Wire transfer how much time

We're sorry, but some features of our site require JavaScript. Please enable JavaScript on your browser and refresh the page. Learn More. There are numerous options for transferring money, such as cash, checks, mobile apps, and electronic transfers, for different types of needs. When speed and simplicity are top priorities for a money transfer, wire transfers may be a good option.

A wire transfer is a method of transmitting money electronically between people or businesses in which no physical money is exchanged. Wire transfers are common for both domestic use in the U. They are popular for international transfers because they are easy to exchange to a foreign currency, if needed.

Though you can send wire transfers to both domestic and international recipients, fees vary according to provider, destination, and the dollar amount transferred. The information you need to supply varies depending on whether you are using a bank provider or a nonbank provider:. The money thereafter moves quickly between bank accounts; there is usually no bank hold placed on money received via wire transfer.

This is because there are a few administrative things an employee may need to do manually to make the funds available. There are three factors that affect the speed of a wire transfer:. Banks and credit unions are permitted to set their own cut-off times — e. Some banks, for instance, set a cut-off for wire transfers at 3 PM.

Secondly, as previously mentioned, domestic and international transfers have varying timelines. What this means is there may be further delays.

Check with your bank when making a wire transfer to a slow to pay country to learn more about what to expect. Wire transfers via a non-bank money transfer service may happen within minutes. Occasionally, there are delays. If the bank sending the funds makes a mistake, a wire transfer may take longer than expected. Holidays can also disrupt wire transfers. Wire transfers are normally final.

There are a few exceptions, however. Your wire transfer may be reversible if the bank that initiated the transfer made a mistake. For example, if the recipient received more money than he or she was supposed to, that issue may be resolved. If you begin a wire transfer but change your mind about sending someone money, you may be able to cancel the transaction. A relatively new rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act says that consumers sending money internationally usually have the right to cancel their wire transfers for free within a minute period.

You can also reverse a wire transfer if the money is taking a long time to reach its destination or goes to the wrong account. For international wire transfers, note that you may also loose money if the currency exchange is lower on the date of the reversal. In either case, make sure to consult your bank for additional fees or terms before sending money.