How Long Does a Wire Transfer Take?

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A wire transfer is an efficient and secure way to send money across the country or overseas. However, not all wire transfers are created alike. A number of different variables can affect the speed of a wire transfer — and some of these variables are within your control to ensure the wire transfer goes through as quickly as possible.

Here’s an overview of how long a wire transfer takes and how it works — from how to send and track one to how to speed up the process.

How Long Does a Wire Transfer Take?

Most wire transfers between domestic U.S. bank accounts are completed within 24 hours. International wire transfers take a bit longer at one to five business days. You might wonder how this compares to other methods for sending money.

For instance, how long does a bank transfer take between different banks? If you’re transferring money between two accounts you hold at different banks, this type of ACH bank-to-bank transfer can take up to three days. Quite often, a domestic wire transfer is faster than a regular bank-to-bank transfer.

If you’re sending cash from somewhere other than a bank, such as Western Union, to an overseas bank, the receiving bank can take up to five days to receive the money.

Factors That Affect Wire Transfer Time

While most wire transfers don’t take long to complete, they don’t all move at the same speed. Why do some wire transfers take so long? It comes down to the time of the transfer, the location of the recipient and the wire transfer methods. Here is a closer look at the primary factors that affect the speed of a wire transfer.

Time of Transfer

The time of day you submit your wire transfer request is the variable you have the most control over in terms of speeding up the process. Each financial institution or financial services company sets its own cutoff time for wire transfers. For example:

• Capital One has a wire transfer cutoff of 2 p.m. ET Monday through Friday for same-day transfers. For international transfers, it’s 3 p.m. ET.
• Citi® has a cutoff time of 6 p.m. ET for international transfers and 6:45 p.m. ET for domestic transfers.

To ensure the fastest delivery of your funds, pay close attention to wire transfer cutoff times. Whether you’re initiating a wire transfer online or in person, cutoff times still apply.

Sender and Receiver Banks

Domestic wire transfers can usually be completed rapidly, especially if you’re sending funds within a single institution. International transfers typically take longer. This is partly because the sending and receiving banks may operate under different regulations and in different time zones. Many banks are also taking extra steps to help guard against fraudulent transactions, and some transactions can take longer to verify.

Additionally, some countries are labeled “slow to pay” since they take longer to process financial transactions. Some of the slow-to-pay countries include Cuba, Haiti, India, Mexico and the Philippines.

Type of Wire Transfer

There are different ways to send a wire transfer, and each can affect the speed of the process. Here are the three most commonly used wire transfer methods:

• Fedwire: Fedwire is a service provided by the Federal Reserve to handle domestic transfers. Once a wire is sent by your bank through Fedwire, it is available immediately on the receiving end, particularly if it is received by the same bank.
• CHIPS: The Clearing House Interbank Payments System is the United States’ private sector’s transfer network. It works by processing wire transfers grouped into batches, which simplifies the transaction. Since the wires are sent as a group rather than as individual transactions, there might be a slight delay.
• SWIFT: SWIFT is a well-known system used for international wire transfers. SWIFT transfers pass through intermediate banks before reaching their final destinations. As a result, bank cutoff times and other administrative factors might delay transfers.

What Do You Need To Send a Wire Transfer?

To successfully send a wire transfer, you’ll need to provide information about yourself and the recipient. Typically, for a domestic wire transfer, this includes the following:

• Name
• Address
• Bank name
• Bank account number
• Bank routing number

Your bank also may ask to see your photo ID. For international wire transfers, you may be asked for additional information. For instance, for a SWIFT transfer, you may need the bank’s SWIFT business identifier code.

How To Speed Up a Wire Transfer

Although you can’t do much once the transfer has been initiated, if you want to ensure your transfer goes through as quickly as possible, be mindful of the day and time you send it. For example, make sure you’re initiating it on a business day — preferably one not close to a bank holiday. You can also start the transfer early in the day, so it has a good chance of processing that same day.

Also confirm it’s being sent using the correct details, including the recipient’s correct name, bank name, routing and account numbers.

How Do You Cancel a Wire Transfer?

Sometimes it’s possible to cancel a wire transfer, but banks may not be able to stop a transfer once it’s been sent. If a wire transfer still has a “pending” or “scheduled” status, you may be able to cancel it. Wire transfers that have already started processing cannot be canceled. Depending on which financial institution or service you used for the money transfer, you can cancel a wire transfer online or by phone.

Common Wire Transfer Delays and How To Avoid Them

Wire transfers can be delayed for multiple reasons, including:

• Incorrect recipient details (such as a misspelled name or wrong account number)
• Fraud prevention measures
• International banking regulations (for international wire transfers)

You can’t always avoid these delays, but what you can do is ensure that recipient details are entered correctly (double- or even triple-check them) and that the transfer is initiated early on a business day. If you write down the reference number, you may also be able to track the transfer via online or mobile banking.

Takeaway

Overall, a wire transfer is a speedy, secure way to send money to another bank account — particularly if it’s a large amount or needs to go overseas. Before you send a wire transfer, make sure it’s the best option for the transaction and compare transfer times and fees at different financial institutions. You may discover that a money transfer app or ACH transfer might be a cheaper or more convenient option for you.

Allison Hache and John Csiszar contributed to the reporting for this article.

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