US.

With FasterPay, you can simplify your payment process and have complete control over your finances, no matter where you are.

Requirements

To enjoy the full range of benefits offered by FasterPay, there are a few requirements you must meet:

• Be a permanent resident of the US with a valid Social Security Number (SSN).
• Have a consumer or business account with FasterPay.
• Complete the necessary KYC (Know Your Customer) verification process to ensure the security of your account.

Once these requirements are met, your FasterPay account will be approved and you can start making secure, fast, and cost-effective transfers. Whether you are a consumer or a business owner, FasterPay is designed to meet all your payment needs and provide a smooth and seamless experience.

Pricing

Discover the comprehensive pricing plan for the Local USD Account on FasterPay.

Consumers

• Opening Fee: 2 USD.
• Account Top-Up Fee: 1 USD.*
• Transfer Fee (Transfers): 1.50 USD**
• ACH Transfer (Same Day): 2.50 USD***
• Withdrawal Fee: 2.00 USD

Business

• Opening Fee: 0.10% + 0.50 USD.
• Account Top-Up Fee: 0.20% + 0.50 USD USD.
• Payout Fee (Transfers): 0.20% + 0.75 USD
• ACH Transfer (Same Day): 0.20% + 0.75 USD
• Withdrawal Fee: 0.20% + 0.50 USD

If your transfer fails to return the money back to us, you will be charged 2.00 USD for each transfer.

*Top-up fee for consumers will be 1.00 USD up to 1000 USD; between 1000 USD to 15000 USD it will be 0.10% + 0.25 USD. **Transfer fee (Transfer) for consumers will be 1.50 USD up to 1000 USD; between 1000 USD to 15000 USD it will be 0.10% + 0.50 USD ***Transfer fee (Same Day) for consumers will be 2.50 USD up to 1000 USD; between 1000 USD to 15000 USD it will be 0.10% + 1.50 USD.

Step-by-Step Procedure

Step-by-Step Guide to Opening a Local USD Account on FasterPay:

Log into your FasterPay account and familiarize yourself with the features of the Local USD Account.

If you don't have a USD account, create one by clicking on the "Open Account" button on the USD account details page.

Submit your Social Security Number (SSN) for verification purposes.

After verification, pay the one-time account opening fee through your account balance or by topping up if needed.

Our team will review your account details and payment, which may take up to one business day.

Once your account is approved, you can access your account details under the USD account section. Share these details with friends and family to receive money through FasterPay.

By following these simple steps, you'll be on your way to opening a Local USD Account on FasterPay, making fast and secure transfers with ease.

We're here to help

If you face any issues you can visit our Contact Us or you can also log in to FasterPay Dashboard and click on Chat & Support section from the left navigation to open a new ticket.

Thank you for choosing FasterPay for your financial needs. We look forward to helping you connect with your loved ones or make payments for your partners.