How long does an international wire transfer take?

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

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.

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 October 2, 2020.

Digital money transfer serviceCash transferWire transfer
Fee$0$5$50 + additional correspondent bank fees
Exchange rate1 CAD = 54.94 INR1 CAD = 54.66 INR1 CAD = 53.61 INR
Transfer speed1 dayMinutes2-5 days
Amount receivedINR 82,410INR 81,990INR 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.
Name Product CAFMT Offer Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise logo
24 hours
From 0.33%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe logo
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
InstaReM logo
Within minutes
From $0
Enjoy a special exchange rate and zero fees on your first transfer. Conditions apply. Valid until January 15th, 2025.
Instarem offers inexpensive transfers and the opportunity to earn rewards points.
Africhange logo
Within minutes
From $0
Send money in CAD to Africa on this blockchain and P2P powered provider.
Remitly
Finder Award
Remitly logo
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
MoneyGram
Finder Award
MoneyGram logo
Within minutes
From $4.99
For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply.
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX
Finder Award
OFX  logo
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Xe logo
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
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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

Zak Killermann's headshot
Written by

Publisher

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

Adrienne Fuller's headshot
Co-written by

Head of publishing and editorial

Adrienne Fuller is the former head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aimed to deliver the accurate and transparent information she wished she had when she made some of life's important financial decisions. Adrienne has a BA from Colorado College and loves to hike with her two Catahoula dogs. See full bio

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