How long do international bank transfers take?
International wire transfers tend to take one to five working days, which is a relatively long time compared to alternative options like money transfer providers. We’ve compared some of the biggest banks and money transfer providers in a table below, so you can see the difference in times for international money transfers for yourself:
Provider | Type | Average transfer time | Cut-off time | Transfer fee | Exchange rate markup |
Bank of America | Bank | 3-5 days | 5pm (ET) | $45 | 5-7% |
Chase Bank | Bank | 3-5 days | 4pm (ET) | $5-50 dollars | 4-7% |
PNC | Bank | 2-3 days | 10pm (ET) | $40-45 | Around 3% |
WorldRemit | Money Transfer Provider | Minutes | None - 24/7 | $1.99-$3.99 | Depends on currency |
Wise | Money Transfer Provider | 0-1 days | None - 24/7 | From 0.43% | Mid-market rate |
XE | Money Transfer Provider | 0-1 days | None - 24/7 | $0 if $500 or more, $3 if below $500 | 1-1.2% |
What affects the speed of an international bank transfer?
The exact time can depend on a range of other factors, such as:
The sending and receiving banks: Some banks and financial institutions offer faster international bank transfers, sometimes at an extra cost. Additionally, if the sending and receiving bank have an existing relationship this may mean your wire transfer is completed faster
The sent and received currencies: Common currencies like dollars, pounds and euros are often exchanged faster than more exotic and rarer currencies
The time and day you initiate the transfer: You should factor in weekends and public or bank holidays, as banks do not operate during these times, as well the time zone difference between origin and destination countries. Also consider cut off times for banks to process transactions, as you may need to set your transfer up before a certain time for the fastest transfers
The amount you’re sending: While the amount itself shouldn’t have any bearing on the transfer speed, larger amounts might trigger security checks, and you may have to show the source of those funds and give a reason for your transfer
Why are international bank transfers so slow?
It can take a few days to process and finalize international wire transfers due to the network of intermediary banks and financial institutions that usually process these transactions. International payments take place with the help of the SWIFT banking system; this allows banks to communicate details of the transfer between each other before the money is transferred through either CHIPS or Fedwire.
CHIPS and Fedwire are clearing houses that process international payments and wire transfers. Fedwire is publicly owned, faster and more expensive while CHIPS is privately owned, slower and cheaper.
What are the fastest alternatives to international bank transfers?
International money transfer providers, as discussed above, are the best alternative to banks when it comes to making international money transfers. Money transfer providers don’t use the SWIFT banking system; they have their own network of banks around the world in the countries they operate in.
When you make a local transfer to your chosen provider’s bank account in the US, the provider will transfer funds from their account in the destination country - minus fees and rate markups - to the recipient. This way, your money never actually crosses international borders, so you avoid the long processing times and high fees of SWIFT transfers.
It’s worth pointing out that banks offer a range of other financial services, from accounts, savings, and investments to other products like insurance. This means they don’t, or can’t, dedicate much of their resources and infrastructure towards improving the process. While they used to be the most well-known kind of organization that could carry out these transfers, therefore becoming the default option, this is no longer the case.
Money transfer services are a new breed of company, often functioning exclusively online or just with local agents rather than full bank branches. This means their overheads are low, and combined with international transfers being their exclusive offering, it means these companies dedicate much of their time and energy towards improving the money transfer process.
Can I make an international bank transfer with a money transfer provider?
Some money transfer providers do offer bank-to-bank transfers via the SWIFT network, facilitated by the provider themselves. However this will still usually work out as expensive as a normal international bank transfer you conduct yourself.
However, almost all money transfer providers accept bank transfers as a form of payment. You may see this referred to as an international bank transfer, but in reality this is just the process of transferring money to your local branch of the provider as described above.
What’s the fastest way to send money abroad with a money transfer provider?
If speed is your priority when sending money abroad, here’s how you can secure the fastest possible transfer:
Pay by card: Paying by debit or credit card rather than a local bank transfer often takes far less time to process - just keep an eye out for any extra fees as card payments can also be more expensive
Arrange a cash pickup: Again often for an extra fee, you can arrange for the money to be picked up by the recipient from a local agent of your chosen money transfer provider. Often it’ll be ready to collect minutes after you’ve deposited the amount on your side
Other alternatives
Of course, aside from money transfer providers and banks, there are a few other ways to get money abroad:
International money orders: Outdated and not widely used, money orders used to be a safe and easy way of sending money abroad. However they also have low limits and potentially high costs for the little you can send, so we recommend avoiding these
PayPal and other apps: PayPal is a popular payment platform, and serves well for domestic transfers. However it charges 5% fees for international transfers, which can be much higher than other providers, and you won’t always get the best exchange rates either. You might also have to pay an extra fee to withdraw the money from PayPal into your bank account
Compare money transfer providers
Finding the best, fastest and cheapest provider for your money transfer is easier when you compare deals with MoneyTransfers.com. Just enter your sending and receiving currencies and the amount of money you want to send, and we’ll show you the best possible rates from leading providers in the market.
Compare deals by the transfer fees involved, the exchange rate you’ll get, and the overall amount of money the recipient will get. Once you’ve found the one you want, just click through to the provider to finalize your transfer.