Personal Finance

How long does a bank transfer take?

Since the TransferGo Blog first debuted we have remained true to our goal of providing answers to questions covering travel, finances, recreation and other frequently asked questions from our customers. In our FAQ section, you will find answers to questions as such “How to make an international transfer with TransferGo”, “How much will I pay to make a transfer?” and “Is it safe to send money abroad with TransferGo?”. Additionally one of our most asked questions concerns how long it takes for an international bank transfer to be completed. In this edition of the blog we will answer this question and other questions concerning international transfers.

How long does an international bank transfer take?

The amount of time needed to complete an international bank transfer depends on a number of factors. These include such items as:

  • Which currencies are involved
  • Which countries are involved
  • Bank holidays in the sending or receiving country
  • The time of day the transaction is sent, as bank cut off times may slow down a transfer
  • The accuracy of the transfer instructions
  • Screening and security needed to comply with currency and anti-money laundering laws

However even considering all of the factors involved, bank to bank transfers are typically completed within two to three days. Due to TransferGo’s operating structure, our customers typically see their transfers completed within one to two business days, but we also offer transfers where you can receive money within just 30 minutes.

What bank details are needed to transfer money?

In most cases the information needed for a bank transfer are very straightforward.

Before making a transfer make sure you have the following on-hand:

  • The account holder’s full name
  • The address of the recipient’s bank
  • The International Bank Account Number, known as IBAN
  • The SWIFT code
  • The type of account where the deposit will be made

Important aspects of transferring money to a foreign bank account

The types of information needed to make an international money transfer and the time a transfer takes are fairly consistent no matter where you make a transfer.

However there are several aspects to consider.

  • Exchange rates – Exchange rates can vary depending on which company you choose; they also can change between the time you initiate the transfer and when it is completed. TransferGo offers fixed exchange rates. The exchange rate is clearly stated prior to starting your transfer.
  • Transfer fees – The fees for transferring money from banks and wire services can be quite high (up to 30% of the transfer amount in some cases). TransferGo offers low-cost transfers so that you receive the most value.

The TransferGo Blog regularly features articles designed to help understand banking, money transfers and other aspects of daily life. You can find our articles on FX (foreign exchange) and SWIFT codes by clicking on the links.

 

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