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 |
|
|
|
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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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.
They send me money on Friday evening from USA and have not received it yet and it’s a bank deposit.
Hi Ayeni,
Thank you for leaving a question.
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. Hope this helps!
Cheers,
Reggie
how many days does transfer funds takes from Nab bank transfer in Australia to wellsfargo account in United States
Hi Salom,
Thanks for leaving a question on finder.
Bank to Bank transfer is usually 1-2 business days excluding bank holidays (keeping into consideration time differences, if applicable). Also you need to understand if a correspondent bank is involved. All in all your money usually would be available on Day 3. However, banks might keep this money for a day or two, to earn some float on it.
Please send me a message if you need anything else. :)
Cheers,
Joel
I don’t want to send money to anybody but I want to save it to my Nigeria bank account straight from Oman I use Express Exchange to sent it but I was given a paper with long pin how should I do the pin for me to receive my alert from my Nigeria bank account.
Hi Mojisola,
Thanks for getting in touch with finder. I hope all is well with you. :)
You can go to Xpress Money website. They have a page that allows you to track your transaction. Once you’re on their website’s homepage, you can click on the “Transaction tracker” tab and there, you can then type in your 16-digit pin.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
i want to know how long it will take online bank transfer locally in germany
Hi Egon,
Thanks for reaching out to finder.
Domestic bank to bank transfer duration in Germany usually takes 2-3 business days but may also vary depending on several factors such as:
How the transfer was made – online transfers are usually quicker to process
When the transfer was made – if you are able to submit the transfer request before the bank’s cut off time, the bank may process it on the same day
Bank’s clearing time- if the paying and the receiving bank use the same clearing center or have the same clearing arrangements, your payment may arrive on the same business day
I hope this helps.
Cheers,
Charisse
Hi. Someone sent me money from Ireland and I received a call that I need to have at least R1500 for it to be transferred into my account. Is this possible?
Hello Meme,
Thank you for your comment.
Usually, when receiving money, the fees are already shouldered by the sender. The recipient will just pick up the amount without having to pay anything. It’s important that you verify this first before you shell out the amount to avoid being scammed. Please contact the transfer company, and verify the details.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn