Methods to Deposit Funds into a Brokerage account
Listed below are 3 options in which you can deposit funds into a brokerage account.
- Wire transfers- Funds are moved from one bank to another within one business day and the funds can even be available for use on the same day received. Fees are paid to the bank to process the transfer, international transfers can cost more than a transfer within the US and can take extra day or two to be received.
- ACH Transactions- Banks and clearing houses process transactions in batches and typically take two to three business days to be completed. ACH transactions may incur a small fee to complete the transaction.
- Money Transfer Services- Money Transfer Services are not wire transfers, but do provide you with an electronic way to send funds. Money Transfer Services transfers funds to an associated bank which in return transfers the funds to the beneficiary. It can take anywhere from two to seven days to completed the transaction. Some common money transfer services are: TransferWise.com, CurrencyCloud.com and Revolut.com.
the three options stack up:
|Wire Transfers||ACH Transfers||Money Transfer Services|
|Speed||Same day||1-2 business days||2-7 business days|
Most banks and credit unions,
but sometimes only for business accounts
|Most banks and credit unions||Over 1,400 banks and credit unions|