Bank wire transfers have been around for more than a century, and although they’ve gotten faster, they still typically aren’t instant. Several factors come into play when transferring money through your bank. Understanding why transfers take time and what alternatives are available can help you avoid delays.
At best, expect the following transfer times for domestic and international transfers.
When you send a wire transfer through your bank, you should be provided with an expected delivery date, though this isn’t a guarantee of any sort. Wire transfer time varies based on many factors, some that are in your control and some that aren’t:
Finder data suggests that men aged 35-44 are most likely to be researching this topic.
| Response | Male (%) | Female (%) |
|---|---|---|
| 65+ | 4.07% | 3.33% |
| 55-64 | 6.10% | 6.28% |
| 45-54 | 9.24% | 7.39% |
| 35-44 | 14.42% | 11.09% |
| 25-34 | 14.23% | 8.50% |
| 18-24 | 9.24% | 6.10% |
When you are in a rush, or you just don’t feel like waiting, there are ways to expedite the speed at which your money is transferred. By default, almost no wire transferred funds are available immediately, so use these alternatives to get your money faster.
Companies like OFX and CurrencyTransfer specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s bank account, often in as little as a day.
Services like WorldRemit allow you to transfer cash for nearly instant pickup. While it’s a fast way to send money, you may pay more in fees than you would with a digital money transfer service.
Let’s say you need to send $1,500 to family in India. Here’s what you might face as far as fees and exchange rates as of May 26, 2020.
| Digital money transfer service | Cash transfer | Wire transfer | |
|---|---|---|---|
| Fee | $0 | $3.99 | $25 + additional correspondent bank fees |
| Exchange rate | 1 USD = 73.179 INR | 1 USD = 73.312 INR | 1 USD = 70.213 INR |
| Transfer speed | 1 day | Minutes | 2-5 days |
| Amount received | INR 109,769 | INR 109,675 | INR 103,564 |
| Verdict |
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|
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Using an international money transfer service can often deliver your money instantly, something that wire transfers can almost never achieve. On top of that, you’d end up sending 6,205 less rupees if you send through a wire transfer.
Using your bank to send money domestically and internationally is hardly ever the cheapest or fastest option. To learn more about how to send money more efficiently, read our dedicated guide with hand-picked options that cover international transfers.
The Federal Reserve is launching its own instant-payment system called FedNow, advertising a staggering delivery speed of seconds.
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Every money transfer service has different requirements for signing up and initiating a transfer. Find out what information is required to send money overseas.
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Looking for higher transfer limits and lower fees? Explore these WorldRemit alternatives to find a good deal.
Western Union’s extensive global network comes with high fees and weak exchange rates, use these alternatives to look for a better deal.
Compare MoneyGram with competitive alternatives to find the best deal for your transfer.
Hii my friend transfered 5000 USD from BMO Harris Bank to Bank of China, the day he wired BMO harris people told him it should take 2 hours to reflect on the beneficiery account, the next day after wiring the funds he went bank to the bank to check the status of wire now theyre telling him it may take upto 2 or 3 days , i dont understand why ?!
Hi Joshua,
Thanks for your inquiry.
Generally, The receiving banks often take 2-4 days for funds to be released to customers because they are following what they call the “Three-day good funds model”, which basically means they’ll hold the funds for three days to make sure it’s not a fraudulent transaction. You may also check with the receiving bank if you have a transaction number for the transfer to make sure they did receive the funds and are just waiting for it to clear.
I hope this helps.
Kind regards,
Bella
I was send money from Union bank of India to Kenya through cheque for how long will I receive the money in my account??
Hi Josh,
Thank you for getting in touch with Finder.
International bank transfer usually takes 5 working days or longer depending on various circumstances like holiday, verification process of the receiving bank etc. You may ask the sender if their union bank in India has completed the money transfer. If says yes, please check this with your Kenyan bank on when you will see your money on your account. Not sure if you were advised that you’re receiving a cheque. I suggest that you check this with your sender on how long you should wait for the cheque to arrive.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
How many days does t take for an usd online transfer to account in malaysia.
Hi Aimi,
Thanks for getting in touch with Finder! Transfer speeds depend on the method used and the money transfer provider. You can find the specific transfer speeds on the part of the page that says “The average time it takes to send money overseas.” It’s important to check the exchange rate beforehand to maximize the funds to be exchanged. Also, read through the transfer process of the provider such as transfer fees, transfer options and transfer speed to set expectations for the receiver. Take note of any reference or tracking numbers should any transaction delays come up during the transit. Hope this helps and feel free to email back if you have questions.
Best,
Nikki
One of my friends sent 10,000 south African cash from South Africa through banking to Ethiopia.
How long it will take to my account?
Hi James,
Thank you for reaching out to Finder.
Generally, if the transaction was done online it is completed within minutes or 24 hours at the latest. You may need to wait 1-2 days for the money to arrive unless delays or clearing requires more time. Contact the money transfer company to learn more. Hope this helps!
Cheers,
Reggie
I was sent some money via western union and on my track transfer shows in progress wondering how long it should take for pick up
Hi John,
Thanks for your inquiry.
Western Union allows processing times of as little as 10 minutes, allowing your recipient to pick up the funds shortly after you initiate the transaction.
I hope this helps.
Kind regards,
Bella