How Long Does a Wire Transfer Take? | Wire Transfers 101

In this article, we’re answering “How long does a wire transfer take?” But, instead of keeping you waiting, the short answer is between one and three days.

That said, there are important nuances that you should consider, especially when sending a wire transfer across borders.

In this article, we’re going to discuss these narratives and answer common questions that we receive from our members on the topic of wire transfers.

This is part of our free series on sending a bank transfer, covering wire transfers, ACH transfers, and more.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. How Long Does a Wire Transfer Take?
  2. How Can I Wire Transfer Money Into My Account?
  3. What Information Is Needed to Wire Money?
  4. Other Transfer Methods
  5. Frequently Asked Questions
  6. Do You Want Help Opening Bank Accounts?

How Long Does a Wire Transfer Take?

A wire transfer can take between one and three business days in clearing time for a domestic transfer and up to five business days for an international transfer. 

In most cases, delays in processing time are the result of multiple correspondent banks, weekends, bank holidays, or a combination of these issues. In other words, banks are not available to clear a funds transfer immediately when it is sent.

That said, these are not the only possible issues interfering with the transfer time, incorrect information like the wrong SWIFT code, transfer reviews by the sending bank, and other issues on both ends can also impact bank processing.

That said, it is possible to expedite a bank transfer in certain jurisdictions, though this usually involves an additional transfer fee. Of course, if a shorter timeframe is required then there are alternative transfer options available with varying durations. We will discuss these alternative transfer options below.

What Information Is Needed to Wire Money?

What information is needed to wire money depends on where the money is being sent to and from. With this in mind, we have outlined three scenarios below that list the information you will need to provide to send funds.

Importantly, each bank has slightly different requirements and formats to their outgoing wire instructions. So, it’s always best to confirm what specific information your bank requires prior to scheduling a transfer.

What Information Is Needed for a Domestic Wire Transfer?

Domestic wire transfers require the following information.

  • Bank account number
  • Legal name of the recipient
  • Address of the recipient tied to the bank account
  • ABA number
  • Amount being sent to the recipient

What Information Is Needed to Wire Money to My Business Account?

Sending money to a business account requires the following information.

  • Bank account number
  • Legal name of the company receiving the transfer
  • Address of the company receiving the transfer
  • ABA number
  • Amount being sent to the company

What Information Is Needed for an International Wire Transfer?

International wire transfers require the following information.

  • Bank name
  • Bank address (not always required)
  • Bank account number
  • Bank account type
  • Legal name of the recipient
  • Address of the recipient tied to the bank account
  • SWIFT code
  • Amount being sent to the recipient

How Can I Wire Transfer Money Into My Account?

If you are looking to transfer money into your own account, you may not require the information outlined above. In fact, if your sending account and your receiving account are both held at the same financial institution, you can usually execute the transfer without any information at all.

To do so, you will need to log into your online banking, navigate to the “transfer” or “send money” option in the navigation menu, and then arrange for the funds to be transferred from one account to another.

Will I Be Charged Wire Transfer Rates?

When sending a transfer to your account from another account at the same bank, you typically do not incur transfer fees. Instead, most banks typically offer transfers between the same customer’s account for free.

Other Transfer Methods

As mentioned, there are a number of other transfer methods that you may want to consider instead of sending a wire transfer. This is especially true if you need to send an immediate transfer or require an alternative form of payment. With this in mind, here are several alternative transfer methods that you may want to consider instead.

  • International transfer services (e.g. Wise)
  • Money order services (e.g. Western Union)
  • Peer-to-peer transfer services (e.g. PayPal)
  • Cryptocurrency transfers

Of course, there are a wide range of digital platforms available that assist with cross-border transfers, including remittance providers. However, many of these require both parties to have accounts with the same platform.

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Frequently Asked Questions

Below are a few of the most common questions we receive from people looking into how long it takes a wire transfer to complete. If you have further questions you would like to ask our team, don’t hesitate to get in touch.

How Safe Are Wire Transfers?

Wire transfers are very safe as long as the correct information is provided. In fact, wire transfers are among the safest ways to send transfers both domestically and internationally.

Can I Do a Wire Transfer Over the Phone?

Yes, you can do a wire transfer over the phone at certain banks. However, most wire transfers are either online or in person at a branch. If you do decide to send a wire transfer over the phone, you usually need to have a security code already set up specifically for this purpose. And, even if you have a security code set up for this purpose, you will still need to pass a series of security checks performed by the bank representative.

Do Wire Transfers Go in Immediately?

No, wire transfers do not go in immediately to the receiving account. Instead, the sending bank processes first, then the correspondent banks. Finally, the receiving bank then processes the wire transfer before depositing into the customer accounts. Depending on where the participating banks are located and the number of correspondents, the process can take between one to five business days.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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