How long do international bank transfers take?
The answer to that question depends heavily on which bank you’re using and where you’re sending the money to (and from).
International bank transfers between developed countries tend to be relatively fast compared to transfers to or between developing nations. Read below for a further breakdown, including ways to speed yours up.
International bank transfers are complicated
The short answer is that an international bank transfer can be instantaneous, or it can take 5-7 business days. In some cases, transfers will take even longer than this. However, around a week is a fairly standard time frame for many overseas transfers. But why does it take so long when dealing with banks? The answer is not technology. With the Internet, there’s no reason why your money can’t be sent instantaneously across the globe. Just look at the quick turnaround benefits offered when doing an international money transfer with OrbitRemit. Let’s look at some of the factors that can hold up an international transfer speed.
Why do transfers take so long?
In most cases it’s simply a matter of the time it takes to process a large number of transactions happening all over the world at any given moment. Long story short, banks that take a long time to transfer money are generally dealing with a very high volume of transfers (or at least high volume in relation to the resources they have for processing those transactions). Even with a totally automated process, there may be thousands of other international bank transfer orders being placed at the same time as yours if you’re sending money through a major bank – that takes time to process.
Sometimes there is a delay of one or several business days before your transaction can be processed. And, depending on the sender and destination country, there may be a need to confirm the transaction with a government system before it can be processed.
These checks are in the customer’s best interest because they help to prevent fraudulent activity. They can also slow down the process a great deal. Luckily, you can transfer money faster through other channels while still enjoying the same level of security for your funds.
How to speed up your international money transfers
Of course, there are faster international bank transfer options available. Some banks offer an expedited option that will see your money transferred within hours. This expedited option depends on the destination and which banks you’re transferring between. However, this kind of service usually costs a premium. Given the bank fees banks typically charge for overseas transfers it isn’t a practical option for most people.
The truth is, most banks are only offering you the slow lane when it comes to sending money internationally. The process can be carried out much faster – and usually at much lower cost – through an online transfer service like OrbitRemit.
With OrbitRemit we process transfers to your recipient’s bank account on the same day we receive your funds – and we also have much lower fees and better exchange rates than you’ll get from virtually any major bank.
Check out the calculator on our homepage to get an idea of how much more money you can transfer by using OrbitRemit instead of a bank.