Payments or money transfers can take as little as a few minutes or as much as a few days.
So why can there be such a difference in time? Below we uncover what can affect transfer times and help you make informed decisions about your next transfer.
Summary:
• Factors affecting bank transfer times
• How long does it take to transfer money between banks in Australia?
• How long do international bank transfers take
• How long does it take to transfer money with OFX?
• Reasons why your bank transfers take so long
• How to transfer money with OFX?
Factors affecting bank transfer times
Several factors affect how long a bank transfer takes:
- Banking hours and holidays
Transfers initiated on public holiday, weekend or outside banking hours can delay processing - Domestic vs international transfers
International transfers typically take longer - Currencies you are sending/receiving:
Exotic currencies can take longer. See our list below - The company you choose to transfer money with
Not all are open 24/7 and some take longer than others - The payment method you use
Payment methods include debit/credit cards, SWIFT/Wire bank transfers, PayPal and international transfer providers like OFX
How long does it take to transfer money between banks in Australia?
The average time it takes for money to transfer between banks in Australia can vary depending on the banks involved and the type of transfer you make.
- Domestic bank-to-bank transfers can take 1-3 business days.
If you use OSKO by BPAY or PayID, it can be almost real-time. OSKO by BPAY payments can take 1-2 days to process because BPAY has hard cut-off times. It’s best to check your bank’s exact timeframes. - International bank-to-bank transfers can take 1-4 business days.
Save on fees when sending money overseas with OFX
What are OSKO by BPAY and PayID? How long do they take?
OSKO by BPAY™ and PayID by NPP Faster Payments, are two methods of transferring money electronically.
They are both quite quick, with OSKO by BPAY™ typically taking 1-2 business days and PayID by NPP Faster Payments taking seconds. They are both great ways to pay bills, transfer money to friends and family, and make other payments quickly and easily.
How long do international bank transfers take
International bank transfers can take a bit longer than domestic transfers, typically ranging from 1-4 business days.
The specific time frame depends on the bank, the recipient’s country, and the currency being transferred.
Be aware of how time can affect the cost of transfers
Something to keep in mind, unlike some other transfer companies and banks, OFX have real people to offer you real support 24/7, over the phone. That means there’s no waiting 1-4 days to lock in a rate for your transfer, possibly costing you more if the exchange rate fluctuates.
See our list of standard delivery times for money transfers times to our most popular countries
How long does it take to transfer money with OFX?
Generally, no time at all. Since we have a global network of bank accounts, making a transfer with us is not only secure, but also very fast.
As soon as you send us your funds, we’ll transfer them to your recipient. The time it takes for us to transfer the funds to your recipient depends on the country, but in most cases, it takes 1-2 business days.
Below you’ll find a list of standard delivery times for our most popular countries.
Stay on top of your money transfer from start to finish
We know how important it is to keep track of where your money is and when it arrives at its destination. That’s why you can log in to track the status of your transfer or use our mobile app to keep an eye on your money, and if you have any questions, we’re just a phone call away.
On top of that, we’ll send you emails or SMS throughout the transfer process to let you know when we’ve received your funds and when your funds have been sent to your recipient’s account.
How long it takes for OFX to receive funds from you:
| From | Time |
| Australia (AUD) | 1 Day |
| Canada (CAD) | 1-2 days |
| Europe (EUR) | 1-2 days |
| Hong Kong (HKD) | 1 Day |
| Japan (JPY) | 1-2 days |
| New Zealand (NZD) | 1 Day |
| Singapore (SGD) | 1 Day |
| USA (USD) | 1-2 days |
| UK (GBP) | 1 Day |
How long it takes for the funds to reach your recipient:
| From | Time |
| Australia (AUD) | 1 day |
| Canada (CAD) | 1-2 days |
| Europe (EUR) | 1-2 days |
| Hong Kong (HKD) | 1 day |
| India (INR) | 1-4days |
| Japan (JPY) | 1-2 days |
| New Zealand (NZD) | 1 day |
| Singapore (SGD) | 1 day |
| Thailand (THB) | 1 day |
| USA (USD) | 1-2 days |
| UK (GBP) | 1 Day |
Transferring money internationally or to Australia?
Beat the banks with OFX
Transfer to over 170 countries online and save with OFX’s competitive rates. See how you can save vs the banks.
Why do bank transfers take so long?
As much as we wish transfers were instant, there are some reasons that your transfer can take 1 – 3 days. Some are unavoidable, others are there for your convenience or protection.
Reasons why bank transfers take so long
- Bank holidays and bank cut-off times
- Weekend delays
- Incorrect payment details
- Missing paperwork
- Fraud prevention procedures
- Global events and natural disasters
- Time zones differences
- Different currencies
How do I transfer money with OFX?
We offer fast and easy transfers.
Registration.
we’ll ask for someone personal details to create your account and verify your identity. Complete the registration form in just 5 minutes
Verification.
Electronic verification keeps things moving before we give you call to make sure you’re good to go.
Book your transfer.
Tell us the amount you wanted to send, or what you recipient needs to receive and see your rate,
Send your funds.
You’ll be notified when funds our intermediary account. Track your transfer online, in-app or via SMS.
What do you need to make a bank transfer?
To make a bank transfer, you will need:
- the account number of the person or company you are transferring money to
- the bsb number for their bank.
- the account type, such as savings
Can I cancel a bank transfer?
If you need to cancel a transfer, or if you are unable to make payment for your transfer, you will need to call us as soon as you can.
Transfers are binding contracts, our specialists buy funds on your behalf so the exchange rate is locked in for you. Cancelling a transfer may result in a loss you are liable for.
If you have any questions about how to make a payment to us, it is best to contact us before confirming your transfer.
FAQs
Why do bank transfers take 3 to 5 days?
If your bank transfer is from one country to another, it may take as many as 5 days for the recipient to receive their funds, due to the banking infrastructure and regulations in each country.
Why is my OSKO payment taking so long?
Sometimes OSKO does not provide the instant payment service which results in an unexpected delay, like a bank, sometimes delays occur and are worked on to resolve.
Disclaimer: In Australia, OFX is registered as a financial service provider and regulated by ASIC (AFS Licence number 226 484). OFX is not a bank, and so you are not protected by the Financial Claims Scheme when you send money with OFX.
Learn more about how OFX keeps your money and information secure here.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.
