Wayflyer offers multiple ways to send money from your bank account. Depending on your timeline and the urgency of the payment, you can choose between Standard ACH, Same Day ACH, Wire Transfers, or, for transfers between Wayflyer accounts, Book Transfers.
| Same Day ACH | Standard ACH | Wire | International | Book Transfer |
Speed | Same day (if before 2:30pm ET) or next business day* if after | 1-2 business days* | Hours* | 1-6 business days* | Instant |
Fee | Free | Free | $10 | 1% | Free |
Required Info | Recipient account number & ACH routing number | Recipient account number & ACH routing number | Account number, wire routing number & bank name/address | Beneficiary bank details, SWIFT/BIC code, IBAN where applicable, and any additional local requirements | Account name |
*Wayflyer processes external payments on business days only. Any payment initiated after the daily cut-off, or on a weekend or US federal holiday, will be queued and processed on the next available business day.
ACH Transfers (Standard & Same Day)
The primary method of sending money from your account to another bank account is via an ACH transfer, using the Automated Clearing House (ACH) network. The transfer can take several days to pass through the network. Wayflyer offers two speeds for domestic ACH transfers to suit your business needs.
Qualities of an ACH:
Fees: Both Standard and Same Day ACH transfers are free.
Limits: Transaction limits are the same for both Standard and Same Day ACH.
Location: ACH payments are domestic (between US accounts only).
Cancellations: Both types of ACH can be cancelled as long as the request is made prior to the payment being submitted to the clearing house. For standard ACH this typically means prior to 3pm ET but for same day ACH transactions can be submitted during earlier windows in the day as well. As a result, if you need to cancel a transaction it is best to contact us within the first 30 minutes following your transaction request.
Scheduling & Timing:
Cut-off Time: The processing cut-off for both ACH types is 2:30 pm ET.
Same Day ACH: If submitted before 2:30 pm ET, funds are typically received by the recipient on the same business day.
Note: For larger value transactions, we strongly advise processing these earlier in the morning to ensure same-day settlement.
Standard ACH: Payments are processed at 2:30 pm ET and are typically received by the recipient bank the following business day, though transactions can take longer to be received.
Missed Cut-offs: Any payment (Standard or Same Day) initiated after 2:30 pm ET will be processed the following business day. For same day ACH this will mean the recipient bank will receive the funds the next business day. For standard ACH, the recipient bank will not receive funds for 2 business days.
Wire Transfers:
Wire payments are the fastest method for moving funds to an external bank account. While these transfers are near-immediate, they come with a higher cost and a shorter window for cancellation. So you should only initiate a wire to a confirmed recipient.
Qualities of a Wire:
Fees: Wire payments cost $10.00 per wire. This fee is deducted from your Wayflyer account balance, not the payment amount itself.
Location: Wires are between US accounts only. For sending money overseas please see the International Payments information below.
Scheduling a Wire:
Processing: Wires are processed every hour, on the hour, from 9:00 am ET to 6:00 pm ET.
Cancellation Window: When a wire is initiated, there is a 30-minute security hold. You may cancel the wire during this window. After 30 minutes, the wire is processed at the next hourly cut-off and cannot be reversed.
Arrival: Funds are sent to the recipient bank immediately after processing. While most post the same day, please allow up to one business day for the recipient bank to reflect the funds.
International Payments
International payments allow you to send funds to recipients based abroad in a currency other than USD. To enable this we partner with a company called Nium and as a result additional Terms & Agreements apply to these transactions.
Qualities of an International Payment
Fees: A 1% transaction fee is applied to all international payments involving a currency conversion. The fixed processing costs (including ACH and SWIFT fees) are covered within this and you will not see any additional separate charges. The full transaction breakdown, including the amount your recipient will receive in their desired currency, the fee you will be charged and the dollar amount that will leave your account will be shown to you before you confirm the payment.
Limits: Transaction limits are the same for international payments as for ACH payments.
Location: International payments are between US bank accounts and bank accounts registered in other countries.
Timings: International payments initiated before 2:30 pm ET on a business day will typically settle within 1-5 business day. Payments initiated after 2:30pm ET, or on a weekend or US public holiday, will settle within 2-6 business days. The speed of settlement will depend on the country funds are being sent to and the receiving bank requirements.
FX rate: When you initiate an international payment, you'll be presented with a live exchange rate that is locked in for 15 minutes. You must confirm your payment within this window to guarantee the quoted rate. If the window expires before you confirm, a new quote will be generated reflecting the current rate at that time.
Eligibility: In order to make an international payment you must have been approved by Nium, our international payments partner. If you selected international payments during onboarding then we will have requested this approval on your behalf during your account opening. process.
Book Transfer:
You can transfer funds directly from one Wayflyer account to another instantly. These transfers are immediate and free, 24/7. If you want to make a transfer between your company’s different accounts simply opt to “transfer” rather than “send money”, the accounts you can transfer to will be displayed automatically. You can also create a new account from within the transfer process - in case you need to create a new account on the go!
Security & Verification for High Value Transactions
To ensure the security of our customers and reduce the likelihood of bad actors rapidly depleting accounts, Wayflyer implements additional verification for high-value transactions.
If a transaction hits our high-value threshold, additional steps are required to process the payment.
What to expect:
Contact: A member of Wayflyer’s customer support team will contact you via your phone to verify the transaction.
Verification: The agent will ask you to verify your identity and confirm that the transaction being processed is valid and authorized.
Processing Delay: Please be aware that your transaction may be held until this verification is completed. To ensure your payment is sent on time (especially for Same Day ACH or Wires), we recommend initiating large transfers early in the day and remaining available for contact.
NOTE: During these verifications we will ask for verification information about your transaction and your account, but we will never ask for log in information, passwords, 2FA codes, or usernames for your account access.
Frequently Asked Questions:
I sent my ACH, when will the recipient receive the payment?
Same Day ACH: If sent before 2:30 pm ET, they should receive it that evening (pending any high-value verification).
Standard ACH: If sent before 2:30 pm ET, they should receive it the next business day.
If the recipient does not receive the payment within 3 business days, please reach out to Wayflyer support.
I missed the 2:30 pm ET cut-off for a Same Day ACH. What happens?
If you miss the cut-off, your payment will be queued and submitted to the clearing house the following business day. It will then settle on that business day as a Same Day ACH.
I sent my Wire, when will the recipient receive the payment?
Wires are processed hourly (9 am – 6 pm ET). While the transfer is immediate on our end, the recipient bank may take a few hours to post the payment to the account. If not received by the following business day, please contact us.
I sent my wire/ACH, but it was rejected for an incorrect routing number. Why?
Many banks use different routing numbers for Wires vs. ACH transfers. Please double-check with your recipient to ensure you are using the correct "ACH Routing Number" or "Wire Routing Number" for the specific method you have selected.
For support questions for the Wayflyer Banking product, please do not hesitate to reach out to [email protected].
Wayflyer is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. The Wayflyer Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact [email protected] with questions on the sweep program. Pass-through insurance coverage is subject to conditions.