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:
• What is the fastest way to transfer money
• How long does a wire transfer take?
• How do wire transfers work?
• Factors affecting bank transfer times
• Common types of bank transfers
• What are ACH transfers and how long do they 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?
What is the fastest way to transfer money?
A wire transfer is one of the fastest ways to move money.
For a domestic wire transfer, you’ll need:
- The routing number
- account number,
- the name of the recipient
- possibly the recipient’s address
How long does a wire transfer take?
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
How do wire transfers work?
Wire transfers are an electronic method of sending money from one party to another.
It’s one of the most efficient ways to transfer money overseas because a wire transfer is a bank-to-bank transfer. When speed is crucial, a wire transfer is a good option.
What factors affect 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, Wire transfers, ACH payments, PayPal and international transfer providers like OFX
Other common types of bank transfers
Some of the most widely used transfers in the US are ACH transfers and peer-to-peer (p2p).
What are ACH transfers, check deposits and peer-to-peer (p2p) payment apps and how long do they take?
- An ACH transfer is the electronic movement of money between banks through the Automated Clearing House network. They generally take 1-3 days to process.1
- Cheque deposits are a paper form of payment that can be deposited into a bank account. Deposits made at a branch or U.S. Bank ATM are typically available the next business day.2
- Peer-to-peer (P2P)payment uses a website or app to transfer funds from one person to another over the Internet or mobile networks. These payments are usually made online or through a mobile application like Google Pay or Venmo. Transaction notifications are sent right away but funds may take 1 – 3 business days to arrive in your linked bank account.3
*Please note, OFX does not accept or send cash or cheques for transfers.
How long does an international bank transfer take?
International bank transfers can take a bit 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, while banks usually require that you submit your wire transfers during their business hours, 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 wire 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 the USA?
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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 you cancel a wire 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 wire 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 recipient4.
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 country25.
Why is my wire bank transfer taking so long?
Wire transfers can take longer for several reasons, like global events, natural disasters, different currencies, missing paperwork and time differences.
What’s the longest a wire transfer can take?
It usually takes 1 – 3 days. If your wire transfer is taking longer than this, please contact us
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.nerdwallet.com/article/banking/ach-transfers
2 https://www.investopedia.com/terms/c/checkable-deposits.asp
3 https://www.nerdwallet.com/article/banking/p2p-payment-systems#:~:text=Transaction%20notifications%20are%20sent%20right,in%20your%20linked%20bank%20account
4 https://www.ofx.com/en-us/faqs/my-transfer-is-complete-however-the-funds-havent-arrived
Disclaimer: OFX is not a bank and does not offer banking services. OFX’s services include money transfers and foreign exchange, which are not FDIC insured.
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.
