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How Long Does A Wire Transfer Take?

Wire transfers can take a few days to complete if sending money abroad, while domestic transfers are often much quicker. Here’s all you need to know about how long a wire transfer will take, and what better options you might have.

Mehdi Punjwani
Author 
Mehdi Punjwani
7 minutes
November 29th, 2023
Disclosure

What is a wire transfer?

Wire transfers are a way of moving money securely between people or entities, to be sent from and deposited into other bank accounts. They are called ‘wire transfers’ as they used to be literally conducted through a telegraph wire - but these days everything is done electronically.

You can use a wire transfer to send money domesticallywithin the USA, and internationally to almost any country in the world.

How long does a wire transfer take?

Wire transfers can take anywhere from 1-2 days for a domestic transfer, and 1-5 days for an international transfer.

How do wire transfers work?

Wire transfers don’t involve any physical cash, just the exchange of information. The sender initiates the transfer, and their bank communicates with the receiving bank to confirm the details of the transfer.

The money is sent through a clearing house that processes the transfer, sometimes on its own and sometimes in a batch with other transactions, and sends the money to the recipient. The process is slightly different for domestic and international transfers.

How long does a domestic wire transfer take?

Domestic transfers in the USA usually must be completed within 24 hours due to EFAA regulations. Some banks even offer instant transfers, but this is more common between accounts with the same bank.

BankTransfer timeIncoming domestic transfer feeOutgoing domestic transfer fee
PNC1-2 business days$15$25 (self-service), $30 (agent assisted)
Bank of America1-2 business days$15$30
Chase1-2 business days$15 (no fees if sent from a Chase account)$25 (online), $35 (in branch)

How do domestic wire transfers work?

In the USA, domestic transfers are also known as ACH transfers, which refers to the Automated Clearing House that processes the transfer. Money sent from Bank A to Bank B goes through the ACH, who first ‘clear’ it to confirm it’s been received from Bank A, and then ‘settle’ it by moving the money on to Bank B.

How do I make a domestic wire transfer?

To make a domestic wire transfer in the US, you’ll usually just need to follow these steps:

Open bank portal
Start a transfer
Choose your recipient
Select amount
Finalize your transfer

How much do domestic wire transfers cost?

Unfortunately in the US, even domestic wire transfers can come at a high cost. Some banks charge around $10-25 per transaction, for both incoming and outgoing domestic wire transfers.

What are the best alternatives to a domestic wire transfer?

As a result of these high fees, many Americans use peer-to-peer payment apps to send money to friends and family within the USA. Examples of these include Zelle, Cash App and PayPal.

Many US banks are actually linked up with Zelle to provide free domestic money transfers - and they should let you use Zelle within their banking app to send money.

How long does an international wire transfer take?

An international wire transfer is a different story, often taking between 1-5 days to complete - there are a few more crucial steps involved that extend the wait time significantly.

BankTransfer timeIncoming international transfer feeOutgoing international transfer feeCut off time
PNC2-3 business days$15$45 (self-service), $40 (agent assisted)10pm ET
Bank of America3-5 business days$15$45 when send in US dollars, $0 when sent in foreign currency5pm ET
Chase3-5 business days$15$40-504pm ET

How do international wire transfers work?

International wire transfers go through the SWIFT(Society for Worldwide Interbank Financial Telecommunication) banking system. It’s a messaging service that allows banks around the world to communicate details about the transfer before the money is actually exchanged.

Once this step is complete, the money is then sent through a clearing house. But it’s not the ACH clearing house used for domestic transfers, it’s either CHIPS or Fedwire. Both of these are clearing houses that can handle international and domestic payments.

How do I make an international wire transfer?

To make an international wire transfer through your bank, you’ll need to do the following:

Open bank portal
Select ‘send money’
Choose recipient
Select amount
Verify identity if required
Finalize transfer

How much do international wire transfers cost?

International wire transfers are expensive, with most banks in the USA charging anywhere from $20-$50 per outward and inward transfer. You might face lower fees if you’re transferring money to another account with the same bank, or if you have a premium account that gives discounted transfers, but generally speaking the fees will be quite high.

What are the best alternatives to an international wire transfer?

The best alternative to an international wire transfer is sending money through a money transfer provider, such as XE, Wise or WorldRemit. These companies specialize in sending money abroad at lower rates and faster speeds than traditional banks.

Here are our top three money transfer providers

ProviderTransfer speedTransfer feeVisit provider
Wise1-3 daysFrom 0.41%Visit Wise
XE1-4 days, often in minutes$3 in US, £2 in UK, $4 in AUS, $3 in CAN, $4 in NZ and €2 in EU for small transfers. No fees for transfers over certain amountVisit XE
WorldRemit1-2 days, often in minutesFrom $0.99 - $3.99 depending on currenciesVisit WorldRemit

Can I make a wire transfer with a money transfer provider?

Wise are an example of a provider that allows wire transfers as well as the usual methods of payment. Just keep in mind that this is still likely to result in intermediary bank fees that Wise themselves do not charge - and therefore do not show.

What can affect the total time of a wire transfer?

Where You’re Sending Your Money

Domestic wire transfer is an easy way to send money and fast to receive, rarely taking more than 24 hours. International wire transfers, however, can take anywhere from 1 to 5 working days. Remittance transfer times are largely dependent on the foreign currency your funds are being converted to, time zone differences in each country, and the sum you are sending (larger sums tend to take more time as they are subjected to more checks).

When You Start Your Transfer

The time of day you start to initiate your transfer can affect the overall time your transfer takes. This is because most banks will have a cut-off time, after which time transfers won’t begin to be processed until the following day which could delay your transfer by an entire working day. Initiating your transfer early in the day is therefore highly recommended.

It’s also worth bearing in mind that weekends and bank holidays don’t count as ‘business’ days, so if you initiate a transfer on Friday, it’s unlikely that your recipient will receive their funds before the weekend.

Incorrect Details

Incorrect payment details can significantly delay your transfer time. An incorrectly entered digit or name can result in your payment being sent back to your account so you would essentially need to start it all over again, so for this reason, double-checking that you have got all the right details is highly recommended.

Are wire transfers safe?

Wire transfers are a safe and secure way to send money. If you’re using a legitimate service such as a bank or money transfer provider, you can rest assured the company is verified and authorized to provide money transfers.

However, as with any financial transaction, you should always be aware of who you’re sending money to, and never send money to someone you don’t know or completely trust.

FAQs

Are wire transfers instant?
How much do wire transfers cost?
Can I cancel a wire transfer?
What if my wire transfer doesn’t arrive?
What information do I need to make a wire transfer?
Can I track my wire transfer?
Can I make a wire transfer with MoneyTransfers.com?
Can I make a wire transfer with PayPal?

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Contributors

Mehdi Punjwani
Mehdi is an accomplished writer and editor, specializing in personal finance with over five years of experience. His expertise is reflected in his work for prominent brands such as MoneySuperMarket, Equifax, and The AA. Additionally, Mehdi contributes as an author at USA Today, further showcasing his proficiency in the field.