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.
Using international money orders to send money overseas? Learn about better options.
Transfer agents, mobile wallets and online credit card payments don’t necessarily require a bank account.
Instarem offers no-margin, mid-market rates for some of your money transfers.
Comprehensive guide on receiving money sent via a wire transfer.
Every money transfer service has different requirements for signing up and initiating a transfer. Find out what information is required to send money overseas.
We cover the different wire transfers fees you could pay with 10 of the top US banks when sending money internationally.
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.
Hi..Actually my friend send a amount of 60000 usd from china to India of my bank account which is Indian overseas bank. He said that only 2 days it takes. But I did not received yet.This is the third day, He sended on Friday.. Today its coming Monday.. but till now I havn`t receive any messages regarding amount… How long it takes to receive the money from China to India.
Hi Kaviya,
Thank you for reaching out to finder.
Depending on the option your friend used in sending the money to you. It may take from a couple of minutes to 5 business days. It is best to contact your friend so he can speak with the company he sent the money to for him to be able to know the estimated date of release of the funds. Hope this helps!
Cheers,
Reggie
Thank you for the responce but should I be expecting the funds by Monday as Monday is the 5th working day?a friend of mine sent me funds from the uk to my Wells Fargo bank account in the states as I live in the states,Monday is the 5th working day should I be expecting the funds by Monday?
Hi Micheal,
Thank you for reaching out to finder.
Yes, if Monday is the 5th working day then you should be expecting the funds to arrive by that date. If it has not arrived, you may need to contact the sender to check with the money transfer company on the delay. Hope this helps!
Cheers,
Reggie
My friend have sent money through bank in Israel 2000$ last week. How long will it take to be in my bank account. It says only a week. He went back to the bank to ensure and made a process to deposit the money to swiss bank to the philippine bank. Is it possible that way?
Hi Maya,
Thanks for getting in touch with finder. I hope all is well with you. :)
If you have done a bank to bank transfer, it should take about three to five business days for your money to arrive. If you’re asking if it is possible to transfer money from a Swiss bank to a Philippine bank, that would depend on your bank. Usually, it is possible. For this reason, it would be a good idea to directly get in touch with the bank to obtain a more personalized advice.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
My friend has sent me $280 from US by using google pay and i am staying in Bangalore, India.
How much time it will take to the amount to get credited to my account?
Hi Sonu,
Thanks for reaching out to finder.
Transfer duration through google pay vary depending on the type of payment method you use.
Receiving money with a debit card and Google pay are usually the fastest options. If someone sent money to you and your debit card or Google Pay balance is set as your default payment method, the transfer may be completed within 24 hours. However, in some cases, you may not see the charge or credit on your account for up to 24 hours.
On the other hand, money transferred to bank accounts take longer. If someone sent it to your bank account and it is set as your default payment method, it usually takes 2-3 business days for money to be received.
I hope this helps.
Cheers,
Charisse
Hello finder. I send someone money from my bank in Belize through wire transfer to a beneficiary bank in USA I later discovered that the person was a fraud I wanted my money back but bank say that the transfer was successful but can my bank get back my money for me please i need urgent answer.
Hi Eljhonny,
Thanks for getting back! Sorry to hear about what happened. Unfortunately, if a transfer is successful this cannot be retracted. It would be best to contact your bank and how they can help you out and if you will go further, can also report this to the authorities. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki