If you're not sure exactly how wire transfers work, read through Bank Wire Transfer Basics before you authorize a transfer out of your account. The money you send will leave more or less immediately, and you won't be able to get it back – you can’t "stop payment," and you can't cancel the transfer for a refund unless it hasn't been picked up or deposited.
To wire transfer money using a bank to bank transfer, call or visit your bank or credit union. To do the transfer, you will need the recipient’s full name and their 9-digit ABA number. Another option is to wire transfer money using a cash office.
Information about making same-day wire federal tax payments via the EFTPS website. You may be able to do a same-day wire from your financial institution. Contact your financial institution for availability, cost, and cut-off times.
In the past couple of posts, I have shown you how to enter bills in QBO and how to enter bill payments by check and credit card. This time, I will show you how to pay bills in QuickBooks Online with an EFT, wire transfer or ACH – basically any form of electronic payment. Does QBO actually pay the bills for you?
If you do any business through an online payment service such as PayPal, learn about some of the common scams people use and how to look out for them. Do you prefer the security of a standard wire transfer, or is the ease of a P2P payment app more your style? Share your thoughts in the comments!
Facilitated by Payments Canada and the Canadian Bankers Association, the majority of Canada’s major financial institutions have endorsed and adopted a voluntary best practice which provides assurance to their customers that they will treat on-us wire payments in a similar manner as LVTS wire transfers (from the customers’ perspective).
Wire transfers are a relatively safe way to get paid, and unlike cashier’s checks, they aren’t often faked. Just make sure you receive a real wire transfer, as opposed to another type of electronic payment. Western Union, Venmo, and other services are not bank-to-bank wire transfers, even though people sometimes use the term “wire.”
An EFTS payment is essentially an electronic personal check, whereas a wire transfer is more like an electronic cashier's check. EFTS transfers are often called "ACH transfers", because they take place through Automated Clearing Houses. One important way ACH transfers differ from wire transfer is that the recipient can initiate it.
If you need a payment to the Internal Revenue Service to be received and credited the same day, a wire transfer may be your best option. The Federal Tax Collection Service allows business tax filers and payroll processors to pay their tax obligation the day it is due.
Scam artists might say you won a lottery or sweepstakes you never signed up for and then ask you to wire money to pay supposed fees. If you fall for a trick like this, you can’t get your money back.