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.
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,
Someone from Switzerland mailed me $2500 in US dollars to my uk bank account on Thursday last week and 5 working days later the money is still not there!
Why would this be the case?
I’ve never dealt with this person before.
I rarely have international payments made.
I gave him the correct details, if he got one digit wrong, would it be returned to his account or go to a strangers account?
Thanks, James
Hello James,
Thank you for reaching out to Finder.
The time frame for the money to be transferred to your bank account can be influenced by a few factors such as the provider used, type of transfer, payment of the transfer, and others more. The Sender should reach out to the provider to make the necessary follow-ups and supply the needed verification information if needed. Take some time to know the transfer times for domestic and international transfers.
If the sender got the wrong account number, he/ she should report it to the money transfer provider/ his/ her financial institution to help him/ her retrieve the money.
There many forms of money transfer scams that you should be aware of. So, be sure to be familiar with them and know how to avoid getting scammed.
I hope this helps.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
how many days can i receive a money postal order from france to our country philippines and do i need some code or control number to get it in the post office??
Hi Esten!
Thanks for getting in touch!
It is possible to send a money order from France to the Philippines. There are a number of ways to do this such as Western Union, MoneyGram or USPS. Both facilities offer a money order. Make sure to get the transaction number from the sender when you get your money order and take note of the requirements you need to get the money order as every facility is different from the other.
Hope this helps.
Regards,
Nikki
Hello .My friend has transferred money from his credit card , in Ireland to my bank account in india, how long will it take to get credited in my account?
Hi Daisu,
Thanks for leaving a question on finder.
Many domestic wire transfers can be completed within 24 hours (especially if transfers occur between accounts at the same financial institution). But international wire transfers may take longer. If you’re receiving money from another country, it may take as many as five days for you to receive your funds.
Cheers,
Joel
Hi there!
My friend made transaction from USA to me here in Pakistan of $250 . Now i want after how much time will i receive that in my bank account?
Hi Waqar,
Thanks for leaving a question on finder.
Bank transfers can take anywhere from one to five business days to process, and the same goes for online transfers. If it takes more than five business days, you can check with your bank on what could be causing the delay. If you’re sending a cash transfer through a company like Western Union, the money will often be available for collection by your recipient within minutes.
Cheers,
Joel
Hello there…. I have been expecting a transfer which was made on express transfer to turkey but 2 weeks still on express transfer the bank receiving haven’t credited the account… What is going on?
Hi Francis,
Thanks for leaving a question on finder.
the processing time for an international money transfer will vary depending on a range of factors, including the transfer provider you choose and where you send the funds. We took a closer look at the average transfer speed when you send money overseas and how the specifics of your transaction can influence its processing time in the article above.
It would still be best to call your bank and ask them about the abnormal delay and what could be causing it.
Cheers,
Joel