Transferring money overseas using your bank is one of the easiest ways of doing it. However, it can also be the most costly.
Many people wonder how long does a wire transfer take? There are two aspects to this question.
- Non-bank wire transfers happen swiftly.
- Bank to bank wire transfers can take a few days.
Bank to bank wire transfers can be either domestic or international.
- How long does a Domestic Wire Transfer take to clear? If you make a wire transfer request within the United States through your bank before your bank’s cut off time, generally, it will be processed on the same day.
- How long does an International Wire Transfer take to clear? An overseas wire transfer will generally arrive within 1-5 business days. However, there are many factors that decide the duration of international money transfers.
Sometimes, delays in wire transfers will occur if the bank sending the funds makes an error. Moreover, domestic or international holidays may also disrupt wire transfers. Also, when receiving money from slow-paying countries, delays are inevitable.