How long do international bank transfers take

If you are sending money overseas, whether it be a money transfer to a family member or friend, fx international payments to a business or company, or you simply want to send money home, some people still choose to send their money through a bank. How long do international bank transfers take to arrive if you need to get the money to a recipient’s account by a specific date? Online transfer service providers are often the best money transfer service for sending a wire transfer internationally, as they can save you both time and money. However, if you decide to go with a bank or other type of traditional financial institution, there are some things to consider.

While sending your funds transfer through an online service provider will normally take three days for an international money transfer, a traditional bank service may take even longer, depending on the time and day that you initiate the transaction. Banks often will not send a wire transfer if you try to initiate it on a Saturday, or they will delay sending your transfer until the next day if your wire transfer order comes in after cut-off time (normally around 2pm). If it is a holiday, then the transfer will also not be initiated until the following day. This can add one or two days to the overall transfer time. So, while an online service provider can usually guarantee that your transfer will take three days to arrive in its international destination (this accounts for the time it takes to actually transfer the funds—usually two days—and then one day to transfer the funds into the local currency of where you’ve sent the transfer), with a traditional bank transfer service it could take four to five days, or longer, depending on when it was submitted. In some cases, if you are transferring money to a location that is more ‘exotic,’ then it may take even longer than that. You must also consider any sending limits that your bank has in place, as many financial institutions place a limit on the amount of money allowed for a money transfer. If sending your wire through a bank, be sure to ask about wire transfers limits.

Unlike a traditional bank, online money transfer service providers do not have sending limits, and are available 24/7. They often have a customer service department that is available 24/7 for support issues, as well. Your transfer of money will be initiated as soon as you’ve registered and set up the transaction details, and there is no waiting due to holidays or off-hour transactions. Once your transaction details are in the system, the company will start your money transfer and, when the transaction is completed, it will be confirmed instantly by the transfer service provider’s electronic system.

Both banks and online transfer companies give you the opportunity to set up your funds transfer as an automated, repeatable transaction. This can be especially helpful if you have a recurring payment or need to send money on a regular basis to a person or a business overseas. If you know the details of how often and how much you need to send regularly, a recurring transaction can save you time, as you only need to set up the transaction once.