Have you ever sent money abroad and wondered how long it’ll take to reach the recipient? Generally speaking, international money transfers sent via bank transfers usually arrive within a few days to one week. In case of a large time zone difference between the sender and the recipient, the transfer will probably take at least two days. For instant transfers, consider using a dedicated transfer service instead of making a bank transfer. Sending money through international transfer services lets the recipient receive their money in just a few minutes.
Many people these days are busy making money in one currency or country, then need to send it to other accounts, sometimes across the world. However, the money can come in a few minutes or it can take several weeks.
There major factors that affect the speed of a money transfer, include:
- Processing speed on the remittance platform side
- Processing speed on the receiving bank side
- Destination of the transfer
- The need to fill out forms for both the sender and the recipient
- Method of sending and crediting: processing transfers by certain methods may need more time for crediting
- Time of transfer sending: some services allow sending transfers only during certain period of the day (more often on weekdays)
- Country of sender and recipient
There are specific conditions for each currency route and country. Conversion of funds may take up to two business days, but it’s usually much faster. The time needed to credit funds to the recipient’s account depends on the speed of processing incoming payments by your recipient’s bank. It also depends on the payment method you use when making the transfer in your country.
The fastest transfers often occur when sending the most common currencies (Euros, US Dollars, and British Pounds). Usually, transactions from reputable and large banks are quicker to process, however, a bank transfer’s speed can often be increased if done online or via an app.
Transfer amount
The amount of money you send determines how fast it moves. Some services limit the amount of money you can send per transfer, and others limit the amount you can send within a specific amount of time. Such measures slow down the receiving of large sums of money, which means you’ll have to divide the amount into multiple payments. However, one positive benefit of this is that some services offer discounts when you send anything over a certain minimum, so you actually save money by sending everything at once.
Transfer and Payment methods
Some transfer and payment methods are faster than others. For instance, card payments are usually processed instantly, while wire transfers take longer. Banks can delay payments from one to seven days due to the high flow of transactions and security requirements.
On the other hand, international transfer services can often make instant transfers to most countries. There is no need to worry about physical security when using digital payment and transfer services.
Weekends and Holidays can delay transfers
Many banks do not process transfers on weekends and public holidays. This means that you’ll need to wait until the first business day of the banks after you send the money to receive the transfer. When dealing with international companies, you need to consider weekends in the sending country as well as weekends in your country. If the transfer is made on a Friday afternoon, in most cases you will need to wait until after the weekend to have the funds credited to your account. You should also take note of what is considered a “day off” in the sender’s country. For example, in Bangladesh people usually work Sunday through Thursday. With Cashero, weekends and holidays don’t matter. You can send money to other users at any time, on any day.
SWIFT transfers
By using a SWIFT transfer, you can send money to just about any part of the world. It’s only important to specify the correct details, so the money does not “hang” in the accounts of intermediary banks involved in the transaction.
The average transfer time is anywhere from one to three days. In some cases, the whole transfer process can take up to seven days (if the chain of intermediary banks is large). Such a transfer takes time since you need to fill out an application with the recipient’s data and your own, which also increases the likelihood of a user error, where you enter the wrong information. This can further complicate the transfer process and slow down the time it takes to receive the funds.
The Cashero Difference
While the rest of the world seems to have made leaps forwards in terms of technology, the major financial systems of the world are strangely enough, lagging behind. Delayed transfer times, issues with holidays and weekends, daily cut-off times for making transactions, hidden “service” fees – how are these still issues we face and accept in our daily lives?
That’s why we decided to do things differently at Cashero. With us, you’ve got access to instant transfers between Cashero users, 24 hours a day, anytime you need it – weekends AND holidays. There’s no hidden fees, plus we offer competitive exchange rates. On top of that you can open a high yield account and get your money working for you.
We saw a hole in the world of financial products and knew we could offer you something better. So we did.
Sign up today to experience the Cashero difference.
Content Disclaimer:
As of the date of publication, the information contained on this page is deemed to be factually accurate for all terms of conditions, features, and fees. Changes made to Cashero’s terms of conditions, features, or fees after the publication of this content may not be accounted for.
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The Cashero App is now available for download in both the Apple App Store and Google Play Store, though not all features are currently functional. Cashero has not yet officially launched.
