If you’ve ever sent money abroad, you’ve probably wondered when a bank transfer takes place. Businesses increasingly depend on international trade and require payments to be processed as soon as possible, while consumers are accustomed to having their needs met immediately. In this article, our DNBC Financial Group’s experts will help you find out everything you need to know about wire transfer, including how long does a wire transfer take.
How long does a wire transfer take when processed internationally?
What is a wire transfer?
Wire transfers utilize bank-to-bank connections to exchange funds quickly and securely, regardless of your location. They are a convenient way to transfer or receive money electronically. International wire transfers typically take two business days, but it can take up to five days depending on the destination and when the transfer is completed.
How does an international wire transfer work?
Most international bank payments are processed using the SWIFT network, which is a secure messaging system used by banks to send information. Banks will use the SWIFT network when you send an overseas bank transfer to make sure your money gets to its intended recipient. However, it won’t always arrive directly. Some payments are routed through many intermediary banks, sometimes known as corresponding banks, similar to flying a number of connecting flights to your final destination.
It’s also important to note that the SWIFT network only transmits your payment order, not your actual funds.
How long do international bank transfers take?
International bank transfers typically take one to five working days to arrive. To transfer an international payment, simply gather all of the required information (IBAN number, BIC/SWIFT number, recipient’s banking details, etc.) and submit it to your bank, whether in person or through an online banking app.
Overseas bank transfers are often only processed during business hours, as long as they are requested before the cut-off, which can be different amongst banks.
Generally speaking, there are three key aspects that influence the speed of a wire transfer:
When you make the transfers
Bank closing times: Time of day and bank cut-off times have an impact on how quickly your transfer is processed. If your bank’s wire transfer cut-off time is 4 p.m. and you begin a transfer at 4:05 p.m. on Tuesday, funds will be reported as received on Wednesday, potentially delaying completion until Thursday.
Weekends and holidays: Keep in mind that transfers cannot be performed on weekends or holidays when considering how long does a wire transfer take.
If you worry about transaction time, DNBC Financial Group’s service may help you. Both iOS and Android users can download the DNBCnet App. You can take advantage of the digital environment on your phones and the convenience of making transactions while on the road thanks to our distinctive design and one-touch functionality. The app helps you to make international payments and manage your accounts in one touch at any time, anywhere. You can:
- Transfer money conveniently and cost-effectively from or to 170 countries/territories all over the world.
- With a personal account, you can make payments of up to EUR 200.000 per day, and with a business account, up to EUR 500.000 per day.
- Keep your accounts secure with our OTP via SMS and two-factor authentication.
Where do you make the transfers
Transfers to nations with a slow-to-pay status may be postponed for up to three weeks or canceled. Ask your bank for an updated list of slow-paying nations before sending or receiving money abroad so you’ll know what to expect.
Banks’ fraud prevention measures and procedures are one of the primary causes of international wire transfer delays. Transfers need to pass through up to 3 intermediary banks before they reach their final destination in the SWIFT network. Then, once the money arrives, processing time at the recipient’s bank may cause payment to be delayed even more.
Different time zones
It may be lunchtime in London, but it is late at night in Los Angeles. If you want your overseas bank transfer to go through as soon as possible, send it within business hours in your recipient’s country.
Currency conversion can add time to international bank transfers. Processing times may be extended if your payment is to be received in a currency other than the one in which it was sent.
About DNBC Financial Group
Established in 2017, DNBC Financial Group is a leading financial institution, which proudly helps individuals and businesses to make overseas payments conveniently and cost-effectively through its smart digital payment platform . Through the platform, customers can transfer money from or to 170 countries/territories around the world. The United States, Canada, the European Union, Singapore, and Hong Kong are just a few of the nations where DNBC is now present. Visit dnbcgroup.com to learn more.