A cash transfer is the quickest way to send money overseas — and the most expensive.
The processing time for a money transfer depends on how you send the money, the provider you choose and where you send the funds. While cash is fast, you can save a lot of money if you’re willing to wait a day.
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The average time it takes to send money overseas
How long does it take for an international money transfer to arrive in your recipient’s bank account or wallet? Well, that depends on a range of factors, but at the top of the list is the bank or money transfer company you choose to handle the transaction. The table below shows the processing times for some popular money transfer providers and banks.
As you can see, transfer times vary from a few minutes to up to five days, with some companies only offering an approximate range rather than a specific number of days, so it’s a little difficult to work out an accurate overall average transfer speed.
| Service | Transfer type | Transfer speed |
|---|---|---|
| CurrencyFair | Online transfer | 1-2-days |
| TorFX | Online transfer | 1-day |
| OFX | Online transfer | 1-2-days |
| Travelex International Payments | Online transfer | 1-day |
| XE | Online transfer | 2-days |
| TransferWise | Online transfer | 1-2-days |
| Currency Online | Online transfer | 2-days |
| Compass Global Markets | Online transfer | 1-day |
| 1st Contact | Online transfer | 2-days |
| CurrencyFair | Online transfer | 3-5-days |
| Western Union | Cash transfer | Same-day |
| MoneyGram | Cash transfer | Same-day |
| HSBC Multi-Currency Account | Bank transfer | |
| Citibank Plus Everyday Account | Bank transfer | Same-day |
Banks vs. online transfer companies vs cash transfer providers: which is quickest?
Despite the variances in the services offered by individual providers, we can draw a few important conclusions from this table:
- Cash transfer companies offer the fastest transfer times, with cash sometimes available for collection by your recipient within minutes. However, cash transfer companies typically do not offer the best exchange rates and also charge high fees.
- Many online transfer companies can offer faster transfer times than the “Big Four” banks.
- It pays to shop around to find the quickest transfer processing time for your specific transaction.
What factors affect transfer times?
The table above clearly shows that transfer times can differ substantially depending on the transfer company you choose and the details of your transaction. In fact, there are several factors that affect the speed of an international money transfer including:
- The money transfer provider you choose
Processing times for international money transfers vary from one company to the next. Ask each provider for a guide to how long it will take them to transfer money to your chosen destination. - Where you are sending the money
The destination of your transfer will also influence the transaction speed, as the banking structures in place in specific countries may result in longer processing times. Transfers to developed countries are usually much quicker than transfers to developing nations. - The type of transfer
As the table shows, online transfers can take anywhere from one to five business days to process, and the same goes for bank transfers. However, 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. - Inter-bank transfers
If sending an international transfer to an overseas account held with the same bank, for example from an United States Citibank account to a Citibank account in the UK, you may be able to enjoy faster than normal processing times for bank transfers. - The currency used
Popular global currencies like the Euro and the US Dollar are regularly traded on foreign exchange markets, which means your transfer will typically be able to be completed as quickly as possible. However, there may be an additional wait if you’re transferring a rare or exotic currency. - The payment method
Depending on the money transfer provider, the payment method used to fund the transaction could also affect transfer speed. For example, the time required for a bank transfer to clear will differ from the time required to process a credit card transaction to pay for your transfer. - When you lodge your transfer
It’s important to consider public holidays and weekends in both the sending and receiving country, as this can add extra time to your transaction. It’s also worth pointing out that the transfer provider you choose will most likely have a cut-off time each business day for transfer requests; if you request a transfer after that time, the transaction won’t begin to be processed until the next business day. - Special arrangements
Some providers offer the ability to send urgent transfers if you lodge a special request. However, be warned that you may be charged a high fee and also have to accept a low exchange rate.
What should I do if I need to send an urgent transfer?
Sometimes situations arise where you need to send money overseas as quickly as possible. For example, you may have an outstanding debt that was due to be paid off last week, or you may need to help out a cash-strapped loved one who is stranded on holiday on the other side of the world. Whatever the case may be, there are ways to expedite the transfer.
If you’re sending cash, companies like Western Union and MoneyGram allow processing times of as little as 10 minutes, allowing your recipient to pick up the funds shortly after you initiate the transaction. In other cases, you may be able to ask your money transfer provider about the possibility of speeding up the transfer process. Some providers have systems in place to handle urgent transfers, but choosing this option will usually incur a higher fee and possibly mean you have to accept a lower exchange rate.
Other factors to consider when choosing a money transfer company
Transfer speed is just one of the factors you need to consider when choosing a money transfer provider. You should also compare:
- Exchange rates
Compare exchange rates between different providers for the currencies you will transfer regularly. Even a small difference in exchange rates can result in much more money making it into your recipient’s bank account. - Transfer fees
You’ll need to look at a company’s exchange rates in line with the transaction fees it charges. Make sure you’re aware of any hidden fees and charges that apply to your transaction, and remember that some companies offer fee-free transactions when you transfer more than a specific amount. - Transfer options
Does the provider allow you to place forward contracts or limit orders to get a better exchange rate? Can you schedule repeating transfers to save time? - Supported currencies
It’s always a good idea to check exactly which currencies you are able to transfer with any one company. While some banks and providers support 100 currencies or more, others will only provide transfers in a much smaller selection of currencies. - Sending and receiving options
How can you lodge a transfer request: online, through a mobile app, over the phone and/or by visiting a branch? It’s also important to compare how your recipient will receive the money: will it go to their bank account or to their account with the transfer provider, or will it be made available for cash pickup? Customer support. Finally, check out each company’s reputation for providing prompt and helpful customer support. During what hours is support available and how can you access it?
