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 |
|
|
|
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.
1 - 13 of 13
{"niche":"CAFMT"}
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.
Frequently asked questions
More guides on Finder
-
PayPal vs. Canadian banks for international money transfers
See how the payment industry giant stacks up against Canadian banks for fees, exchange rates, transfers speed and more.
-
How to buy a car overseas with an international money transfer
Find out how to buy a car overseas by sending a safe and affordable international money transfer.
-
Are Wyre money transfers available in Canada?
Find out if Wyre money transfer and crypto payment solutions are available in Canada, and compare other money transfer services for businesses.
-
What is a billing address or a remittance address?
Sending a payment to a company but not sure which address to use? Find out about billing addresses (also known as remittance addresses) in this guide.
-
Remitly vs. PayPal
Compare this well-known global payments giant to newer transfer service, Remitly, to see which is better for fees, exchange rates and transfer speed.
-
MoneyGram vs. Ria
We compare these international money transfer services to see which has lower fees, better exchange rates and faster service.
-
List of SWIFT codes for banks in Mexico
Sending an international money transfer or wire transfer to a bank in Mexico? Find SWIFT codes for banks in Mexico here.
-
Western Union vs. Ria
Which company offers the better international money transfer services: Western Union or Ria? Compare fees, exchange rates and speed to find out.
-
US dollar to Canadian dollar exchange rate
Learn more about how to find the best exchange rate for USD to CAD money transfers.