How Long Do International Bank Transfers Take?
If youve ever sent an international payment, youve probably wondered about international bank transfer times. Businesses increasingly rely on cross-border transactions and need payments to go through as quickly as possible, while consumers are used to having their demands fulfilled instantly. Unfortunately, there isnt a definitive answer, although we can give you a good indication. Find out everything you need to know about international bank transfer times, starting with how international wire transfers actually work. In most cases, international bank payments are actioned through the SWIFT network  a secure messaging system that banks use to send information. When you send an international bank transfer, banks will use the SWIFT network to ensure that your payment reaches its destination. However, it wont always get there directly. Some payments go through intermediaries  also known as corresponding banks  almost like taking a series of connecting flights to arrive at your destination. Its also worth mentioning that the SWIFT network doesnt actually move your money, just your payment order. Generally speaking, international bank transfers will arrive within one to five working days. Lets explore what this looks like. To send an international payment, you simply need to gather all the necessary information (IBAN number, BIC/SWIFT number, recipients banking details, etc.) and submit them to your bank, whether thats in person or via an online banking app. In most cases, international bank transfers can only be processed on business days, provided that they are requested before the cut-off time, which varies from bank to bank. Assuming you make your international transfer request before the banks cut-off time, it should be processed on the same day. If not, it will almost certainly be processed on the following business day. Once the transfer has been processed, the funds will usually be deducted from the senders account. However, this doesnt necessarily mean that it will arrive with the recipient at the same time. As stated above, international bank transfers will generally arrive within one to five working days. How to take payment from European customers. Taking payments from customers in a European country has traditionally been a confusing affair. With different payment habits, country-specific terminology and 24 different languages to operate in, you might find it rather daunting when expanding your business across Europe. Although youd assume that international bank transfer times would be instantaneous, particularly given the rise of online banking, they can be delayed for a number of reasons:  Fraud prevention  One of the main reasons for delays to international wire transfers are the fraud prevention processes and procedures put in place by banks. The SWIFT network requires transfers to pass through up to three correspondent banks before arriving at their destination. Then, once the funds have actually arrived, processing time at the recipients bank could delay payment even further. Incorrect payment details  Another factor that can have a big effect on international bank transfer times is erroneous payment details. Payments can be sent back if any of your beneficiarys information is incorrect, so before you make a payment, double check the name of your recipient, the name of their bank, their account number, their IBAN number, and their SWIFT/BIC code. Holidays and weekends  Sometimes, slow international payments are caused by something as prosaic as bank holidays and weekends. Put simply, if the bank is closed, then your payment cant be processed. If youre making a payment that needs to be sent as soon as possible, check whether theres a bank holiday in your recipients country beforehand. Its also a good idea to send your payment at the start of the week, so that it has time to arrive and go through processing before the weekend. Different currencies  Currency conversion can be another drag on international bank transfer times. If your payment needs to be received in a different currency to the one it was sent, processing times can be lengthened. Different time zones  It might be midday in London, but its the middle of the night in Los Angeles. If you want to make sure your international bank transfer goes through as quickly as possible, you should try to send it during business hours in your recipients country. GoCardless have created the first global network for recurring payments. Collect payments in your customers currency, and settle in your own, at the real exchange rate. All with just your existing bank account. Learn more about international payments.