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How to receive an ACH transfer?
How to receive an ACH transfer?

All you need to know about ACH transfers.

Updated over a week ago

At DolarApp, we give you your own unique US account details (ACH Account and Routing number) so you can receive dollars via ACH or Wire Transfer. When you receive USD to your account number, you receive digital dollars in your DolarApp balance.

What is an ACH Transfer?

A payment sent between bank accounts via the ACH (Automated Clearing House) network is known as an ACH transfer.

How long will my ACH transfer take to arrive?

ACH transfers are normally completed in 3 to 5 business days.

Types of ACH Transfers

There are two main types of ACH transfers: ACH Debits and ACH Credits.

  • ACH credits are when you initiate a payment from your financial institution to a payee, such as a utility company or car loan servicer. Your bank account details remain with your financial institution and are not sent to the payee.

  • ACH debits are when you establish a payment with the payee. In this situation, you submit your payment details (including account and routing numbers) to the payee. Examples of ACH debits would be when you pay a credit card bill from your credit card provider's website or if you share your account and routing number with a cellphone provider who debits your account directly to collect a monthly payment.

What Information is needed for an ACH Transfer?

To make an ACH transfer, you’ll need the following details:

1. Name

2. Routing/ABA number

3. Account number

4. Account type

5. Transaction amount

You will find all of these details from DolarApp in the "Receive" tab within the app.

How can I transfer USD to DolarApp from my bank account with an ACH payment?

Here are the steps to transfer USD through the Automated Clearing House.

  • 🔗 Link DolarApp to your existing bank account

    This essential step isn’t too complicated, but it can’t be skipped. To complete this step, you need to add your DolarApp Account and Routing number as a payee or beneficiary to your existing bank account. To link your account, your bank usually makes two small deposits (usually less than $1) to your DolarApp account. They'll ask you to confirm the deposits by entering the amount into their banking portal. Once you enter the correct deposit amounts, your account will be linked.

  • 🏦 Specify if the transaction will be a credit or debit to the account where the transaction originates. Currently, DolarApp only supports ACH credits, but ACH debits will be available soon.

  • 💰 Enter the payment amount.

  • 📆 Prepare to complete your payment.

    Some financial institutions will let you post-date a payment. Remember that the payment can take up to 6 or 7 days to be credited, so don't panic if it takes a little longer to be reflected in your balance, your payments are safe with us.

Here are some more specific manuals to make ACH payments depending on an American bank:

Still have questions? Write to us in the Support tab, and we will gladly help you!

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