With online banking making accessing your money as simple as sending a text message, you’d be excused for thinking that transferring money abroad from a bank account would be the same. However, transfer times vary based on several circumstances, and sending money through your bank account may not be the best option. Using an online money transfer firm is usually always the quickest option to send funds overseas.
Some rapid money transfer services can send money worldwide in as little as a few minutes, but be aware that this convenience comes at a cost. Fast money transfer services typically have lower exchange rates and higher transaction costs, hence it’s crucial to compare providers and determine if a little longer transfer time could save you some money. Understanding what could cause delays in international money transfers can help you estimate when funds are received at the other end.
Payment Method
Although many international money transfers use the same bank account number to send money, banks and service providers also allow other payment options, such as credit/debit cards. The mode of payment has an impact on the time it takes to send money internationally. Depending on your method of transfer, especially wire transfers, the transaction may be delayed.
Holidays & Weekends
If you make a payment late on a Friday afternoon, you’ll have to wait until the following Monday for it to be processed. A weekend naturally adds two days to the procedure, and bank holidays can stretch it to three days if payments are made on a Friday afternoon. When calculating the time it takes for an overseas transfer to complete from start to finish, the timescale is always expressed in working or business days.
Currency
On foreign exchange markets, popular worldwide currencies such as the Euro, Sterling, and the US Dollar are constantly exchanged. As a result, transfers in these currencies are typically executed rapidly and are quite feasible. Rare or exotic currencies may take longer to reach your intended recipient as the volume of transfer is considerably lower.
Time Zone
If there’s a substantial time difference between the time zones of the countries to which funds are being transferred, expect a wait. If payment is made in Germany to a bank account in the United Kingdom, for example, the payment will be held until the UK bank opens.
Error in Payment
Incorrect payment details are one cause that might slow down international money transfers. Your payment may be returned if any information is found to be erroneous. To avoid making this mistake, make sure all of your recipient information is correct.
Bottom Line
Most major banks can transfer money between certain countries in as little as 24 hours, while other countries can take up to 5 days. Check with your bank to see what processing timeframes are available and what fees are associated with your transfer. However, there are online services available for cost-effective international money transfers that may be set up on the service provider’s website. People are always looking for a low-cost, transparent solution that serves a large number of countries and doesn’t take too long to execute. Lycaremit’s services, fortunately, offer all of these capabilities and more to make the transfer a breeze. Just register with us and conduct your first money transfer with ease and security.
