How Long Does It Usually Take to Send Money Over the Wire?

With wire transfers, you can quickly send money from your bank to anyone in the country or around the world.

We’ll look at both local and foreign bank transfer times in this guide. Find out what happens on the weekends, when the money is available, why there are delays, and what to do if a wire transfer is lost or takes too long. Now, let’s start reading the article.

How long does it take to send money home by wire?

Processing times for wire transfers can vary a lot. International wire transfers can take anywhere from one to five business days. Most local wire transfers are done in less than 24 hours. This is because the length of the move can depend on many things.

If you’re sending money within the United States, the money will usually be processed in one day.

The Expedited Funds Availability Act (EFAA) says that banks have to finish domestic wire transfers in one working day.

Modern service providers, like Transferra UK, also let you keep an eye on transfers in real time, which gives you peace of mind and protection. This is helpful for people who send or receive money between countries.

How long does it usually take for an international wire transfer to go through?

It can take anywhere from one to five work days to make a cash transfer to another country. Another thing that could slow down or speed up your move is the cut-off time.

Banks will only process your wire transfer if they get it before a certain time of the day. Processing and cut-off times change between banks, which could affect how long your wire transfer takes.

A lot of international funds are also sent through the SWIFT network. This makes the trip take longer because the money has to go through more than one institution along the way.

What can make a wire transfer take longer than expected?

Some of the things that can slow down wire transfers are listed below:

Transfer times: Banks have different cut-off times for different organizations. If you wait even a few minutes past the due date, the move will start the next day. The US doesn’t have weekend banking, and because weekends are different in other countries, it may take longer to do business with them. Bank breaks will also slow down the proceedings.
Errors in payment: Even though the wire transfer method is electronic, mistakes can still happen. You might not have enough money in your account for the funds to clear, or you might have put the recipient’s information wrong; a single misspelling word or number could cause a delay or cancelation.
Payment method: There are two main ways to send money through wire transfers. Real-time gross payments, or RTGS, happen right away and are sent through the FedWire system. For most foreign transfers, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network is used. When payments can’t be made directly, SWIFT makes sure that the money goes through banks that act as middlemen. This process might take longer if any of these things are held up.
How and when banks process payments: It is smart to find out when your bank’s services stop working. At Bank of America, the last day to make a move for the next working day is 8 p.m. EST, and at Chase Bank, the last day for Personal Banking users is 4 p.m. EST. It’s also possible that some banks have scam security steps that take too long.
Where the wire transfer is going: In the same way, the location of the move may make the process take longer and be more complicated. Different time zones, both in the United States and around the world, may be important. Changing the currency to the destination’s currency or using the ways of that country may also have an effect. Afghanistan and Cuba are two places that take longer to pay than other places.

A wire transfer can be tracked in a few ways

If you know when bank transfers happen, you can find delays or lost funds more quickly. Thankfully, there are ways to keep an eye on your move.

All cash payments to and from US bank accounts go through the Federal Reserve Bank. Each gets a unique I/O message responsibility number (IMAD/OMAD ID). One ID number has the date of the transaction, the identification of the source bank (IMAD) or target bank (OMAD), and a series number.

If a wire transfer takes longer than 24 hours or more than five days inside the United States, you can ask your bank to use the IMAD/OMAD ID to find the wire. This number is not common, but it will help find the account if your wire transfer went to the wrong one.