How long do wire transfers take?

There are several ways that you can send money to a person you need to get funds to. One of the most common ways to do this is through a wire transfer. But you may be wondering how these transfers work and how long they take. Here is all you need to know:


How wire transfers work

There are several options that you can choose to wire money to someone. You can go through banks, through money transfer services, or use online payment services. But either way, the money that you send will be transferred electronically from a financial institution to another. 

If you go through your bank or a money transfer service like, there are often other fees involved in processing the transfer. You may have to pay a small rate depending on how much you are actually planning on sending.

How long does a wire transfer take

If you send your money through your bank, the time it takes for your money to reflect on the recipient’s bank account depends on a number of factors. First, if the bank you are transferring to is the same as your bank, then the funds will generally be there within 24 hours. But if you are sending money internationally to a different bank, the time the transfer will take depends on the bank you are sending to. The process may take anywhere between three to five business days.

Wire transfer fees

With money transfer services, the money that you send can be collected by the recipient within minutes of your transaction. All they have to know is the routing number for the funds and they will be able to get it right away. The only downside to using money transfer services is the high rates and other fees involved in you sending the money. If you don’t mind spending a bit more to get your money through, then this is a great option to use.

Online payment solutions 

For online payment solutions, wire transfers are processed within minutes of you sending the funds through. All it takes is for you to log in to your account and begin the transfer for it to reflect on the recipient’s account. The great thing about using online payment services is that there aren’t any additional fees that are involved with each transaction that you make. This means that if you are planning on sending funds regularly, this option is the best choice to make to save money.

Payment infrastructure

When international wire transfers became available, the payment infrastructure network was established worldwide. These transfer through financial institutions and money transfer agencies were built in most major cities and expanded their secure payment system to nearly all corners of the globe. Since that time, there have been major changes in the industry due to technology and the Internet. 

Wire transfer speeds

If you have ever made an international wire transfer using the network of the banking institutions, you’ll know that the recipient has to wait for days before the money is credited into their account. Some methods to transfer funds still are slow because of the use of the established network.