How long does it take to send a wire transfer

The time taken for wire transfers depends on a lot of factors. Let us take a look 

Let us first see what wire transfer means. Wire transfer means transferring money from one bank to another. The transfer happens electronically. Wire transfers can be both domestic and international. Mostly, people use wire transfers to send money overseas. 

How do wire transfers work?

Before trying to know how fast is a wire transfer, we need to understand how they work. Most wire transfers happen through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. The SWIFT network is a messaging protocol. This network has over 11,000 banks in 200-plus countries. The SWIFT network is essentially used to send information from one bank to another. Wire transfer instructions are also sent through SWIFT. Such information may not be passed directly from one bank to another. Intermediary banks may be involved. When money is sent from one bank to another, no actual transfer of money takes place. The sender’s account is debited, and the receiver’s account is credited.

How long does a wire transfer take bank to bank?

Domestic wire transfers happen in a day or two. 

But, how long does an international wire transfer take? There are quite a few steps online and offline. First and foremost, you need to jot down the necessary data. The next step is to fill up a wire transfer form. If you are doing it online, the process will take only a few minutes. The offline process takes longer. 

Banks process wire transfers only on business days within the cut-off time. The normal time to complete the transfer is 24 working hours, however, we recommend you check with your bank about it. 

Nowadays, most banking processes happen online. One would think that the money will reach the recipient’s bank account instantly. However, the answer to how long does a wire transfer take is not ‘an instant’.

Wire transfer instructions pass through the SWIFT network. Intermediary banks may also be involved. The money may pass through up to three intermediary banks. Then, it finally reaches the recipient’s bank in a few days’ time. Hence, international wire transfers may take up to five working days. In some cases, they may take more time.

Other factors that can affect wire transfer time: We have discussed a normal wire transfer process. Some other factors can also delay its course. 

Error in entering details: This would include several details like account numbers and SWIFT codes. If these details are entered incorrectly, the wire transfer will get inordinately delayed. 

Business holidays and weekends: Bank holidays tend to delay wire transfers. Different countries have different bank holidays. This, in addition to weekends, can delay the time it takes for a wire transfer. The number of intermediary banks or currency conversions may also influence the speed of a wire transfer. Hence, when you wonder how long does a wire transfer take, consider pre-planning as a part of the response.

Want to do a wire transfer? Click here to begin.

There are various ways to transfer money, such as via checks, electronic transfer through multiple payment systems, wire transfer, etc. A bank wire transfer is a fast and secure way to send and receive money electronically, irrespective of your location. Wire transfers use bank-to-bank connections to exchange funds both domestically and internationally. Domestic transfers take less than 24 hours to clear, while international wire transfers usually take two to three business days. Let’s understand how long does a wire transfer take? depending on the destination, time and other factors.

How long does a wire transfer take

Wire transfers use bank-to-bank connections to exchange funds electronically within a country and across borders. Domestic transfer usually takes less than 24 hours to clear. In some cases, it may take more time to send money due to a variety of reasons. Such as there might be a mistake from your end, or due to political or other situations.

You can do a wire transfer online in simple steps to send money within a country and across borders.

How long does international wire transfer take

How long does an international wire transfer take depends on a variety of factors such as the destination, time of the day, how your bank transfers funds, etc. Sending International wire transfers may take 2 to 5 business days. 

You can send funds through non-financial or banking players that provide money transfer services because these services complete transactions faster than traditional banks. 

Factors that affect wire transfer speed

There are different factors that affect wire transfer speed. Three main factors are mentioned below: 

When you initiate transfer

Fund transfer agencies set their own cut-off time each day for wire transfers. The branch closing times and even cut-off times for deposits may differ from institutions. Some agencies have a cut-off time at 3:00 p.m. for wire transfers. Hence, if you start a new wire transfer after that, your transfer will be processed the next day, and if you initiate the transaction before that, it will be processed the same day.

Bank holidays and weekends will also delay your wire transfer. If you initiate financial transactions on these days through any non-banking platform, they will be processed on the bank’s next business day. 

Where fund is being transferred

Geographical location is one of the most important factors in the speed of wire transfers. There are financial regulations set by central banks of each country that require money transfer agencies to complete all transactions within stipulated time. International funds transfer can take a bit longer time; credited between one to five days to the beneficiary’s bank.

In some countries where wire transactions are slow, it could take up to 2-3 weeks, depending on the current situation within the nation. You should get a list of such countries from your bank or transfer agency so that you can plan accordingly. If the transaction is canceled, the money will automatically be reversed. 

Funds transfer method

Funds transfer methods also affect the speed of wire transfer. Here are common methods used to wire money. 

• SWIFT for international transfer: While there are different types of transfer methods used to process international wires, most countries and more than 10,000 banks and other funds transfer agencies use the Society for Worldwide Interbank Financial Telecommunication (SWIFT). When funds transfers can’t be processed directly between banks and agencies, SWIFT can be used to transfer funds through intermediary or correspondent banks. 

• FedWire: For large-value or immediate transfers between US banks and institutions, transfer agencies use the FedWire system for real-time gross settlement (RTGS). It ensures funds are transferred immediately. 

Sources of friction in cross-border transfer

International payments or wire transfers may be delayed due to a variety of reasons. You should know that all account balances can’t be updated outside the operating hours of local settlement systems. If compliance checks are to be carried out, it may delay the funds to be cleared. It happens especially when a payment passes through different countries and jurisdictions.

Different data standards and formats between remitting and issuing countries can affect automation. IT penetration in countries, which are not technologically advanced, can also prevent funds from being delivered on time. There are systems that depend on batch processing, lack the capacity to monitor payments in real time and have low data processing capacity.  

How to track a bank wire transfer

It is possible to track a wire transfer that you initiate with its unique IMAD/ OMAD number. This number contains the date of transaction, a unique identifier for the remitting and issuing banks, and a sequence number that designates the transaction ID. You can get the tracking ID from your bank once the transaction is initiated. With the tracer, you will be able to view how and when the money was processed and its current status using this unique identifier. 

A wire transfer might be your only option for some big international transactions. 

Remember, you need to weigh in all the factors to select the best time for sending money online. SBNRI has made online money transfer to India easier for you by evaluating every factor and creating the perfect channel for all your remittances to India. 

You can download the SBNRI App from the Google Play Store or App store to send money to India, open an NRI account, invest in the Indian market and enjoy many other NRI services. You can also click on the button below to instantly remit/transfer money to India. Visit our blog and Youtube Channel for more NRI specific solutions.