Sending money abroad can be stressful. Whether you’re the sender trying to get money to a family member for an emergency or a recipient waiting for a cash transfer to pay essential bills, you don’t want to be stuck waiting for a slow international money transfer. Unfortunately, there are several factors that can make your transfer take longer—but being aware of them can make the process smoother and quicker.
At Remitly, we know how important it can be to send and receive funds quickly. In this guide, we’ll go through the various factors that can affect your international money transfer times, what you can do to minimise them, and how you can plan better to avoid delays. Once you know what you’re doing, overseas transfers can be a lot less stressful, whether you’re the sender or recipient.
How long does it take to send money to another country?
Cross-border payments can be made in several ways, and these can heavily impact international money transfer times. Some take noticeably longer than others, though they could offer more reliability and enhanced security.
The main ways to send money abroad include:
- Online money transfer services: These usually take between one and five business days, though some providers offer a faster service, depending on the country and payment method.
- Traditional banks: These often take between one and seven business days. Banks are slower than online services because of currency conversion, slower overall processing, and intermediary banks.
- Digital wallet transfers: Digital wallets can send money within minutes, as long as senders and recipients are using the same platform. For large transfers, though, it could take up to 24 hours.
- Cash pickup services: Depending on the provider, cash pickup services can make funds available in minutes or a few hours, though some could take up to a full business day.
Keep in mind that these are general timeframes. There are a number of factors that affect the actual transfer time—we’ll explain these next.
Key factors that affect transfer speed
Let’s examine some of the elements of your transfer that will make the process quicker or slower.
Payment method
The payment method you choose greatly impacts the time an international money transfer takes. You’ll have three main options with this.
- A debit card is usually the fastest option, with funds arriving within a few minutes. At most, they’ll take a few hours.
- A bank transfer is the most reliable and secure option, but it takes between one and three business days.
- Paying by credit card is often instant, but check whether there are restrictions on sending money with your credit card.
While debit cards and credit cards are the fastest options, you’ll pay a premium to send money with either of them. Speed usually isn’t free, unfortunately. Another thing to keep in mind is the higher risk of scams with cards, meaning you’ll need to practice caution when you’re using them. Virtual cards offer better security for online transactions than traditional bank cards.
Destination country and currency
Sending to a country with the same currency is usually fast. When this needs to be converted, though, it tends to take longer. Pounds to euros can be relatively quick, but less common pairs are slower.
Similarly, certain money transfer corridors are very commonly used—for example, from the UK to India—and are relatively quick. With less popular corridors, the process may take longer.
On top of this, your sender and destination countries may have financial agreements that speed up or slow down your money transfer. Depending on where you’re sending money to and from, there may be additional restrictions and checks required.
Keep in mind, too, that countries with more advanced or automated banking infrastructure will also be able to process money transfers more efficiently than those with less developed infrastructure.
Compliance and security checks
Every financial provider needs to follow local and international regulations to maintain their legal compliance. These include know your customer (KYC) and anti-money laundering (AML) frameworks. They help protect against fraud, but usually add extra time to an international transfer.
This is especially true if it’s your first international money transfer, the transfer involves a large amount of money, or additional verification documents are needed.
These are all valid checks, and they’re designed to keep financial customers safe. They’re there to make sure your finances are secure while adhering to regulations.
Time zones and banking hours
You may be surprised to learn that banking hours play an essential role in how long your international money transfer takes. If you initiate the transfer outside of your country’s main banking hours, then it’ll add extra time. The institution or service you use wouldn’t be able to start on it until their next business day.
If possible, schedule your transfers between 9 a.m. and 5 p.m. Monday through Friday, avoiding public holidays.
The time difference between where you are and the destination country also plays into this. Aim to send money abroad when banks are open in both countries, if possible.
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How to speed up your international transfer
Choose the right service
While different services offer their pros and cons, if speed is a priority, it’s best to focus on those that offer the fastest cross-border payments. Here’s what to look for when making your choice:
- Services with strong networks in the initial and recipient countries
- Providers with clear information about average delivery times
- Positive customer reviews that highlight quick international money transfers
Focusing on these helps you find the fastest providers to go with. Bear in mind, you’ll also need to consider security and reliability. Don’t put your finances at risk just for the sake of a faster transfer.
Complete verification early
Account verification is standard with most financial service providers. Get this done before you need to make any transfers. If you don’t, it’ll add extra time to the process. Nobody wants it to slow you down. Ideally, get this out of the way as soon as you pick a service provider.
Sometimes, you’ll have to wait until your first international transfer. To speed this up, have the necessary documents on-hand—these include government-issued IDs and proof of address.
Select faster payment methods
The payment methods you choose are integral to the speed of your international money transfer. The fastest options are debit cards, credit cards, and pre-funded accounts or wallets—but they may carry more fees than slower alternatives.
Consider your situation and balance urgency with fees. For emergencies, it could be worth paying a little extra to make the transfer quickly.
What to expect during the transfer process
Understanding the international money transfer process helps you avoid potential delays due to avoidable oversights.
Most money transfers involve four basic steps:
- Initiation: You submit the transfer request and pick the funding method.
- Processing: The provider reviews transfer details, conducts compliance checks, and prepares the funds.
- Conversion: If needed, the currency is converted, often through an intermediary bank.
- Delivery: Funds are deposited into the recipient’s bank, digital wallet, or alternative account.
These steps are usually quick and easy. However, the processing and conversion steps could take a little time—usually a few days. Keeping this in mind helps set realistic expectations for you and the recipient.
To ensure there are no delays in your transfer, double-check all the details, especially the recipient information. Once you’ve finished the transaction, send the recipient the reference numbers and details so they can track the transfer from their side, too.
When transfers take longer than expected
The most common issues that lead to longer transfer times include incorrect recipient details, compliance holds for large or international transfers, and technical issues between banks or payment providers.
If your transfer has been delayed, check with the service provider—many give updates and notifications within their app, along with an estimate of how long the process should take. If you can’t find any information or still have concerns, contact customer support.
Making an international money transfer: Choose speed without sacrificing security
International money transfer times depend on multiple factors, such as the service provider, destination country, and payment option. Speed is important, but always balance this with security and reliability.
By understanding the factors that can cause delays—especially unnecessary ones—you keep your transfers secure without sacrificing security. Setting up accounts ahead of time, picking the right transfer services, and ensuring recipient details are accurate are all essential steps.
To send money abroad quickly and safely, check out Remitly’s international transfer services.
FAQs
Why do international money transfers take longer than domestic ones?
International money transfers involve steps that domestic transfers don’t. Currency conversions and compliance checks, for example, add extra time to the transfer.
Can I track my international money transfer?
Most international money transfer services, like Remitly, provide real-time tracking to let you and the recipient know where funds are during the process.
What happens if my transfer is delayed?
If funds are delayed, you can contact customer support to get an update; many service providers are happy to give you details about why this happened and what you can do. Delays can be caused by compliance checks, public holidays, and mistakes when inputting information.
Are faster transfer methods more expensive?
Usually, yes. Express options usually cost a little more, even if it’s just a few pounds. If timing is critical, these options could be worth the price.
Do weekend transfers take longer to process?
Yes. Banks usually aren’t open on weekends, and they’ll process the transfer during the following business day. If you make a transfer on a Saturday or Sunday, it should be taken care of on Monday or Tuesday, depending on the service you use.