Compare the processing times and features of a range of leading money transfer providers to find a fast and affordable way to send money overseas.
One of my friend send 230$ By online transfer from srilankan to my phillipine account, how long it will take to my account?
Hi Che,
Thanks for reaching out! The transfer speed will depend on the money transfer service your sender used. I recommend asking for tracking information from your sender. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
Someone sent me 1500$ from Poland through online transfer to my Nigerian account, how long will it take to get to my account?
Hello Tochesky,
Thank you for your comment.
Depending on the type of transfer, the transfer speed may vary. Bank transfers and cash transfer may only take the same day to process. Online transfers take 1 – 5 business days.
Typically, once the money is ready at an agent location, you should receive notification via SMS or email regarding the necessary details and procedure in claiming the funds.
Regards,
Jhezelyn
My friend has send me 300$ from el salvador to india on 26 th Feb 2019 and in his country that day it was 25 th Feb 2019, so by when it will be credited to my account.
Hi Nick,
Thank you for leaving a question. This depends on what money transfer your friend has used to send you money and depends on a range of factors as well. Some money transfer providers have the same day transfer speed. Some could take 3-5 business days.
You may verify what money transfer was used and contact the provider directly to get more information. If they used a bank transfer you may contact your bank directly to see how long it would take for it to be credited.
Hope this helps.
Regards,
Val
My uncle send me money from India to Philippines. He used online banking in ICICI bank to my BDO bank account here in the Philippines. So how long does it take to receive money from his to my bank account?
Hi Karen,
Thank you for leaving a question! It may take from a couple of minutes to 5 business days. You may want to ask your Uncle to contact ICIC directly to check how long it takes for funds to the Philippines.
Hope this helps
Regards,
Val
Hi I just want to know my boss deposit my money today morning trough China bank to my ktb account in Thailand. I was trying to check today but until now it’s not yet deposited to my account. Can you give me advise how many days it will take. Thank you
Hi Jepoy,
Thanks for your inquiry.
Usually, 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.
I hope this helps.
Kind regards,
Bella
Hi..Actually my friend send a amount of 60000 usd from china to India of my bank account which is Indian overseas bank. He said that only 2 days it takes. But I did not received yet.This is the third day, He sended on Friday.. Today its coming Monday.. but till now I havn`t receive any messages regarding amount… How long it takes to receive the money from China to India.
Hi Kaviya,
Thank you for reaching out to finder.
Depending on the option your friend used in sending the money to you. It may take from a couple of minutes to 5 business days. It is best to contact your friend so he can speak with the company he sent the money to for him to be able to know the estimated date of release of the funds. Hope this helps!
Cheers,
Reggie
Thank you for the responce but should I be expecting the funds by Monday as Monday is the 5th working day?a friend of mine sent me funds from the uk to my Wells Fargo bank account in the states as I live in the states,Monday is the 5th working day should I be expecting the funds by Monday?
Hi Micheal,
Thank you for reaching out to finder.
Yes, if Monday is the 5th working day then you should be expecting the funds to arrive by that date. If it has not arrived, you may need to contact the sender to check with the money transfer company on the delay. Hope this helps!
Cheers,
Reggie
My friend have sent money through bank in Israel 2000$ last week. How long will it take to be in my bank account. It says only a week. He went back to the bank to ensure and made a process to deposit the money to swiss bank to the philippine bank. Is it possible that way?
Hi Maya,
Thanks for getting in touch with finder. I hope all is well with you. :)
If you have done a bank to bank transfer, it should take about three to five business days for your money to arrive. If you’re asking if it is possible to transfer money from a Swiss bank to a Philippine bank, that would depend on your bank. Usually, it is possible. For this reason, it would be a good idea to directly get in touch with the bank to obtain a more personalized advice.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
My friend has sent me $280 from US by using google pay and i am staying in Bangalore, India.
How much time it will take to the amount to get credited to my account?
Hi Sonu,
Thanks for reaching out to finder.
Transfer duration through google pay vary depending on the type of payment method you use.
Receiving money with a debit card and Google pay are usually the fastest options. If someone sent money to you and your debit card or Google Pay balance is set as your default payment method, the transfer may be completed within 24 hours. However, in some cases, you may not see the charge or credit on your account for up to 24 hours.
On the other hand, money transferred to bank accounts take longer. If someone sent it to your bank account and it is set as your default payment method, it usually takes 2-3 business days for money to be received.
I hope this helps.
Cheers,
Charisse
Hello finder. I send someone money from my bank in Belize through wire transfer to a beneficiary bank in USA I later discovered that the person was a fraud I wanted my money back but bank say that the transfer was successful but can my bank get back my money for me please i need urgent answer.
Hi Eljhonny,
Thanks for getting back! Sorry to hear about what happened. Unfortunately, if a transfer is successful this cannot be retracted. It would be best to contact your bank and how they can help you out and if you will go further, can also report this to the authorities. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki