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 the UK?
• 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?
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 the UK?
The time it takes for money to transfer between banks in the UK can vary depending on the bank and the type of transfer.
Traditional inter-bank transfers take 1-3 business days. Using the UK’s Faster Payment Service (FPS), it can be under a minute.
International transfers can take 1-4 business days.
Save on fees when sending money abroad with OFX
What are the different types of bank transfers and how long do they take?
- Faster Payment Service (FPS)
FPS was introduced in 2008 to reduce payment times between people, businesses and financial institutions. Typically, it takes a few seconds, instead of 3 working days1.
- Clearing House Automated Payment System (CHAPS)
CHAPS is a bank-to-bank payment system for high-value wholesale payments that enables transfers to happen on the same day2.
- Bankers’ Automated Clearing System (BACS)
BACS is a direct credit system that lets organisations and businesses send money directly to your account. Payments can take 3 days to clear3.
- SWIFT
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 overnight4.
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 the UK
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 in the UK?
To make a bank transfer, you will need:
- Full name of person or company you are transferring money to
- 6-digit sort code for their bank
- 8-digit account number
Can I cancel a bank transfer?
If you need to cancel a transfer with OFX, 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 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 country6.
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 country5.
What’s the longest time a bank transfer can take?
It’s usually very quick but can take 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.bankofengland.co.uk/payment-and-settlement
2 https://www.bankofengland.co.uk/payment-and-settlement/chaps
3 https://www.bacs.co.uk/resources/faqs
4 https://www.ofx.com/en-au/swift-codes
5 https://www.inpay.com/news-and-insights/how-long-do-international-bank-transfer-take
6 https://www.inpay.com/news-and-insights/how-long-do-international-bank-transfer-take
Disclaimer: In the UK, OFX is regulated by the Financial Conduct Authority as an electronic money institution. OFX is not a bank, and so you are not protected by the Financial Services Compensation Scheme when you send money with OFX.
Learn more about our security measures and regulations 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.
