How long does a international wire transfer take
People have many reasons for sending money abroad today, and the variety of money transfer service providers available make transferring money overseas an easy and cost-effective option if you want to send funds to family or friends, or if you need to make a payment to a business or service provider located overseas. How long does an international wire transfer take? Of course, sending an overseas money transfer can be done through traditional methods such as a bank or other type of financial institution, but an online service provider is often the best money transfer service for sending your money transfer internationally, as it can save you time and money.
Sending your funds transfer through an online service provider will normally take three days for an international money transfer. This includes the time it takes to actually transfer the funds (usually, two days), and then one day to transfer the funds into the local currency of where you’ve sent the transfer. In some cases, if you are transferring money to a location that does not have as much global currency trade or if the currency is considered more ‘exotic,’ then it may take four days or longer. When sending money internationally, it is always a good idea to ask your service provider when the funds are expected to arrive in your recipient’s bank. If you decide to go through a traditional bank service, a transfer may take even longer, depending on the day you initiate the transaction. Banks often will not send a wire transfer on a weekend, or if it is after cut-off time (normally around 2pm) or a holiday, then the transfer will not be initiated until the following day. This can add one or two days to the overall transfer time. You also need to consider sending limits, as many financial institutions place a limit on the amount of money allowed for a money transfer.
Most online money transfer service providers do not have sending limits, and are available 24 hours a day, seven days a week. Your transfer of money will be initiated as soon as you’ve registered and set up the transaction details. All you need to get started is your name and your bank account information. Most money transfer companies will accept a credit or debit card, as well. Once this information is in the system, the company will start your money transfer and, when the transaction is completed, it will be confirmed instantly through the transfer service provider’s electronic system.
Online money transfers also provide you the opportunity to set up your funds transfer as an automated, repeatable transaction. This can be especially helpful if you have a recurring payment or need to send money on a regular basis to a person or a business overseas. If you know the details of how often and how much you need to send regularly, a recurring transaction can save you time, as you only need to set up the transaction once. It can also provide a sense of security, as you do not need to constantly remember when you need to send a payment or the details. The provider’s system saves the information so that your wire can be repeated when, and as often, as you choose. How long does an international wire transfer take can depend on which company you use.