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How long does a wire transfer take?

Wire transfers are convenient, but using a money transfer service can almost always get your money there faster.

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Zak Killermann

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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.

How long does a wire transfer take?

At best, expect the following transfer times for domestic and international transfers.

  • Domestic wire transfer speed – Within 24 hours is possible, particularly for transfers between accounts at the same bank.
  • International wire transfer speed – Between two and five business days, perhaps longer depending on various factors like payment method and delivery destination.

What impacts wire transfer speed?

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:

  • Your bank – Smaller banks may take longer for international transfers, as they may not have an International Bank Account Number (IBAN).
  • Receiving bank – If you’re sending a wire transfer to a bank other than your own, the banks have to communicate which can take time.
  • Time of transfer – Sending transfers earlier in the day is better. If you send it at the end of the day, it has to wait until the next business day to start processing. The same goes for the end of the week, or right before a bank holiday.
  • Type of transfer – Some banks offer expedited wire transfer services, but beware of high fees added to your transfer total.

Who is most likely to be researching how long a wire transfer takes?

Finder data suggests that men aged 35-44 are most likely to be researching this topic.

ResponseMale (%)Female (%)
65+4.07%3.33%
55-646.10%6.28%
45-549.24%7.39%
35-4414.42%11.09%
25-3414.23%8.50%
18-249.24%6.10%
Source: Finder sample of 541 visitors using demographics data from Google Analytics

How to have wire transfer funds available immediately

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.

Blue icon representing money transfers Image: Infogram

Digital money transfer services

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.

Picture not described: BlueCoinsCashIcon_Infogram_94x62.png Image: Infogram

Cash transfers

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 crunch the numbers: Sending $1,500 to India

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 serviceCash transferWire transfer
Fee$0$3.99$25 + additional correspondent bank fees
Exchange rate1 USD = 73.179 INR1 USD = 73.312 INR1 USD = 70.213 INR
Transfer speed1 dayMinutes2-5 days
Amount receivedINR 109,769INR 109,675INR 103,564
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

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.

Bottom line

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.

Frequently asked questions

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Zak Killermann was a technical publisher at Finder who specialized in currencies and investing. Zak’s expertise was in breaking down technical finance concepts into approachable, digestible nuggets of information. See full bio

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87 Responses

    Default Gravatar
    johnJune 2, 2018

    Good day
    I was tracking money my sister sent me from NZ through moneygram and I saw it and later I didn’t see it again and the tracking didn’t show me anything if someone has picked it or not so what could be the problem of it. if someone picked the money would it show on the tracking number when you track it?

      AvatarFinder
      JoshuaJune 6, 2018Finder

      Hi John,

      Thanks for getting in touch with finder. I hope all is well for you. :)

      The tracking number is a way for you to track the status of your transaction. Your tracking should tell you whether the money has already been claimed by someone else, where it is now, or it was canceled by the sender. You may want to directly get in touch with your sister as well as Moneygram to know where the money is.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    EbenMay 1, 2018

    How many days does it take to deposit a cash into a Nigerian account from USA through money gram?

      AvatarFinder
      JhezelynMay 1, 2018Finder

      Hello Eben,

      Thank you for your comment.

      You can send to any bank account in Nigeria and your cash can be picked up in minutes or is available in a bank account Same Day, this is subject to agent operating hours and compliance with regulatory requirements.

      Many account deposits are completed within a few hours. Timing of funds availability in your receiver’s account varies depending on destination country and is subject to banking hours and systems availability, good funds availability, approval by MoneyGram’s verification systems and local laws and regulations; banking business hours typically exclude weekends/holidays.

      Regards,
      Jhezelyn

    Default Gravatar
    RenApril 5, 2018

    My sister has sent me 650 euros through swift code but still I haven’t received it so can u please tell me how many days will it take to get credited to my account which is in india

      Default Gravatar
      nikkiangcoApril 5, 2018

      Hi Ren,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      A swift code is like a US routing number or a zip code. It denotes the exact bank the recipient account is in. Your bank may be able to find out the recipient’s BIC/SWIFT code using the recipient’s name and account number or by using an online BIC/SWIFT code finder, but you can also just ask the recipient bank for the information.

      If your sister used Transferwise to wire money, there is a minimum of 3-5 business days as it would also depend on the receiving bank. You may want to ask your sister which transfer service she used to wire the money. :)

      Feel free to message us should you have further questions.

      Thanks and best regards,
      Nikki

      Default Gravatar
      TERRYMay 23, 2018

      Good day
      I have friend from uk he use the tranfer go deposit. His from uk and form South Africa i will like ask how days it will take to be clear on std bank accout he always ask me a swift code wich ive given him.

      Default Gravatar
      nikkiangcoMay 24, 2018

      Hi Terry,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      Glad to hear from you again. Please note that we’re a product comparison website and we do not represent any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.

      You’d have to call the money transfer service used to check how long it will take for the transfer to clear.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Cheers,
      Nikki

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