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 |
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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.
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