Wire transfers typically take the following amounts of time:
- Domestic wire transfers (within the same country, e.g., within the US): Usually complete within the same business day or by the next business day, often under 24 hours if initiated before the bank’s cut-off time (which is usually between 2 pm and 5 pm local time). Transfers initiated after the cut-off time, on weekends, or on bank holidays will process on the next business day
- International wire transfers: Generally take between 1 to 5 business days. The timing depends on factors such as time zone differences, currency conversion, the number of intermediary banks involved, and compliance checks. Transfers to countries with close banking ties to the sender’s country tend to be faster, while transfers to countries with slower banking systems or currency controls may take longer, sometimes up to three weeks or more
Factors affecting wire transfer speed include:
- The time of day the transfer is initiated relative to the bank’s cut-off time.
- Whether the transfer is domestic or international.
- The involvement of intermediary banks in international transfers.
- Compliance and anti-fraud checks.
- Weekends and bank holidays when transfers are not processed.
- Accuracy of recipient details (errors can cause delays)
In summary, domestic wire transfers usually take less than 24 hours, while international wire transfers can take from 1 up to 5 business days or longer depending on the circumstances
