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 bank transfer take in Hong Kong?
• 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 bank transfer take in Hong Kong?
The time it takes for money to transfer between banks in Hong Kong 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 FPS (Faster Payment System), it can be almost real-time.1
- International bank-to-bank transfers can take 1-4 business days.
Start saving on your international money transfer with OFX
What are the different types of bank transfers and how long do they take?
- Faster Payment Service (FPS)
FPS reduces payment times between people, businesses and financial institutions. It usually takes just a few seconds, instead of 3 working days.2
- RTGS or CHATS
Real Time Gross Settlement (RTGS) or Clearing House Automated Transfer System (CHATS), is a bank-to-bank payment system for high-value wholesale payments that enables transfers to happen on the same day.3
- 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 overnight.4
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 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
Hong Kong
Get great rates with OFX.
Transfer to over 170 countries online or with a dedicated OFXpert, 24/7. Compare OFX rates.
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 name of the person or company you are transferring money to
- the street address of the person or company you are transferring money to.
- A SWIFT or Bank Identification Code (BIC) for the person’s or company’s bank
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 check you have entered all the right details for the recipient.5
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 country.6
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://fps.hkicl.com.hk/eng/fps/index.php
2 https://fps.hkicl.com.hk/eng/fps/about_fps/overview.php
3 https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/financial-market-infrastructure/payment-systems
4 https://www.kiwibank.co.nz/business-banking/pay-get-paid/payment-processing-times
5 https://www.ofx.com/en-hk/faqs/my-transfer-is-complete-however-the-funds-havent-arrived
6 https://www.inpay.com/news-and-insights/how-long-do-international-bank-transfers-take/
Disclaimer: In Hong Kong, OFX is regulated by the Customs and Excise Department as a Money Service Operator (License number 12-08-00582). OFX is not a bank, and so you are not protected by the Deposit Protection 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.
