Are banks the only way to wire money?
While a wire transfer was traditionally done via a bank (using bank transfer, credit card wire transfer, or debit card ), these days there are a number of options to wire money with transfer services such as Western Union, World Remit, and TransferWise (read our review of the top 10 money transfer providers) and virtual bank accounts such as Revolut and Venmo. Non-bank transfer services will often offer more competitive exchange rates and fees than traditional banks. How long it takes to transfer money will also depend on a number of choices.
Sending money internationally with a money transfer provider
Money transfer providers are popular for their ability to process international transfers faster and for more competitive fees than traditional banks.
Provided the country you are sending to is supported, a provider can offer the option to transfer money via bank transfer, credit/debit card, cash pickup, and more. As an extra bonus, transfers are usually completed within minutes compared to several working days for traditional banks!
Compare RatesHow does an international wire transfer work?
Most international bank transfers will be done on the SWIFT network, which stands for Society for Worldwide Interbank Financial Telecommunication.
The SWIFT network is a secure messaging system that banks use to safely send information to each other such as instructions for international transfers. This network ensures that your payment reaches your target destination securely, but the delay in transfer times comes from the intermediary banks your transfer instructions go through along the way. This process is often compared to taking a series of connecting flights to reach an end destination - you’ll get there eventually, but it may take a little more time if you’re going via a less travelled route. You can learn more about safe bank transfers in our guide: are bank transfers safe?
The SWIFT network simply sends the instructions to deduct the sum you are sending from your bank account and add it to your recipient’s bank account. Once those instructions have been received, the transfer can take place.
What affects the speed 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 and more often taking closer to minutes.
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.
What are the wire transfer cut-off times for UK banks?
Barclays: Barclays Bank’s domestic wire transfer cut-off time is 17:30. For international transfer times, the cut-off for same day value currencies ranges from 09:15 (Barbados Dollar) to 17:50 (US Dollar). International currencies that give value the next working day have cut-off times throughout the day, up to 15:45 (Bulgarian Lev). Other currencies can take up to 7 working days to be processed.
HSBC: HSBC has varied cut off rates for international transfers depending on the currency you are sending. Transfers initiated before the relevant times in each region will be processed on the same working day, although your recipient may not receive the funds the same day - depending on where they are located. The full list of HSBC cut of times can be found here.
Lloyds: International transfers with Lloyds have a cut-off time of 16:00, but it’s worth noting that this can change depending on the currency you are transferring to. For example, wiring to Australian Dollars has a cut-off time of 15:45, while sending to Singapore Dollars has a cut-off of 12.45.
Santander: Santander has a useful tool to find the cut-off time for the currency pair you are transferring between. The cut-off time can range from 14:30 for Euro transfers, to 16:30 when sending GBP to USD.
Metro Bank: Metro bank’s cut-off time for international wire transfers ranges from 10:45 (when sending to Swedish Krona, for example), up to 17:00 when sending to US Dollars. Most payments are sent on the same working day or the next working day.
Natwest: The cut-off time for most currencies with NatWest is 16:00, although it is 10:30 for some currencies including South African Rand, Swiss Franc, and Danish Krone. Most transfers range from being processed on the same working day up to 3 working days if you send your transfer within the cut-off time.
What do you need for an international wire transfer?
To make an international wire transfer run as seamlessly as possible, you should have the following details to hand before you initiate the transfer:
Your recipient’s details, including their name, bank, and account number or IBAN and BIC/SWIFT codes. For example, if you're making an international transfer to Colombia, you will need to find the SWIFT code in Colombia for your recipients bank.
The amount you would like to transfer and what currency it should be received in
Whether you will pay the fees for the transfer, split them with the recipient, or if the recipient will cover the fees
If you’re sending a large sum of money, you may also need to speak with your bank to verify your transfer and potentially provide a reason for the transaction.
Is a wire transfer the fastest way to send money?
While wire bank transfers are a convenient and secure way to send your money abroad, they are not necessarily the fastest.
Often, a specialist money transfer provider will be able to process your transfer much faster, with the funds arriving in your recipient’s account within minutes or just a few working days, as opposed to up to 5 - 7 working days with your bank. Take a look at our guide which covers the fastest ways to send money abroad for more on this.
Fast ways to send money internationally:
Paying by credit/debit card: Sending money via credit or debit card is generally a fast way to send money abroad, with some providers able to send the funds to your recipient within minutes. Instarem, for example, enables transfers to be paid via credit/debit card or by bank transfer, with most transfers received either instantly or within one hour.
Arranging a cash pickup: Most transfers with a cash pickup selected as the delivery method are available instantly (or within minutes), so this is a good option if you are looking to send money urgently. WorldRemit offers cash pickups as one of several payout options, with most transfers delivered in minutes.
