Clearly, one of the first questions people have when transferring money internationally is, “How long will it take?” Whether you are paying for schooling abroad, remitting funds to support family there, or simply fulfilling a business transaction, the timing of international wire transfer is crucial.
The answer, however, depends on several factors, such as which banking system is involved, what type of currency is involved, and what the ideal transfer time is. Typically, international wire transfers take 1 to 5 business days to complete. But why is this wait time so long? Let’s find out.
What is an International Wire Transfer?
International wire transfer is the electronic movement of money between two countries. This method of money transfer across different borders is a very reliable method and is used by businesses and universities to pay tuition fees and by individuals for remittances. It is basically facilitated by the secure networks of banks and financial institutions using secure electronic payment systems.
How Long Does an International Wire Transfer Take?
The time taken by an international wire transfer varies depending on the number of steps involved. This is how it is done:
1. Sender’s Bank Processing Time
The bank processes the request, verifies the account details, and deducts the funds once you initiate the transfer.
Time Required: 1 business day.
For example, if you send a transfer using forex services in India on a weekday morning, your bank will process it the same day.
2. Correspondent Banks And Intermediaries
If the sender’s bank doesn’t directly connect with the recipient’s bank, the money is routed through intermediary banks. Each intermediary bank verifies and processes the transaction, adding extra time.
Time Required: 1-3 business days.
For example, transferring money from India to a smaller bank in a rural area of a foreign country will involve multiple intermediary banks.
3. Recipient’s Bank Processing Time
Once the funds reach the recipient’s bank, they process and credit the money to the recipient’s account. The speed depends on the bank’s internal systems and the currency being transferred.
Time Required: 1-2 business days.
For example, a major international bank may credit funds within hours, while smaller banks might take longer.
Total Timeline
The international wire transfer normally takes up to 2-5 business days. However, if you use premium services, you might finish some transactions faster.
Factors That Affect Wire Transfer Timelines
The transferring process takes time, and here are several factors that influence the time to complete a wire transfer:
- Currency Conversion: Transfers that span currency exchange may take longer since they have to go through forex processing.
- Banking Hours: Any transaction initiated after banking hours and holidays is processed the next working day.
- Intermediary Banks: More intermediary banks mean more time for verification and authentications.
- Geographic Location: Transfers to remote areas may take longer than those between major cities.
- Incorrect Information: Errors in account details or routing numbers can delay the process.
How to Make Wire Transfers Faster?
Speeding up your foreign outward remittance is possible if you follow these tips:
1. Double-Check Your Details
Ensure that the account number you have entered or other important details are accurate.
2. Choose Reputable Forex Services
Use the best forex services in India to streamline your process and get rid of delays arising from long procedural steps.
3. Opt for Express Services
Although, most banks and finance institutions charge more for express or same-day transfers. But it can save you a significant amount of time.
For example, some premium forex services in India offer same-day transfers for high-priority business payments.
4. Plan Around Holidays
If there are any public holidays or weekends, the processing times might be delayed. So, ensure you initiate a transfer before or after that.
FAQs on International Wire Transfers
1. Why does it take so long for international wire transfers?
International wire transfers follow a chain of steps such as verifying the transaction, converting currency, and routing through intermediary banks; hence, it takes a while.
2. Will I be able to track my international wire transfer?
Yes, you can easily check your transferred amount using a unique reference number.
3. What are the fees for international wire transfers?
The charges applicable for international wire transfers are not uniform. These are decided by individual banks, intermediaries, and forex services used. Book a call with us for more information.
4. What does foreign outward remittance mean?
It refers to sending money by an individual or business from one country to another through a bank or forex service in India.
5. What currencies take longer to process?
The mainstream currencies like USD, Euro, or GBP don’t take that much compared to exotic currencies or those with limited liquidity.
Conclusion: The Future of International Wire Transfers
As the technology develops, international wire transfer services are becoming faster, safer, and more efficient. Integration of blockchain technology and improvements in Indian forex services are eradicating middleman delays almost to a minimal level.
With knowledge of factors influencing transfer timelines and accessing reliable services, you can easily have a seamless and on-time remittance process. The future is indeed bright as innovation remains an advancement in how we send money globally!
Want to make faster, hassle-free transactions? Try Unipay Forex for your next international wire transfer. Unipay Forex provides reliability, speed, and an easy experience for any foreign outward remittance transaction. Make your transactions smoother today!
