How Long Does a Wire Transfer Take?
Wiring money is one of the fastest ways to send money within your country in as fast as a day. Businesses sending money internationally, specifically EU wire transfer services, can also use programs to increase settlement times.
What Does Wire Transfer Mean?
A wire transfer is an electronic method of transferring funds for payments. Traditionally, a money wire goes from one bank or financial institution to another with the use of the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network.
How Long It Takes to Wire Money
When it comes to speed and security, wire transfers are one of the most reliable ways to send payments. They’re faster than other forms of fund transfers, are irreversible, and are less expensive for sending high-ticket payments. The amount of time it takes to clear will depend on the various outside factors.
- Domestic Wire Transfer: While wire transfer times vary as there are several factors that affect speed, most domestic wire transfers can take only one business day. Same-day transfers are most likely when the wire transfer occurs between accounts belonging to the same financial institution.
- International Wire Transfer: For international wire transfers, the process takes 2-3 days on average. Rarely, it can take 5 days for a recipient to receive the funds.
To know exactly how long it’ll take to send or receive a wire transfer, check with your bank or wire transfer service provider. If you’re in a hurry, you can also find out whether the company you choose provides ways to expedite the process.
Factors that Affect International Wire Transfer Time
Certain factors can slow a wire transfer down. While some of them are outside of your control, the most common reasons why a wire transfer can take longer than usual are actually issues that can be easily avoided by planning ahead.
When you wire money, any error in the information you provide may result in delays. Worse, your wire transfer may get lost, incurring additional fees – all in all an expensive, time-consuming mistake nobody wants to make.
Tip: The right set of information can save you from the hassle of delayed or lost wire transfers. Before you wire money, always make sure that the details you submit are correct and accurate.
Weekends aren’t the same around the world. If your bank closes on Saturday and Sunday, your recipient’s bank may not. In Middle Eastern countries, their weekend falls on Friday and Saturday.Tip: Always plan your transfer to be sent on a business day. Wiring money at the beginning of the workweek is a great way to make sure the wire transfer is processed in your recipient’s country before the weekend hits.
- Bank holidays
In some countries, bank operations stop during holidays, which can take days or even a week. This means there could be no bank open to process the wire transfer if you’re sending money at a time when your recipient’s country is celebrating a major holiday. Tip: Bank holidays differ around the world, so it’s highly important to be aware of both your country’s and your recipient’s country’s bank holidays to ensure your wire transfer can reach its destination as quickly as possible.
If you and your recipient use different currencies, the conversion can slow down the processing time. Tip: Check if your bank allows you to send the funds in the recipient’s home currency. If they don’t, it’s worth searching for a wire transfer service that offers instant conversion.
- Number of intermediary banks
The more intermediary banks involved in the wire transfer, the longer it takes. Depending on both of your recipient’s bank, it could take 2-3 intermediary banks to send your money along the way. Tip: Ask your bank if they can communicate directly with your recipient’s bank. Otherwise, wire money as early as possible to allow time for processing.
- The bank or transfer service you choose
Some financial institutions and transfer services are simply faster than others. It’s also worth noting that some countries have slower banking systems due to the infrastructure. Tip: If you’re in a rush to send funds, shop around for a bank or company that offers faster wire transfer services. You may also want to consider online money transfer services so you can wire money conveniently, with multiple payment methods available.
- Destination country regulations
Other countries might have steeper anti-money laundering and fraud regulations, which means payments may need to go through extra checks before reaching its destination. While that’s a good thing for security purposes, it can delay processing time. Tip: It pays to do your research and read the fine print before you wire money abroad. Make sure you’re following all regulations so your money can smoothly reach its destination.
Important: Always keep your receipt so you can refer to it should any issues arise.
Steps for Fast Money Transfer
To wire money as efficiently as possible, you need to gather essential information. Before you can send payments via wire transfer, you need to submit certain requirements and details to ensure your funds go to the correct person and destination. These include:
- A government-issued ID and/or online account
- Bank account with sufficient funds for wire transfer
- Your bank account number
- Recipient’s full name and contact information
- Recipient’s bank account number/IBAN
- Beneficiary bank’s name, address, and contact information
- Beneficiary bank’s transit number/routing numbers/SWIFT/BIC address
Your bank or wire transfer service provider may ask for additional information and instructions. Fill out forms carefully to make sure all the details you’ve provided are correct and accurate.
Calculate the cost
Wire transfers require a fee. Typically, domestic wire transfers cost between $10 to $30, while international wire transfers go between $15 to $50, depending on your bank or wire transfer service provider. Currency exchange rates and intermediary fees also factor in the cost.
- Make sure to read the fine print as well, so you can estimate the total cost of the transfer and be prepared.
- Decide which bank or service provider to use.
- Wire transfers can be made via banks or wire transfer service providers.
At EU Paymentz, we provide wire transfer services for high-risk merchants. Our core competencies also include high-risk merchant account services and payment solutions for Forex, gaming, and cryptocurrency. To learn more about how we can help you wire money safely, securely, and quickly, send us a message and we’d be glad to help you out.