Transfer FAQs

Can I send bulk transfers from my Rho account?

If you'd like to set up bulk transfers from your Rho account, reach out to us at 855-7-GETRHO or at Bank@Rho.co to discuss your specific needs. Bulk transfers are only permitted on a case-by-case basis, and companies need to be in compliance of any relevant laws and regulations.

How do I view a list of all past transfers?

In your Rho dashboard, navigate to the Banking tab > All Recent Activity > View All.

Can I link Rho to PayPal?

Yes, you can. To link a business PayPal account to Rho, first log into PayPal. Find the 'Pay & Get Paid' tab. Then, select 'Banks & Cards' and 'Link a New Bank.' Under the list of banks to connect, you will need to type in any mix of letters (eg. abcdefghi) in the search bar in order to prompt the option 'Don't see your bank here?'. Once you see that option, click that to enter your Rho routing and account number details. When connecting your Rho account, double-check that the name of the entity on your PayPal account explicitly matches the name of the entity on your Rho account. Micro-deposits will be used to link your account. The Micro deposits should appear in your Rho account from PayPal within 2-3 business days. Once they arrive you can log back into PayPal to confirm the amounts you received. Your connection will then be active.

What Are the Differences Between ACHs and Domestic Wires?

While ACHs and Domestic Wires are both domestic payments, there are a few differences between these types of payments:

1. They run on different networks

An ACH transfer (a.k.a. direct deposit) is a method of sending funds from one bank to another using the Automated Clearing House (ACH) network. To process an ACH transfer, a request is made from the payor’s bank account. Then, funds are sent via the ACH network to a recipient’s bank. The Automated Clearing House network is a network of financial institutions, including banks and credit unions, that are batching transactions between them, guided by the rule-making organization, Nacha. ACH is a US-only network, thus not available for vendors outside the United States.

Wire transfers are electronic interbank payments used to transfer funds directly from one entity’s bank account to another’s. Wire instructions include the bank account number and ABA bank routing number for the vendor receiving the money.

Wire transfers are individual requests, while ACH transfers are handled in batches. For example, employee payroll checks are often directly deposited using ACH transfers.

2. Banks may have different routing numbers to accept ACHs or wires

As these are two different types of payments, many banks have different routing numbers reserved for receiving ACHs, separate from the routing number they use to receive wires. Before sending a payment, be sure to check that the routing number you have for the recipient bank accepts ACHs, wires, or both.

3. Fees

While Rho does not charge for sending and receiving ACHs or wire, other banks may have sending/receiving fees for these transfers. In general at other banks, ACH transactions are lower cost than wire transfers.

4. Settlement times

Each financial institution sets its cutoff time policy for sending same business day bank wires. With wire payments, funds are immediately available within 24 hours upon arriving in the vendor's bank account. At Rho wires sent prior to 4:45 p.m. EST will arrive same-day. Wires sent after 4:45 p.m. EST will land the next business day.

ACHs sent prior to 2pm EST will land same-day. ACHs sent after 2pm EST will land within 1-3 business days.

5. Ability to recall or dispute a payment

ACHs are much easier to recall or dispute.

Once funds have been wired, because of the immediacy, recalling erroneous transactions is much more difficult.

Conclusion:

Wire transfers and ACH transfers serve different needs. Wire transfers are best when speed and certainty are critical. ACH payments are good for small, frequent payments. As long as everybody involved trusts each other, it’s cost-effective to use this automated system. Common examples of ACH payments include:

  • Direct deposit of employee pay or benefits from Social Security
  • Automatic monthly bill payments to utilities, lenders, and other service providers
  • Moving money between your accounts at different banks
  • Automatic contributions to retirement accounts or education savings accounts

Some merchants and organizations also like ACH transfers for one-off payments to avoid their bank's recipient wire fees.

>
>
General Info and FAQs
Popular articles
How Long do Savings Account Transfers Take?
How Many Transfers Can I Send From My Savings Account?
How to View your Savings Account Balance
When is Savings Account Interest Applied?
Categories
Download on the app storeGet it on google play
Rewards Terms
Terms of Service
Privacy Policy
Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank N.A., member FDIC. Savings account services provided by American Deposit Management Co. and its partner banks. International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party.
The Rho Corporate Card is issued by Webster Bank N.A., member FDIC pursuant to a license from Mastercard.
Investment management and advisory services provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment adviser and subsidiary of Rho. RBB Treasury LLC facilitates investments in securities: investments are not deposits and are not FDIC-insured. Investments are not bank guaranteed, and may lose value. Investment products involve risk, including the possible loss of the principal invested, and past performance does not future results. Registration with the SEC does not imply a certain level of skill or training. Treasury and custodial services provided through Apex Clearing Corp. ("Apex") and Interactive Brokers LLC ("Interactive"), registered broker dealers and members FINRA/SIPC. Interactive rates may vary from Apex rate shown above. For additional information about investment management and advisory services provided by Rho Treasury, please refer to Rho Treasury’s ADV-2A Wrap Fee Brochure.
             
This material presented is for informational purposes only and should not be construed as legal, tax, accounting or investment advice. Under no circumstances should any of this material be used for or considered as an offer to sell or a solicitation of any offer to buy an interest in any securities. Any analysis or discussion of financial planning matters, investments, sectors or the market generally are based on current information, including from public sources, that we consider reliable, but we do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. Our views and opinions are current at the time of publication and are subject to change. You should consult with your attorney or relevant professional advisor for advice particular to your personal or business situation.
                  
Rho Treasury is not insured by the FDIC. Rho Treasury are not deposits or other obligations of Webster Bank N.A., or American Deposit Management Co.’s partner banks, and are not guaranteed by Webster Bank N.A., or American Deposit Management Co.’s partner banks. Rho Treasury products are subject to investment risks, including possible loss of the principal invested.
*This reflects the sought net yield based on 90-day Treasury Bill rates as of [DATE] and an annual fee which ranges from 0.15% for deposits of $20M or more to 0.6% (the maximum annual fee) for deposits under $2M. Individual results may vary depending on the actual investment date and investment products selected. Past performance is not a guarantee of future performance results. The yield is variable and fluctuates without prior notice. The rate shown is net of fees. The amount of Treasury Bills available at a particular yield will depend upon the sellers’ offer size; any remaining cash balance after the purchase may not earn the same yield.
© 2019-2024 Under Technologies, Inc. DBA Rho Technologies. Rho is a trademark of Under Technologies, Inc.

‍

Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.