Sending money to a family member, paying a friend, or sending money to a foreign provider, because anyway, there may come a time when you need to send money from your bank account to someone else’s account. Luckily, we have many options available to transfer money from bank to bank.
Bank-to-Bank money transfer is secure, convenient, and straightforward where there is no fear of fraud. Yes, bank-to-bank money transfer has many benefits, but how will the time be? Isn’t it more important? At the present time, we all expect an instant transfer, at least in the case of a domestic one. But Moving internationally may take longer than we think.
Now you may ask exactly, how long does it take to transfer money from bank to bank or you may want to know which option can take how long? Since we have many options to transfer. We, here discuss some popular options and how long they take to transfer money from bank to bank.
How Long Does It Take To Transfer Money From Bank to Bank
Sending and receiving money was never been quicker or easier in the previous time, but now we have several options for fund transfer, and they made it fast and safe to transfer. Let’s have a look at what is their speed of transfer.
Wire transfer-How long does it take to transfer
One of the greatest advantages of transferring money with a wire transfer is speed, the fast way of sending or receiving money. So, how long does a wire transfer take? You will get both domestic and international transaction facilities in the Wire transfer.
Speed of domestic wire transfer
Within 24 hours a bank can complete the domestic wire transfer. Some banks provide instant funds to recipients, especially in the case of transfers between accounts at the same bank. However, if bank employees need time to review and approve the fund’s transfer, it may be the cause of the delay.
Banks only process wire transfers on working days (Without having processing on bank holidays and weekly holidays) which may also result in delays. Also, check the bank cut-off time to ensure the transfer is delivered on time, it is usually till 5 pm but, but it can vary from bank to bank.
Speed of international wire transfer
Compared to a domestic wire transfer, an international wire transfer can take a long time. Funds can arrive within two business days but these can take up to five days, depending on your bank. Some banks allow international wire transfers online within a few minutes. Other banks may ask you to request a transfer to a branch.
Like domestic wire transfers, you need to process your request before the bank’s cut-off time to avoid delays. Your funds can arrive in the recipient’s account as soon as possible if the recipient’s account is within the same bank and the sender also has a transfer previously. But you will be applied additional fees for this service.
ACH transfer-How long does it take to transfer?
Normally ACH transfer can take 3 to 5 business processing days to transfer money. Three times a day the ACH payment process takes place in batches through the network operator. For every financial institution each year, the ACH network is responsible for around 25 billion electronic payments, and for this reason, it can take several business days.
But same-day ACH transactions are possible between two banks or financial institutions in the United States. National Automated Clearing House Association (NACHA) set the timelines for ACH debits and credits. Accountholders can start ACH credit transactions themselves, and the ACH should process them within 1 to 2 business days.
For ACH debit, the institution can automatically pull funds from the customer accounts, which is ideal for the payments of recurring bills and this transaction should be processed the next business day. After arriving the fund’s bank can hold the funds for some time if need, so the delivery times can vary according to the banks.
Direct deposit-How long does it take to transfer?
ACH processes the ACH credit and debit transactions along with deposits into the current account. Banks hold on deposits into the recipient’s account to clear the funds before the withdrawal. These hold times vary according to the banks but check deposits should be cleared within two to five business days.
If the transaction is made from the same bank, in the same state, or in small quantities, you can withdraw the checks on the next business day. Also, you can be able to clear quickly the Cashier’s checks, direct deposits, and checks from the U.S. Treasury.
How Long Does It Take To Transfer Money From Bank To Bank Using Money Transfer Companies?
Along with from bank to bank transfers, you can use money transfer companies to transfer money for a smooth and affordable transaction. Here we will discuss five companies. So, let’s have a look at their speed of transactions.
- TransferWise: Using a credit or debit card, funds can arrive within a minute but bank transfer usually takes 1 to 3 business days based on the destination.
- OFX: OFX generally takes 1 to 2 business days to receive a bank transfer and take another 1 to 2 business days to deliver the funds to the recipient, based on the destination.
- Xoom: Based on the payment methods, funds can arrive within a minute. But depending on other factors (like banking hours or time zones), a money transfer can take a few days.
- MoneyGram: Based on payment choice, delivery can take place on the same day but it may take a long time that depends on banking hours and some factors.
- Western Union: Using a debit or credit card, funds can be cleared within a day but in the case of a bank transfer it can take over a week to clear.
FAQ – Frequently Ask Questions
What factors affect on the transfer process
There are some factors that have an effect on transferring and receiving money and for these factors; transactions can take a long time to clear. Let’s check who they are.
- Bank holidays and Weekend days.
- The currencies.
- The method of payments.
- Domestic or international transfer.
- Types of transfer Company.
- Banking hours.
Why bank takes so long to transfer?
Today you live in the age where you make a purchase in the grocery store and within a minute bills are reflected on your online account register, but we cannot make a transfer from bank to bank in less than a day, rather it can take several days in some cases.
You might think is it not possible to transfer money immediately? Yes, it is possible but in most cases, the bank does not allow instant transfers and slows down the process to avoid the risk of fraud when the transfer is made.
Sometimes banks can invest your money when funds are held overnight and keep that undisclosed profit and banks don’t want to give up that profit center so, this could be another reason for delaying. Last but not the least, that is transfers are sometimes delayed due to bank holidays and weekly holidays.
What happens when you transfer money?
Your startup bank transmits transactions in batches to an automated clearinghouse between the days. The automated clearinghouse settles up the transactions and transfers them to the recipient’s bank within a few hours.
In many cases, funds can be delivered to the recipients on the same day but based on banking hours (when you made the transfer) and other factors; funds can be available the next day.
Above I have discussed many options with what time they usually take. But transfer time actually depends on banks and some factors that I discussed above. Hope all point is clear and thank you a lot to stay with us.