Wire transfers have dramatically reduced the time it takes to send large amounts of money abroad. But waiting for funds to move between accounts can be stressful—especially when you’re sending it to help your family pay urgent bills or fund their Canadian tourist visa applications.
In this Remitly guide, we’ll look at what exactly is involved in wire transfers, the factors that can slow a transfer down, and what you can do to help avoid undue delays.
What is a wire transfer?
A wire transfer is a secure, electronic method for sending money from one bank account to another. During this process, funds can be transmitted through established networks like SWIFT (for international transfers) or via domestic clearing systems (for those within Canada).
There are subtle differences between wire transfers and other ways of sending money within or outside of Canada. For example, where an e-transfer is typically used for quick, lower-value domestic payments between individuals, a wire transfer is better suited for larger sums and international transactions.
Wire transfers are also distinct from electronic funds transfers (EFTs). Where EFTs are ideal for recurring payments like monthly, fixed-rate bills, wire transfers are usually used for one-time fund movements.
Their security and ability to facilitate larger amounts than most other methods make wire transfers the preferred choice for sending money internationally from Canada, real estate transactions, and high-value business transactions.
How long do domestic wire transfers take?
Domestic wire transfers between bank accounts in Canada are usually processed within one to two business days. In many cases, funds can even arrive on the same day if the transfer is initiated before your bank’s daily cut-off time (more on that below).
Transfers sent after the cut-off time—or over weekends or on public holidays—will usually only be processed on the next business day.
International wire transfer processing times
International wire transfers usually take a little longer than domestic ones. On average, they’re completed in one to five business days, depending on where you send the money.
The added time here comes from the extra steps involved when sending money across borders. Rather than just travelling from bank to bank, the funds must also pass through clearing networks and go through various compliance checks before clearing into the recipient’s account.
What affects the speed of wire transfers?
There are several factors that can influence how quickly a wire transfer can be processed, ranging from the timing of the transfer to the institutions involved in the transaction. Understanding these variables and how they affect timings can help you set realistic expectations around when money might land in a recipient’s bank account.
The day of the week and time of day
Timing matters when it comes to wire transfers. Just a couple of hours can make a big difference in how long it takes to process a wire transfer.
First, banks only process transfers on business days. This means that any transactions you initiate over the weekend or on public holidays in Canada won’t be handled until the next working day. Sometimes, this can add three days or more to the time it would normally take a wire transfer to go through.
Banks set daily cut-off times for processing in addition to the actual days of the week. This is usually either 2:00 p.m. or 3:00 p.m. local time, but the exact hours will vary depending on which institution you bank with and where you are in the country.
Imagine you need to send money to your sister back home to help her buy a birthday present for your niece. You submit the payment at 10:00 a.m. on a Tuesday, and the whole process takes three days. Your sister can pick up the money before her bank closes on Friday.
If, however, that Tuesday happened to be a public holiday or you submitted the payment after the cutoff time, the transfer would only be picked up by your local bank on Wednesday. Counting three full business days, it’s likely that your sister would only receive the money the following Monday.
Destination country
Another factor affecting how long a transfer out of Canada will take is which country you’re sending money to.
Transfers to countries with well-established, modern banking systems usually clear faster because their institutions are tightly connected to international payment networks. For example, sending money from Canada to Europe, the US, or the UK often takes just a few business days.
If the destination country has a less developed banking infrastructure, the wait could be longer. Transfers in certain parts of Africa, South America, or Southeast Asia can take closer to a week, particularly if funds need to pass through multiple banks before reaching the final account.
The payment corridor makes a difference, too. Transfers sent along common routes (think Canada to the Philippines or India) often move more quickly because banks process higher volumes of transactions between those countries everyday. Less common routes, on the other hand, will likely be slower.
Currency exchange requirements
When money is sent from Canada to a country with a different currency, the funds need to be converted before the recipient can access them. This extra step can add processing time, especially if the bank has to route the transaction through an external foreign exchange desk.
Some countries also add extra regulatory checks for incoming transfers from other countries, especially when large sums are involved or when the currency exchange crosses certain thresholds.
