International wire transfers must clear a domestic ACH and a foreign equivalent, which is another reason to expect it to take longer if sending abroad. This is because, unlike some other forms of financial transfer, there are no bank holds on the money.Ī domestic wire transfer must go through a domestic Automated Clearing House (ACH) before it’s ready. If the process goes smoothly, using FedWire for immediate transfer, expect the funds to be ready quickly, if not immediately. Banks can complete the electronic process as long as they have the correct specific information regarding the recipient and how much money they can expect to receive. When wiring funds, you don’t transfer actual cash from one institution to another. Are wire transfer funds available immediately?Īgain, times can vary, but normally this is the case. However, banks can set their own cut-off times for receiving transfers, which can differ from closing times. The Expedited Funds Availability Act (EFAA) requires US banks to make wired funds available within one business day. Some banks can make wired funds available to recipients immediately, especially when the transfer is between accounts at the same institution. This speeds the process up considerably, but times still vary. Wire transfers are so-called because they used to take place through telegraph wires. If possible, try to request your transfer at the start of the working week so it has time to arrive and be processed before the weekend potentially holds it up. For example, in Egypt it falls on Fridays and Saturdays, and in Somalia it’s Thursday and Friday. In the US this is Monday, but if you’re sending internationally, this can lead to longer delays, because the weekend falls at different times in different countries. Sometimes, an international wire transfer can take up to three weeks.Īlthough you can initiate a wire transfer during the weekend, it won’t be processed until the bank’s next business day.

Human error in the transaction, public holidays and location specific factors can also cause delays. Factor in a potential change in currency and that can delay things further. If you’re unsure, talk to your bank and ask how long they expect it to take.Įven once it reaches the recipient’s bank, there may still be processing to take place. The funds could take between one and five days to reach the recipient, sometimes longer. The wire transfer time for an international payment is usually longer than domestic. How long does an international wire transfer take? However, when you consider large checks or deposits can take as long as 10 days, it’s clear why domestic wire transfers are so widely used. This can be down to human error (for example, a mistake when filling in the form), public holidays or location. Sometimes, wire transfers can take longer. A worst-case scenario would be around three days if sending to retailers or businesses. If you are sending money from your bank to an account at the same institution, it is normally completed within 24 hours, sometimes, even instantly.

One of the reasons domestic wire transfers are so popular is the speed in which they process. How long does a domestic wire transfer take?

How long does an international wire transfer take?.

How long does a domestic wire transfer take?.

Other kinds of electronic money transfers can be as quick and offer more security. Find out when the funds become available, what happens at weekends, reasons for delays, and what to do when a wire money transfer is held up or lost. In this article, we’ll examine domestic and international wire transfer times. Wire transfers are a way to quickly send money from your bank within the United States or internationally.

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