How long does it take to transfer money internationally

Sending money overseas is pretty straightforward once you're prepared. Here are 4 things to know before you send money overseas:

1. You need the recipient's details

The quickest way to send money overseas is using just your recipient’s mobile number.

If you choose not to do this, you’ll need the following info before you can transfer money internationally:

• Recipient’s name, their account name and home address
• The SWIFT or Bank Identification Code (BIC) of the recipient's bank. Sometimes you'll be asked for a BIC and sometimes a SWIFT – they’re the same thing
• Recipient’s International Bank Account Number (IBAN) or bank account number. Here's a list of countries and their IBANs. 

It’s a good idea to double-check any details you enter before confirming your transfer to avoid any mistakes which may mean you need to cancel it.

If someone’s transferring money to your CommBank account from overseas, here's the info you need to give them.

2. Check your transfer limit

Many banks and financial institutions set an International Money Transfer (IMT) limit. If you bank with us, we set the limit at $0 for security reasons.

Before you make your first IMT, you need to either:

• Log on to NetBank > Settings > Online banking limits; or 
• Log on to the CommBank app > Settings > Payment limits.

3. Watch the exchange rate

Exchange rates change, so it’s good to keep your eye on them so you time your transfer right. Use our foreign exchange calculator (choose 'Send money overseas') to work out how much it'll cost you in Aussie dollars.

Your transfer will be converted into the local currency, so the strength of the foreign exchange rate on the day you send your IMT will determine your transfer amount.

4. Transfer in the local currency

If you’re sending funds overseas in a currency that’s different to your debit currency, CommBank will absorb the correspondent bank fees for you when you use NetBank, the CommBank app, or send the funds via one of our branches. 

If you’re looking to send money from your AUD account to South Pacific currencies (FJD, PGK, SBD, VUV, and XPF), we’ll waive the IMT fee for you.

Discover more about CommBank IMT costs and charges.

Transfers usually take 1-3 business days.

An international transfer can take longer though, depending on the bank and country you’re sending the money to.  

It’s also worth noting that transfers made on a weekend, a public/bank holiday, or after the currency cut-off time will be processed the following business day. 

How long does an international money transfer take? 

We hope the above information has outlined the various factors which dictate the transfer speed of international payments.

Generally, if you are sending money in one of the most traded currencies, like USD or GBP, international money transfer providers are likely to be able to deposit the money within 1 working day. Sometimes even within minutes/hours. As mentioned in the above section, countries and currencies outside of the bigger trading markets, may incur longer delivery speeds.

International bank transfers, on the other hand, can take anywhere from 1 to 5 business days to be deposited into the recipient’s account. This is due to the various systems which banking institutions must adhere to. To find out more read our guide: How Long Does a Bank Transfer Take?

Remittances sent through the same financial institutions can often be processed quicker. This applies to alternative international money transfer services as well as banks. For example, peer-to-peer payment apps specialise in sending money instantly between users, regardless of location.

Why Does the Speed of Money Transfers Differ?

So, how long do international money transfers take? There are several factors that determine how long it will take for a money transfer to arrive at its destination, here are the most popular:

• Transfer Destination: Where you send the money will determine the transfer speed. In general, banking structures and processes in each country varies, which may add additional time to the transaction process.
• The Payment Method: Money transfer providers offer a variety of ways to make a transaction, and the payment method will affect the amount of time it takes funds to arrive at the receiver’s destination. For example, the transaction time for a transfer made with a credit card will differ to a transfer made with a bank transfer to the provider.
• Urgent Transfer: Some transfer providers offer an urgent transfer service which allows customers to make an emergency transfer to another country. The provider will add additional costs to the fee for this service.
• The Transfer Day: It’s important to consider weekends and public holidays when receiving or sending an international money transfer, as these days can add extra time to the processing of your transaction. It is also important to mention that transfer providers will have daily cut off times, this means that if you submit your transaction after, it won’t be processed until the following business day.
• Interbank Transfer: If you make a bank transfer to the same bank in a different country, the processing time is faster than if the funds are sent to a different bank. This is because when two financial institutions don’t have a relationship, an intermediary bank is used to mediate the transaction which adds additional time to the process. If you want to know more about the bank transfer times, make sure to read our guide: how long do international bank transfers take?
• The Type of Transfer: The processing time for making an international money transfer online can be anywhere from one to five business days. However, when making a cash transfer through companies such as MoneyGram, the funds are available for the recipient to collect the following day.
• Approval Process: If you are sending a large sum of money (£500 or more), for the first time with an online provider they may ask you to prove your identity. You would need to email a copy of your passport or drivers’ licence, and in some cases, proof of address.

What affects the speed of an international money transfer?