These additional reviews are designed to increase the security and integrity of transactions, as well as compliance with local financial laws. For example, Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime Strategy aims to thwart the funding of malevolent crimes.
The specific currency involved also makes a difference. Widely traded currencies like the US dollar, British pound, and euro are processed quickly because most banks are well-equipped to handle them.
If you’re sending to a currency that isn’t traded as much, the institution handling the transfer may have to go through additional steps or use an external service to complete the exchange. This can extend the transfer time by a day or more.
Why wire transfers might take longer than expected
Even when everything is set up correctly, wire transfers can occasionally take longer than expected.
One of the most common reasons is incorrect recipient information (like a mistyped account number or IBAN). If this happens, the transfer might be held back for verification or rejected.
Compliance checks can also extend processing times, especially for larger transactions or those involving countries with strict financial regulations.
Then there are delays caused by intermediary banks. These banks act as a sort of bridge between other financial institutions, and the extra distance the funds have to travel can extend transfer times.
What to do if your wire transfer is delayed
If your transfer seems to be taking longer than usual, there are practical steps you can take:
- Contact your bank to confirm the details of the transaction and ensure all details are correct.
- Ask for tracking information to monitor the progress of the transfer process.
- Keep the person you’re sending money to updated with any information you are given.
Fortunately, most delays are temporary. In many cases, funds arrive within a few extra business days once issues have been resolved.
How to speed up your wire transfer
While some delays are beyond your control, others can often be avoided. Follow the proactive steps below to make sure your transfer moves as quickly as possible.
Send transfers on business days before cut-off times
Timing your wire transfer correctly is one of the simplest ways to prevent delays. If you know when the money needs to arrive, count backwards seven business days to be sure that you allow enough time for the complete transaction.
Keep in mind that banks only operate on business days (Monday to Friday) during certain hours (usually around 9:00 a.m. to 5:00 p.m.). Many have cut-off times for accepting transactions for processing (often either 2:00 p.m. or 3 p.m.).
Transfers sent outside of these hours—including on weekends and public holidays—won’t be able to move forward until the next business day.
Provide complete and accurate recipient information
Mistakes in recipient details are one of the most common causes of wire transfer delays. A missing digit in an account number, or an incorrect SWIFT code or transit number, can cause a transfer to bounce back or be held up.
To avoid this, it’s a good idea to double-check every detail before submitting. Confirm the recipient’s full name as registered with their bank, their account number, and the bank’s routing information.
When in doubt, ask the recipient to verify the details at a bank branch or via online banking. A few extra minutes here can save days of waiting.
Use a wire transfer alternative
Traditional wire transfers aren’t always the fastest way to move money. Online money transfer services can often deliver funds within minutes or hours, depending on the destination. Many remittance providers also offer real-time tracking, so you’ll know exactly where the funds are at all times.
On top of that, these remittance providers often offer better exchange rates and lower fees compared to banks.
Now that you know how long a wire transfer takes in Canada and how to avoid delays, you can plan effectively so that your money reaches the recipient on time.
At Remitly, we know that time is money—and when you’re sending money to family for urgent payments, speed and transparency are especially important. Count on our international remittance services for fast and secure money transfers.
FAQs
How long does a wire transfer take within Canada?
Most domestic wire transfers in Canada are completed in one to two business days, or even within the same day if they’re submitted early in the day.
Why do international wire transfers take longer?
International transfers most often take three to five business days to be processed, though this can be less or more depending on the country you’re sending money to. This is because funds move through multiple banks and may involve currency conversion, compliance checks, and time zone differences.
Can I speed up a wire transfer?
You can’t speed up processing, but there are a few things you can do to avoid any delays: send your transfer early in the day, provide accurate information, and choose specialized international transfer services like Remitly.
What happens if my wire transfer is delayed?
Delays are often caused by errors, compliance holds, and intermediary processing. Contact your sending bank to check the status, verify the recipient information, and ask for tracking details. Most delays only last a few business days.
Do wire transfers process on weekends?
No, wire transfers are only processed on business days. Transfers sent on weekends or holidays will be processed on the next business day.