Bank wire transfers have been around for more than a century, and although they’ve gotten faster, they still typically aren’t instantaneous. 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 when you’re in a hurry.
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.
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.
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.
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.
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 October 2, 2020.
Digital money transfer service
Cash transfer
Wire transfer
Fee
$0
$5
$50 + additional correspondent bank fees
Exchange rate
1 CAD = 54.94 INR
1 CAD = 54.66 INR
1 CAD = 53.61 INR
Transfer speed
1 day
Minutes
2-5 days
Amount received
INR 82,410
INR 81,990
INR 80,415
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 1,995 less rupees if you send through a wire transfer.
Compare ways to send money
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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.
Frequently asked questions
It depends on how quickly the banks communicate with one another. Theoretically, the transfer could happen in the same business day, but more often than not it takes two or more business days.
Banks do not hold wire transfers. Unlike cheques that need verification to clear, the moment an incoming wire transfer hits your bank account, it’s yours.
Zak Killermann was a technical publisher at Finder who specialised in currencies and investing. Zak’s expertise was in breaking down technical finance concepts into approachable, digestible nuggets of information.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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