How Long Does a Wire Transfer Take?
Written by
Andrea Norris
Edited by
Susan Kim
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A wire transfer is an efficient and secure way to send money across the country or overseas. However, not all wire transfers are created alike. A number of different variables can affect the speed of a wire transfer — and some of these variables are within your control to ensure the wire transfer goes through as quickly as possible.
Here’s an overview of how long a wire transfer takes and how it works — from how to send and track one to how to speed up the process.
How Long Does a Wire Transfer Take?
Most wire transfers between domestic U.S. bank accounts are completed within 24 hours. International wire transfers take a bit longer at one to five business days. You might wonder how this compares to other methods for sending money.
For instance, how long does a bank transfer take between different banks? If you’re transferring money between two accounts you hold at different banks, this type of ACH bank-to-bank transfer can take up to three days. Quite often, a domestic wire transfer is faster than a regular bank-to-bank transfer.
If you’re sending cash from somewhere other than a bank, such as Western Union, to an overseas bank, the receiving bank can take up to five days to receive the money.
What Factors Affect the Speed of a Wire Transfer?
While most wire transfers don’t take long to complete, they don’t all move at the same speed. Why do some wire transfers take so long? It comes down to the time of the transfer, the location of the recipient and the wire transfer methods. Here is a closer look at the primary factors that affect the speed of a wire transfer.
Time the Transfer Was Made
The time of day you submit your wire transfer request is the variable you have the most control over in terms of speeding up the process. Each financial institution or financial services company sets its own cutoff time for wire transfers. For example:
- Capital One has a wire transfer cutoff of 2 p.m. ET Monday through Friday for same-day transfers.
- Citi® has a cutoff time of 5:15 p.m. ET for international transfers and 6 p.m. ET for domestic transfers.
To ensure the fastest delivery of your funds, pay close attention to wire transfer cutoff times. Whether you’re initiating a wire transfer online or in person, cutoff times still apply.
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Location of Recipient
Domestic wire transfers can usually be completed rapidly, especially if you’re sending funds within a single institution. International transfers typically take longer. This is partly because the sending and receiving banks may operate under different regulations and in different time zones. Many banks are also taking extra steps to help guard against fraudulent transactions, and some transactions can take longer to verify.
Additionally, some countries are labeled “slow to pay” since they take longer to process financial transactions. Some of the slow-to-pay countries include Cuba, Haiti, India, Mexico and the Philippines.
How the Bank Transfers Funds
There are different ways to send a wire transfer, and each can affect the speed of the process. Here are the three most commonly used wire transfer methods:
- Fedwire: Fedwire is a service provided by the Federal Reserve to handle domestic transfers. Once a wire is sent by your bank through Fedwire, it is available immediately on the receiving end, particularly if it is received by the same bank.
- CHIPS: The Clearing House Interbank Payments System is the United States’ private sector’s transfer network. It works by processing wire transfers grouped into batches, which simplifies the transaction. Since the wires are sent as a group rather than as individual transactions, there might be a slight delay.
- SWIFT: SWIFT is a well-known system used for international wire transfers. SWIFT transfers pass through intermediate banks before reaching their final destinations. As a result, bank cutoff times and other administrative factors might delay transfers.
What Do You Need To Send a Wire Transfer?
To successfully send a wire transfer, you’ll need to provide information about yourself and the recipient. Typically, for a domestic wire transfer, this includes the following:
- Name
- Address
- Bank name
- Bank account number
- Bank routing number
Your bank also may ask to see your photo ID. For international wire transfers, you may be asked for additional information. For instance, for a SWIFT transfer, you may need the bank’s SWIFT business identifier code.
How Do You Check the Status of a Wire Transfer?
You can check the status of a wire transfer and track its progress by using the unique transaction identifier. This identifier will be provided to you when you request the transfer. The name of this identifier may depend on the bank and whether the wire transfer is domestic or international.
For instance, a Western Union wire transfer has a money transfer control number. To check an international transfer with Wells Fargo, you may be asked for the sender reference or the SWIFT UETR, or unique end-to-end transaction reference number.
The bank or company that sent the transfer may have a phone number you can call to track wire transfers or allow you to track transfers online.
How Do You Cancel a Wire Transfer?
Sometimes it’s possible to cancel a wire transfer, but banks may not be able to stop a transfer once it’s been sent. If a wire transfer still has a “pending” or “scheduled” status, you may be able to cancel it. Wire transfers that have already started processing cannot be canceled. Depending on which financial institution or service you used for the money transfer, you can cancel a wire transfer online or by phone.
Takeaway
Overall, a wire transfer is a speedy, secure way to send money to another bank account — particularly if it’s a large amount or needs to go overseas. Before you send a wire transfer, make sure it’s the best option for the transaction and compare transfer times and fees at different financial institutions. You may discover that a money transfer app or ACH transfer might be a cheaper or more convenient option for you.
FAQ
- How long does it take for a wire transfer to show up?
- If you're waiting for a wire transfer to show up, you may have to wait up to five business days, depending on the location of the sending and receiving banks. A domestic wire transfer (between two banks in the United States) typically is completed within one to three business days. If the transfer was initiated on a Thursday, you may receive the funds any time between Friday and Tuesday. You may wait longer for an international wire transfer, which can take up to five business days to process. An international transfer initiated on a Friday should show up in your account between the following Tuesday and Friday.
- Will I receive a wire transfer the same day?
- It is possible to receive a wire transfer the same day if the transfer is between two accounts at the same bank and the transfer was initiated before the cutoff time. However, a number of delays, including inaccurate information or bank holidays, can delay the transfer.
- Do banks put a hold on wire transfers?
- Banks are not required to hold wire transfers. However, banks may delay the processing in some situations. For example, a bank may delay or reject a wire transfer if it suspects fraud.
Allison Hache and John Csiszar contributed to the reporting for this article.
