Sending money to another country is an important way that migrants support their families, but how long do international money transfers take?
There are a few factors that dictate how fast your money will reach its recipient. These most notably include how you send the funds and which collection method is chosen.
Two popular methods for transferring money internationally are traditional banks and online money transfer platforms like OrbitRemit.
Banks
Banks have been handling overseas money transfers for a long time so they’re known for being reliable. However, they are rarely the fastest option.
International transfers with a bank can take several days to reach their destination and need to be made before a certain time to be sent on the same day.
Transferring internationally with a bank often involves a lengthy process of visiting a physical branch, filling out paperwork and waiting for approvals, especially if it’s your first overseas transfer.
Online Money Transfer
One of the standout features of online money transfer platforms is the speed that transactions can be processed. The majority of OrbitRemit’s transfers are settled within minutes and 90% are settled within the same day they’re processed.
OrbitRemit enables you to make transfers quickly and conveniently from anywhere with just a few clicks. If you’re new to sending overseas, setting up a new account is a simple process. In fact it’s so easy that you can be making your first transfer on the same day you sign up!
The time it takes for your transfer to reach its international destination can also depend on the amount of money you’re sending and the payout method chosen.
If you send directly to a bank account or to a mobile wallet, like GCash in the Philippines, the payment is typically received instantly. If it’s a large amount of money, say 50,000 PHP or more, it may take up to 2 days to process. This will vary between destination countries.
If you choose cash pick up as the collection method, the money will usually be available immediately. The primary delay with this option is associated with the recipient needing to physically visit the designated pick up location to collect the funds.
Help ensure a speedy transfer
To help your money move as quickly as possible, here are a few tips:
- Be aware of bank holidays
Pay attention to you and your recipient’s country’s bank holidays. On these days, banks and payment systems may be closed which can cause delays in processing your transfer. Plan your transfer around these days to minimise potential delays.
- Double check recipient details
Double-check your recipient’s details are correct including their name, bank account details and any other information needed. Mistakes or inaccuracies can lead to delays or even failed transfers. With OrbitRemit, you can set up and save recipients so you don’t need to double check their details every time you make a transfer.
- Make your payment in the morning
As a rule of thumb, making your payment earlier in the day increases the likelihood of it being processed on the same day.
OrbitRemit has been helping customers make fast, cost-effective international payments for 15 years. To make your money count and help support your loved ones overseas, visit our website or download the OrbitRemit app to get started today.
