Whether you’re a student, a globe-trotter, an entrepreneur, or a stay-at-home mom, you’ll most likely need to make an international money transfer at some point.
In a time of technological advancement, wire transfers provide consumers with instant or at least quick financial solutions. Unlike checks and deposits that can be held by banks for days, recipients don’t have to wait for their funds to clear.
Most international transfers are executed through SWIFT. Time is of the essence where money is involved. Customers, therefore, usually want to ascertain the exact time frame associated with sending or receiving your money via this financial institution.
So, how much time does it take for SWIFT transfer?
International transactions normally arrive within 1 to 5 business days. Transfers between the EU and US countries are faster. They take anywhere between 24 to 48 hours. The exact period is determined by several factors that we’ll discuss in this article.
Factors Influencing SWIFT Transfer Time
SWIFT is a co-operative society created by various international banks that operate a world-wide network to enable the transfer of funds.
SWIFT is often said to be efficient, but advancements in the Fintech field have allowed private digital transfer service companies to offer significantly faster and cheaper transfers.
On top of that, there are some factors that may delay your transfer:
- Fraud Regulations
A common delay for international wire transfers is the fraud prevention processes and procedures that banks have to follow. Large sums of money are more likely to attract attention and go through lengthy controls and regulations. While this is to cause a significant delay, there may be delays at the recipient’s bank due to fraud regulations.
- Incorrect Recipient Details
Another factor that can have a big effect on your SWIFT transfer is one that is well within your control. Entering payment details incorrectly will cause delays, or even lost transfers. These include account numbers, SWIFT codes, and any additional payment instructions that are necessary to facilitate the transfer. Such errors are most likely to result in transfer reversal. So, make sure to enter all details correctly when making a wire transfer.
- Currency Conversion
Currency conversions can be a cause for transfer delays. Transfers of global currencies like the U.S dollar, Euro, and Sterling are most likely to be faster than other currencies. Transferring more obscure currencies may take longer to reach the beneficiary due to currency conversions.
- Bank Holidays and Weekends
Different countries have different holidays and working weekdays. If an intermediary bank is closed, your payment cannot be processed. Therefore, it is important to consider whether there’s a holiday in your recipient’s country or if it’s a weekend. Pre-planning can save you from unnecessary delays.
- Time zones
If there is a major gap in time zones between your country and the recipient’s, then you should expect a delay. It might be mid-day in the U.S and nighttime in Europe. To avoid these little delays, you may need to make slight adjustments and initiate your transfer when both banks are open.
- The Destination Country
Some countries have slower banking infrastructures. If there is such a banking system in your recipient’s country, it can take time for banks to communicate and get the money to its destination. On top of that, other banks may have steeper regulations that can slow your transfer process.
Conclusion
In our increasingly digital world, you’d expect a wire transfer to be done instantly or as quickly as possible but that is sometimes not the case. Although SWIFT is a simple and effective way of sending money to someone overseas, delays can occur. In fact, there’s a lot that happens behind the scenes that determine how long it takes for your transfer to arrive.
That’s why many people are now switching to digital services like Cashero when they need to send money to other users in the same country or internationally.
Give us a try.
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