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Bank wire transfers have been around for more than a century, and although they have gotten faster they still typically aren’t instantaneous. There are a lot of factors that come into play when transferring money through your bank. Understanding why transfers take time and what your alternatives are available can help you avoid delays when you’re in a hurry.
At best, expect the following transfer times for domestic and international transfers.
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:
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.
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.
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 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 service||Cash transfer|
|Exchange rate||1 USD = 74.945 INR||1 USD = 75.232 INR|
|Transfer speed||1 day||Minutes|
|Amount received||INR 112,418||INR 112,548|
Using an international money transfer service can often deliver your money instantly, something that wire transfers can almost never achieve.
Use our comparison table to see more ways to have your money there faster. Enter the amount you want to send, select your destination and click Calculate.
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 covers both domestic and international transfers.
How long does it take to transfer funds from one bank to another?
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.
How long does a wire transfer take at Chase?
Chase domestic wire transfers typically arrive within 1-2 business days, while Chase international wire transfers can take upwards of 4 business days to arrive in a foreign bank account.
How long does a transfer take at Wells Fargo?
Wells Fargo offers an ExpressSend option to expediate your money transfer, but it is only available for select destinations. Standard Wells Fargo domestic transfers typically take less than two business days, while international wire transfers can take five business days or more.
How long can a bank hold a wire transfer?
Banks do not hold wire transfers. Unlike checks that need verification to clear, the moment an incoming wire transfer hits your bank account it is yours to spend.
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