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 Wise and Taptap Send specialise in foreign currencies, making them some of the most cost-effective transfers. They offer transfers directly to your recipient’s bank account and can arrive within minutes.
Services like Western Union 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 April 2026.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | £0 | £3 | £0 |
| Exchange rate | 1 GBP = 123.85 INR | 1 GBP = 123.77 INR | 1 GBP = 120.60 INR |
| Transfer speed | Minutes | Minutes | 2–5 days |
| Amount received | INR 185,776 | INR 185,406 | INR 180,901 |
| Verdict |
|
|
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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 4,875 fewer rupees if you send through a bank transfer.
Compare money transfer services
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.
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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