Money transfer how long

Bank transfers in the UK are powered by Faster Payments. As you may expect from the name, Faster Payments was introduced to improve the speed of normal bank transfers.

As a result, most bank transfers are instantaneous, although in some cases, payment can take up to two hours. CHAPS guarantees same-day payment, provided that the payment is processed before the daily cut-off point. In most cases, yes, bank transfer times are instantaneous. However, banks will occasionally hold onto your funds for several days. In most cases, the bank is simply doing their due diligence. So, how long does a bank transfer take for international payments?

In general, the bank transfer time will be around one to five working days. While domestic transfers are likely to be processed within two hours — and in most cases, considerably less time than that — international transfers may take a little longer. You may need to follow a specific set of instructions or provide the payee with additional details. Transfers typically happen quickly. Generally, domestic bank wires are completed in three days, at most.

If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes. Occasionally, there are delays. If the bank sending the funds makes a mistake, a wire transfer may take longer than expected. Holidays can also disrupt wire transfers. Wire transfers are normally final.

Read our guide. One of the main reasons for delays to international wire transfers are the fraud prevention processes and procedures put in place by banks. The SWIFT network requires transfers to pass through up to three correspondent banks before arriving at their destination.

Another factor that can have a big effect on international bank transfer times is erroneous payment details.

Sometimes, slow international payments are caused by something as prosaic as bank holidays and weekends. Currency conversion can be another drag on international bank transfer times. If your payment needs to be received in a different currency to the one it was sent, processing times can be lengthened. Expanding internationally? GoCardless have created the first global network for recurring payments. All with just your existing bank account.

Learn more about international payments. Banks will process requests made after this time the following business day. These services can be faster than bank-to-bank transactions, but may not offer the same level of security. International wire transfers can take much longer than domestic transfers. The funds may arrive within two business days. But they may also take up to five days, depending on your bank or credit union. Some banks allow you to send international wire transfers online in just a few minutes.

Other banks may require you to make the transfer request in a branch. Some banks offer this service if the recipient account is within the same financial institution, and the sender has previously sent a transfer.