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:
• How long does a wire transfer take in Canada?
• What are the different types of bank transfers and how long do they take?
• 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?
How long does a wire transfer take in Canada?
Depending on which provider you use, If transfers occur between accounts at the same financial institution, they can take less than 24 hours.
Save on fees when sending money internationally with OFX
What are the different types of bank transfers and how long do they take?
- Lynx
Lynx is a payment system for making secure wire transfers. Operating on the real-time gross settlement (RTGS) model, Lynx transfers are fast but irreversible because they are generally made in real-time1.
- SWIFT
It is a method of sending money that utilises the SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment message network. It requires a code to identify the sending and receiving banks. SWIFT payments can usually be processed overnight2.
- Interrac e-transfers
Are fast, secure and convenient. Transfers are almost instant but can take up to 30 minutes depending on your bank or credit union3.
- EFT’s direct deposits
Electronic Fund Transfers (EFT) is a common method for sending payments directly from the sender’s bank account to the recipient’s bank account. EFTs are usually available the next business day4.
- Cheques
Are still a common way of paying rent or bills. Because they are a written “order to pay”, it can take between 4-8 business days5.
- Bank drafts
A bank draft is typically used instead of cash or a cheque to make a large payment to a vendor or third party. If using a domestic financial institution, it will take a few days. If your financial institution is outside of Canada, it could take up to 30 business days6.
How long does an international bank transfer take?
International bank transfers can take longer than domestic transfers, typically ranging from 1-4 business days.
The specific timeframe 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.
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 Canada
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.
How to wire money?
To wire money to another person through a bank-to-bank transfer, you will need:
- the account number of the person or company you are transferring money to
- the routing number for their bank.
- to know the account type, such as checking or 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 wire 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.
What do you do if a money transfer is not received?
Funds may bounce back to us if you’ve put incorrect information, so it’s important to double-check you have entered all the right details for the recipient.7
FAQs
Why do wire transfers take up to 5 days?
If your wire 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 country8.
What’s the longest time a bank transfer can take?
It usually takes 1 – 3 days. If your wire transfer is taking longer than this, please contact us
Can I transfer money from one bank to another immediately?
That would be great! In reality, there are several reasons why a money transfer can take time.
The bottom line on bank transfer times
Bank transfer times can vary depending on the factors mentioned above. However, by choosing a reliable and efficient provider like OFX, you can minimise transfer times and ensure your money arrives quickly and securely.
Why OFX Stands Out in the Crowd
When it comes to choosing a reliable and efficient money transfer service, OFX stands out as a compelling option. Here are some of the key reasons why:
- Competitive Rates: OFX offers competitive exchange rates, ensuring that you get the most out of your money transfer.
- Transparency and Security: OFX is committed to transparency and security, providing clear upfront pricing and utilising industry-leading security measures to protect your funds.
- Global Reach: OFX has a global network, allowing you to send money to over 170 countries in over 50+ currencies.
- Customer Support: OFX provides excellent customer support, with a dedicated team available to assist you throughout your transfer process.
References
1 https://www.payments.ca/systems-services/payment-systems/high-value-payment-system-lynx
2 https://www.ofx.com/en-ca/swift-codes/
3 https://www.interac.ca/en/consumers/support/faq-consumers/interac-e-transfer/
4 https://www.payments.ca/payment-resources/support-guides/consumer-guides/direct-deposit
5 https://www.canada.ca/en/financial-consumer-agency/services/banking/cashing-cheques.html
6 https://www.forbes.com/advisor/ca/banking/what-is-a-bank-draft/
7 https://www.ofx.com/en-ca/faqs/my-transfer-is-complete-however-the-funds-havent-arrived/
8 https://www.inpay.com/news-and-insights/how-long-do-international-bank-transfers-take/
Disclaimer: OFX is not a bank and does not offer banking services. OFX’s services include money transfers and foreign exchange, which are not insured by the CDIC.
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.
