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.
At best, expect the following transfer times for domestic and international transfers.
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:
Information taken from each bank's website.
| 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% |
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.
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.
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 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 |
|
|
|
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.
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
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.
If you want to buy a property in NZ, here’s what you need to know before signing on the dotted line.
How to use a forward contract to get the exchange rate you want when you send funds overseas.
Check out these seven alternatives to XE to find the best money transfer provider for your needs.
Find out whether Revolut is the right choice when you need to send money overseas.
Find out how you can send and receive payments in USD in Australia with a multi-currency account.
Compare Revolut with Wise on speed and cost to see which is best for your next money transfer.
Which company should you choose for your next money transfer?
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.
Free money transfers aren’t wishful thinking, some online remittance services let you send your money overseas for free.
Get the best exchange rates and low fees when trading forex.