Whether you're paying off a debt or sending an urgent transfer to a loved one, it's important to know how long it will take. The processing time for an international transfer will vary depending on factors such as the transfer provider and where you're sending the funds. Let's take a closer look at the average transfer speed and the factors that can influence its processing time.
How long does an international money transfer take?
At best, expect the following transfer times for domestic and international transfers.
International transfer speed - Between one to five business days, perhaps longer depending on the currency.
Domestic transfer speed - Within 24 hours is possible, particularly for bank transfers. Banks that support PayID transfers and the Osko network can process transfers within a few minutes or almost instantly.
When you send an international money transfer through your bank, you should be provided with an expected delivery date, though this isn't a guarantee of any sort. Settlement time varies based on many factors, some that are in your control and some that aren't:
Your bank - Smaller banks may take longer for international transfers, as they may not have an International Bank Account Number (IBAN).
Receiving bank - If you're sending an international money transfer to a bank other than your own, the banks have to communicate which can take time.
Time of transfer - Sending transfers earlier in the day is better. If you send it at the end of the day, it has to wait until the next business day to start processing. The same goes for the end of the week, or right before a bank holiday.
Type of transfer - Some banks offer expedited international money transfer services, but beware of high fees added to your transfer total.
How long it takes to send money overseas using an Australian bank?
Information taken from each bank's website.
Westpac: 2 business days, but may take longer
CBA: 3 days
ANZ: 2-4 days
NAB: 3 days
Finder survey: On average, how long do people say their international money transfer takes?
Response
Male
Female
Same day
4.27%
0.53%
1 business day
1.67%
2.11%
3-5 business days
1.86%
1.05%
2 business days
1.11%
1.41%
Unsure
0.74%
1.05%
5+ business days
0.18%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
How to have international money transfer funds available immediately
When you are in a rush, or you just don't feel like waiting, there are ways to expedite the speed your money is transferred. By default, almost no international money transferred funds are available immediately, so use these alternatives to get your money faster.
Online money transfer services
Companies like OFX and TorFX specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient's bank account, often in as little as a day.
Cash transfers
Services like WorldRemit allow you to transfer cash for nearly instant pickup. While it's a fast way to send money, you may pay more in fees than you would with a digital money transfer service.
Let's crunch the numbers: Sending $1,000 to Indonesia
Let's say you need to send $1,000 AUD to IDR, to family in Indonesia. Here's what you might face as far as fees and exchange rates as of 10 November 2020.
Online money transfer service
Cash transfer
Bank transfer
Fee
$5
$10
$10 + additional correspondent bank fees
Exchange rate
1 AUD = 10,218 IDR
1 AUD = 9,940 IDR
1 AUD = 9,883 IDR
Transfer speed
1-2 days
Minutes
2-5 days
Amount received
IDR 10,164,444
IDR 9,940,314
IDR 9,785,127
Verdict
Best value
Fastest
Slowest and most expensive
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with IDR 379,317 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Indonesia in as little as 15 minutes.
Using your bank to send money domestically and internationally is hardly ever the cheapest or fastest option. To learn more about how to send money more efficiently, read our dedicated guide with hand-picked options that covers both domestic and international transfers.
Frequently asked questions
It depends on how quickly the banks communicate with one another. Theoretically, the transfer could happen in the same business day, but more often than not it takes two or more business days.
Banks do not hold international money transfers. Unlike checks that need verification to clear, the moment an incoming international money transfer hits your bank account, it's yours.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
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