Bank transfers have been around for more than a century, and although they’ve got faster, they still typically aren’t instantaneous. Several factors come into play when making an international bank transfer. Understanding why it takes time and what 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 an international bank transfer through your bank, you should be provided with an expected delivery date – though this isn’t a guarantee of any sort. Bank transfer time varies based on many factors, some that are in your control and some that aren’t:
When you’re in a rush, or you just don’t feel like waiting, there are trustworthy ways to speed up how your money is transferred. By default, almost no bank transferred funds are available immediately, so use these alternatives to get your money faster.
Companies like OFX and CurrencyTransfer specialise 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 30 September 2020.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | £0 | £3.90 | £20 + additional correspondent bank fees |
| Exchange rate | 1 GBP = 94.58 INR | 1 GBP = 93.37 INR | 1 GBP = 92.95 INR |
| Transfer speed | 1 day | Minutes | 2-5 days |
| Amount received | INR 141,877 | INR 140,066 | INR 137,568 |
| Verdict |
|
|
|
Using an international money transfer service can often deliver your money instantly, something that bank transfers can almost never achieve. On top of that, you’d end up sending 4,309 less rupees if you send through a bank transfer.
Using your bank to send an international bank transfer is hardly ever the cheapest or fastest option. Online money transfer providers almost always get your recipient more money and much more quickly.
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Hi. I would like to ask. My father sent a money (through the bank) from Finland to my banking account in UK 22.12.2018 (late afternoon). Before I was receiving that money within a few days (around 4 days I guess). This time however I don’t have the payment on my account yet and it’s already 27.12.2018. So how it’s possible. How long I must wait before that transfer will come through?
Hi Konrad,
Thanks for getting in touch with finder. I hope all is well with you. :)
The transfer speed depends on different factors. Usually, your father should know how fast the transfer should take place by confirming with the service provider he used. However, if after five business days and you still haven’t received your money, you would need to directly get in touch with your father and let him ask the service provider. If you have the contact details of the provider, you can also check.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
How long does it take to transfer money from my current account to my friends current account in Russian from my Halifax bank.
Hi Mr. T Neil,
Thank you for reaching out to finder.
If you were able to complete the bank transfer before Halifax bank’s cut-off time which is 3pm, generally, the receiver will be able to receive the fund on his bank account no later than four working days.
I hope this helps.
Cheers,
Charisse