Although faster than the average international bank transfer, a number of aspects can still affect the delivery speed of international money transfers as they are sometimes processed by different institutions before arriving safely in the recipient’s chosen account, country and currency. 

The following factors determine the speed of an overseas remittance:

Following on closely from the above, the destination country of your transfer will determine the speed. Every country has its own financial infrastructure, and some territories are better equipped to receive international transfer than others. In addition to this, each country has its own financial rules and regulations which must be adhered to. Therefore, in circumstances whereby transfers undergo strict rules and regulations and pass through less developed financial systems, the longer it will take for your transfer to be processed.

As with currency and country specifications, every financial service will also carry out their own security checks to verify details of any international transfer. These protocols are in place as an anti-fraud measure. These policies and processes are crucial to ensure the safe and secure movement of funds, but may have a knock-on effect to the transfer speed. The time it takes to make these security checks will depend on what needs to be verified when processing the payment and this differs from country to country.

Time of transferof your transfer

No matter where in the world you are, each financial institution has a cut-off point when it comes to processing money transfers. Consider the timezone of your destination country before setting up your payment because if the transfer request is submitted outside of business hours, during the weekend or a national holiday, this will ultimately delay the delivery time.

International vs Domestic

International money transfers are subjected to more checks and processes than domestic transfers, due to the cross-border nature of the payment. For this reason, some international transfers may take up to 5 working days, as opposed to minutes/hours for a domestic transfer. Check the estimated arrival date with your provider before initiating your transfer.

Different Speeds for Different Currencies

Mainstream currencies like the British pound, the Euro and the United States dollar are transferred within a 24-hour period; this is because they are popular currencies that are traded often. However, currencies such as the UAE dirham and the Thai baht can take approximately three business days to transfer because they are not as common. You can speed up the process by paying additional fees; however, this depends on the money transfer provider you are using.

Top Fastest Money Transfer Providers

Fastest Money Transfer Providers

Wise: Wise is an online money transfer service, they have been established since 2010. They have an average rating of 8.8 out of 10 stars, customers can send money to 71 countries. Transfers usually take less than 24 hours, and at the most, 48 hours. 

XE: XE Money Transfer is well known for being both safe and reliable when it comes to it’s transfer services. As well as this, their services are fast and efficient, with little to no transfer fees charged.

WorldRemit: WorldRemit has gained an impressive reputation in the money transfer world. Customers can send funds to more than 130 different countries around the world, their fees are reasonable, their exchange rates competitive and recipients can collect funds on the same day. One of the many benefits associated with WorldRemit is that they offer several innovative ways to deliver funds to the recipient. They offer mobile methods of payment, airtime top-ups, and door to door delivery. 

Western Union: Western Union is a very popular money transfer company; they have operations in more than 200 countries with 550,000 locations around the world. You can send funds to any country of your choice and the recipient will receive the money within minutes. However, they are also known for very high fees, it is one of their main complaints mentioned in reviews. 

MoneyGram: MoneyGram is another popular money transfer service; however, it is also one of the most expensive. Transfers are made available on the same day, but there is a $6000 monthly transfer limit.

Remit2India: An online platform established for non-resident Indians, they allow customers to send money directly to a bank account in India. However, you can only use the service if you are from Australia, Canada, Ireland, the United Kingdom or America. It can take more than two days for a transfer to arrive in a recipient’s bank account, but you can pay additional fees for an instant transfer.

To get you started, we’ve put together a list of top 10 money transfer companies, to help you find the best provider with the balanced transfer times and fees.

Why should I use an international money transfer provider?

Utilising the services of an international money specialist like TorFX, Instarem, Key Currency, Currencies Direct, WorldRemit,Wise, XE and Currencyfair is a smart way to go if you are hoping to send funds overseas quickly and efficiently. Due to their resources, international money transfer providers are able to offer the most competitive rates, bank-beating fees and speedy delivery. These companies understand foreign exchange and global transfer routes better than any bank and make it their business to offer the best possible service to customers.

An added bonus of using a specialist provider is the fact they often allow multiple payment methods. Unlike traditional bank transfers, you will likely be given the option to pay by cash or debit/credit card, as well as being able to choose how your recipient receives the funds from a variety of pay-out options such as cash pick up, doorstep delivery or mobile wallet.

Summary

The international money transfer time depends upon the service provider used. There are faster options available, on the other hand, they tend to cost more. This means that it’s important to weigh up all your options before making a decision on your money transfer service, which is why we compare the top money transfer services.

Article Factchecked by Elliot Laybourne on 20th July 2022

Elliott is a former investment banker with a 20 year career in the city of London.

During this time he held senior roles at ABN Amro, Societe Generale, Marex Financial and Natixis bank, specialising in commodity derivatives and options market-making.

During this time, Elliott’s client list included Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and the Pennsylvania State Public School Employees Retirement System, amongst others.

Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.

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