XE Money Transfers
- Send money to 130+ countries
- Competitive exchange rates that are often better than banks'
- XE doesn’t charge any transaction fees, commissions or ongoing fees
When you send money overseas, the speed with which your transfer is processed is critical. Whether you’re paying off a debt or sending urgently needed funds to a friend or loved one, it’s important to know how long it will take for your recipient to get the money they need.
But the processing time for an international money transfer will vary depending on a range of factors, including the transfer provider you choose and where you send the funds. Let’s take a closer look at the average transfer speed when you send money overseas and how the specifics of your transaction can influence its processing time.
Check out how fast some of the most popular money transfer services can get your money to your recipient below.
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 period of time, so it’s a little difficult to work out an accurate overall average transfer speed.
|Service||Transfer type||Transfer speed|
|Western Union||Cash transfer||Same day|
|MoneyGram||Cash transfer||Same day|
|HSBC Multi-Currency Account||Bank transfer||Same day|
|TorFX||Online transfer||1 day|
|OFX||Online transfer||1 day|
|Travelex Wire||Online transfer||1 - 2 days|
|WorldFirst||Online transfer||1 - 2 days|
|CurrencyFair||Online transfer||2 days|
|HiFX||Online transfer||2 days|
|TransferWise||Online transfer||2 days|
|CurrencyFair||Online transfer||2 days|
Despite the variances in the services offered by individual providers, we can draw a few important conclusions from this table:
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:
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 sending cash, companies like Western Union and MoneyGram allow processing times of as little as 10 minutes, allowing your recipient to pick up 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.
Transfer speed is just one of the factors you need to consider when choosing a money transfer provider. You should also compare:
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.
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