“How long do international bank transfers take?” is one of the most common questions we receive from folks just getting started with international banking.
In this article, we’re going to explain all the nuances that can impact the time it takes for your transfers to arrive at their intended destination.
And we’ll also give you guidelines for how long your transfers should take, depending on a few key variables.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How Long Do International Bank Transfers Take?
- How to Send a Quick Bank Transfer in the UK
- Ways to Send Fast International Transfers
- Frequently Asked Questions
- Ready to Explore Your Options?
How Long Do International Bank Transfers Take?
International bank transfers can take between two and five business days to reach their destination. That said, the exact time it takes will depend on whether correspondent banks are involved, the originating and receiving jurisdictions, and the operating hours of the banks.
With this in mind, if you are looking for an exact answer, you can consider the following:
1. Correspondent Banks
Correspondent banks (also referred to as intermediary banks) play an important role in international bank transfers. Unfortunately, they can also impact how long it takes for transfers to arrive. This is because instead of sending transfers from the issuing (sending) bank to the receiving bank, the transfer will pass through a correspondent bank instead.
Correspondent banks act as an intermediary to help facilitate transfers between banks. This is usually the case when smaller banks (like small international banks) do not have direct connections with other banks or access to certain transfer networks.
When both the issuing and receiving banks use a correspondent, this can further prolong the time it takes for the transfer to arrive.
2. Sending and Receiving Jurisdictions
If you’re new to international banking, you may not be familiar with the concept of grey and blacklists. In short, if a country is on the grey or blacklist of another jurisdiction, sending and receiving funds between the two jurisdictions becomes more challenging.
This can involve delays due to due diligence reviews, document requests, and a lot of questions (and required answers) between the account holder and the bank’s compliance.
For example, if you are sending funds from a bank in Panama to an account in the United Kingdom, the receiving bank may hold the transaction from being deposited in the account until they understand the exact purpose of the transaction.
The reason for this is that Panama is on the UK’s blacklist, formally known as the list of high-risk third countries for AML purposes. So, UK banks need to conduct enhanced due diligence on transactions originating from Panama and any other country that is on the list.
3. Operating Days & Hours
As explained above, it generally takes between two and five business days for an international bank transfer to arrive. However, not all banks share the same business days. Instead, each country observes its own national holidays and in many countries, weekends fall on different days of the week.
So, if you are sending an international bank transfer between different countries at a time of year with national holidays, the time it takes for your international transfer to arrive may be longer than usual.
Do You Want Our Free Non-Resident Banking Guide?
Sign up here to receive our Free Non-Resident Banking Starter Guide and weekly updates on the best account opening options available:
How to Send a Quick Bank Transfer in the UK
If you are looking to send a quick bank transfer from the UK to an overseas bank, you may want to consider using an international transfer service like Wise.
That said, there are a number of international banks that can support this requirement as well, including many UK banks with an international presence.
In most cases, the best solution will be the one that provides low cast and fast transfers to your jurisdiction (and in your currency) of choice.
Here’s a closer look at several UK bank transfer options to choose from.
UK Bank Transfer Options
- International transfer service
- Foreign exchange broker
- International wire transfer
- Money order service
- Money service business
Ways to Send Fast International Transfers
If you’re looking for ways to send fast international transfers, there are a few variables that you need to balance when choosing which method to use.
International Transfer Company Options
It’s important to mention these variables because each platform differs in the way that they profit from facilitating international transfers. So, looking at the whole picture before deciding which option you want to use is important, especially when sending large transfers.
- Speed: How fast the transfer will arrive
- FX fee: The charge for converting to the final currency
- Transfer fee: The charge for sending the transfer
- Access: Do you already have access to each option
Personal Money Transfer Options
Personal money transfer options typically include:
- International transfer service
- Foreign exchange broker
- International wire transfer
- Money order service
- Money service business
Frequently Asked Questions
Below are two of the most common questions that we receive from people wondering how long do international bank transfers take. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Why Do International Bank Transfers Take So long?
International bank transfers take so long compared to domestic transfers because they need to pass through additional intermediaries, operating in different time zones and countries, before they can reach their destination.
As an example, if you are sending a transfer from the UK to Singapore, your bank may send it to an intermediary who then sends the transfer to the receiving bank in Singapore. Your bank and the intermediary bank will both need to clear the transfer before it arrives in Singapore, which could add an extra day to the delay.
How Long Do International Bank Transfers Take in the EU?
International bank transfers in the EU can take considerably less time than they do between other countries. The reason for this is that international transfers between EU member states are sent through the Single Euro Payments Area (SEPA) network, which facilitates fast and affordable transfers to the banks that operate in participating countries. That said, SEPA includes both EU and non-EU member states. For more information on SEPA, review our dedicated article on SEPA countries (including a few secret members).
Ready to Explore Your Options?
If you would like assistance navigating your banking options at home or abroad, we can help.
You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.
But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions, please contact us directly.