
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.
How long does a bank transfer take?
At best, expect the following transfer times for domestic and international transfers.
- Domestic bank transfer speed: Usually within minutes, particularly for transfers between accounts at the same bank.
- International bank transfer speed: Between one and five business days, perhaps longer depending on various factors.
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:
- 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 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 faster transfer services, but beware of high fees added to your transfer total.
How to have bank transfer funds available immediately
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.
Digital money transfer services
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.
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 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 |
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|
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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.
Bottom line
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.
Frequently asked questions
Finder survey: What aspects of an international money transfer service matter most to Brits when choosing one?
31% of people who would use a money transfer service said exchange rate was the most important aspect in choosing a brand.
Response | Male | Female |
---|---|---|
Exchange rate | 34.87% | 29.14% |
Fees/commission | 31.03% | 27.97% |
Speed of transfer | 29.12% | 20.05% |
Don't know | 17.62% | 28.21% |
Security | 23.75% | 24.48% |
Overall amount recipient gets | 17.62% | 11.42% |
Customer service | 16.86% | 12.35% |
Range of payment methods | 13.79% | 15.38% |
Provider reputation | 11.11% | 13.05% |
Range of pick-up methods | 11.49% | 12.35% |
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