One of the most pressing questions many people have when they need to send an international wire transfer is how long the transfer of funds will take. The following are six basics to know if you're wondering when the recipient receives your money transfer.
1. You will have to wait longer for an international wire transfer to process than a domestic wire transfer.
If you've sent a domestic transfer before, you should know that international wire transfers typically take longer to process. You can't assume that your international wire transfer will go through within a certain period based on the processing time of a past domestic transfer you made.
Some international wire transfers may go through quickly and be in the recipient's bank account the next day. However, it's important to note that an international wire transfer can take as long as five days to go through.
2. The destination country of an international wire transfer influences how long it will take.
Processing time for international wire transfers can vary depending on the country that the transfer is being sent to. Some countries will take longer to receive international wire transfers than others. You should ask your international wire transfer service or bank for a general idea of how long it will take to send money to the particular country where your recipient's bank is located.
3. International wire transfers can also vary in processing time among different banks.
Some individual banks take longer to process and clear international wire transfers than others. You may get more information on how long your wire transfer will take if you contact the origin and destination banks and ask about processing times.
4. The processing time can be impacted by the time of day you send it.
Another factor that influences how long your wire transfer will take is what time of day you send it at. If you send your wire transfer within the business hours of your bank, it will most likely be processed the same day. Sending your transfer after the close of business could add another day to the processing time of your international wire transfer.
5. You can determine if your international wire transfer has gone through by asking your bank to do a trace.
The easiest way to determine if your transfer has gone through is to ask the recipient if they got the money. If you can't do this, you can ask your bank or wire transfer service to do a trace on the transfer. This can determine if and when the funds went through.
6. You can't assume your transfer has been processed simply because the funds are gone from your account.
Funds may come out of your bank account a day or several days before they appear in the account of the recipient. This means that you can't assume that the recipient has received the funds just because they're no longer in your account.
To learn more, contact international wire transfer services.