How Long Does an International Money Transfer Take? 2024
How long it takes for your international money transfer to arrive can vary widely, depending on the value of the payment, the destination country and the currencies involved. The provider or bank you select can also make a big impact.
Overall, banks usually take longer to process international money transfers, while fintech providers, like Wise or Remitly can be faster - and may also be cheaper, too.
Quick summary: International money transfer time
We’ll dive into the details in just a moment. First, here’s a summary of how long international payments may take when sent with a couple of our major banks, compared to some specialist services.
| Bank or provider | International money transfer time |
|---|---|
| OFX | Payments on common routes can arrive in 24 hours, or a couple of days at most |
| Wise | 50% of payments are instant, 90% arrive in 24 hours |
| Remitly | Express payments can be instant, Economy payments may take a few days |
| RBC | 1 - 5 days |
| Scotiabank | Up to 5 days |
How long does an international money transfer take?
When you send an international money transfer with a bank, it’s usually processed through the SWIFT payment network. In this system, your money is passed by your bank, to the recipient’s bank, via one or more intermediary banks. This process is safe and reliable, but it can also be slow and expensive - and mean that your payment takes up to 5 days to arrive.
Specialist providers often have their own payment networks to get around SWIFT, which can mean your money arrives far faster.
International money transfers with providers
If speed is of the essence, a specialist service might get your money moving faster than your bank can. Let’s take a look at a few popular options.
Wise
Wise international transfers are fast, and you'll be able to see a delivery estimate before you confirm your transfer, so you've got an idea of when your money will land. Around 50% of Wise transfers are instant, 90% arrive in 24 hours, and the rest should arrive safely in up to 3 business days.
When you send money with Wise you’ll get the mid-market exchange rate to convert your dollars to the currency needed - and you can also choose to open a multi-currency Wise account, to hold 40+ currencies and get a linked debit card to spend in 150+ countries.
| Wise money transfer pros | Wis money transfer cons |
|---|---|
✅ Fast payments which can arrive instantly ✅ Mid-market exchange rate and low fees ✅ See a delivery estimate before you confirm | ❌ Payments to bank accounts only - no cash collection options ❌ Deliver times do vary based on destination |
How long does Wise transfer take?
Wise offers fast or instant payments over 60% of the time.
In fact, 50% of Wise international money transfers are instant, with 90% arriving in 24 hours. However, the actual delivery time will depend on various factors, including where you’re sending to, your chosen currency and how you pay.
Transfers made paying from your Wise account balance or directly by direct debit, debit or credit card tend to be faster, while bank transfers may take longer. For a more detailed guide, check out this article on how long Wise transfers take.
*The speed of transaction claims depends on individual circumstances and may not be available for all transactions
OFX
When you send a payment with OFX you’ll be able to track it in the OFX app or by logging into your account online. OFX also has a super handy 24/7 phone service so you can also talk through your transfer with a customer service agent if you need to. Payments made on common currency routes can arrive within 24 hours. Most other payments will land in a day or two - with some exotic currencies taking a little longer, up to about 5 days.
OFX also offers currency risk management services to individuals and businesses, as well as multi-currency accounts for online sellers and business owners.
| OFX money transfer pros | OFX money transfer cons |
|---|---|
✅ Common currencies can arrive in 24 hours ✅ Broad range of currency services available ✅ 24/7 support if you need it | ❌ Payment methods vary, so you might be limited to funding your transfer via a bank, rather than paying by card or cheque for example ❌ Delivery times vary and can be longer for unusual currencies |
How long does OFX transfer take?
OFX offers fast transfers that typically take between 1 to 3 business days. Payments in popular currencies can even arrive within 24 hours, while more exotic currencies can take slightly longer, usually up to 1-3 business days.
Remitly
Remitly transfer services can vary a little depending on where you’re sending money to. However, you can often choose between a cheaper Economy payment, which you’ll fund through your bank account, or a faster Express payment which you can pay for with a debit or credit card. Economy payments take 3 to 5 business days to arrive, while card payments can take minutes - especially if you opt for transfers to be collected in cash at the other end.
| Remitly money transfer pros | Remitly money transfer cons |
|---|---|
✅ Pick the delivery time that suits your needs - with fees to match ✅ Cash payout options ✅ Set up your transfer conveniently online or in-app | ❌ Not all countries and currencies are supported ❌ Cheaper payments take longer to process |
How long does Remitly transfer take?
Remitly offers two main options when it comes to transferring money - Express and Economy.
Express transfers from your debit card can arrive in minutes, while Economy transfers generally take 3 to 5 business days for the money to arrive in your recipient’s account.
While Express can be quicker, Economy transfers have lower fees for those who are willing to wait.
How fast is Remitly Express?
Remitly Express transfers are usually completed within minutes, making them a good option for urgent transactions, but they come with an additional fee.
International bank to bank transfers
Of course, you can also send an international wire transfer through your normal bank, instead of using a spealist service. If you’re sending a wire transfer to another account held within the same bank - even if it’s overseas - you might well find you get a better price and a faster transfer time.
However, for standard wire transfers which are processed through the SWIFT network, you’ll normally need to wait between 3-5 business days for your money to arrive.
International wire transfers aren’t usually a core activity for banks, which might mean they’re more expensive compared to specialist services, including exchange rates which might have a higher markup. It also means that few banks have invested in new ways to process international transfers - which can mean slower overall delivery times.
Here is an overview of some major Canadian banks and their wire transfer speeds for both domestic and international transfers:
| Provider | Wire transfer speed |
|---|---|
| Scotiabank |
|
| RBC |
|
| Bank of Montreal |
|
*Information correct at writing 4th September 2024
How long does it take to receive an international transfer
Waiting for a payment yourself? How long it takes to arrive depends on the way the money is transferred to you, the currencies involved, and other factors like the time the transfer was made, and whether there are any holidays in either your own country, or the sender’s country.
- Wise: Transfers through Wise can be instant or within the same day, though some transfers may take longer depending on the payment method, currency, and the recipient’s bank.
Remitly: Express transfers can arrive in minutes, while Economy transfers take 3 to 5 business days.
OFX: International transfers via OFX generally take anywhere between 1 to 3 business days. Payments in popular currencies can even arrive within 24 hours, while more exotic currencies can take slightly longer.
Let’s look at each provider more in detail:
Receiving money with Wise
If someone sends you a Wise payment it can be deposited right to your regular bank account with no need for you to do anything at all. If you have an active Wise multi-currency account you can also receive money there if you’d prefer.
Wise delivery times vary based on the country and currency involved - but 50% arrive instantly or within seconds, and 90% arrive on the same day they’re sent. The sender can track the payment as it’s being processed, and can also add your email address so you get an email when your money is available.
Receiving money with Remitly
Remitly payments can be sent to bank and mobile money accounts or for cash collection. The exact services available vary based on the country the sender and the recipient are in - and the delivery time will depend on exactly how the sender chooses to set up the transfer.
In many cases, the person sending you money can choose to pay with a bank card for an Express payment, which will be deposited or ready to collect in cash in minutes. Alternatively, they can pay with a bank transfer, and your money will be available in 3 to 5 days.
Are there any faster international wire transfer options?
Fintech providers, like Wise or Remitly can often offer a fast international transfer service, with delivery times which are quicker than banks.
Western Union is another good option if your recipient doesn’t have easy access to a bank account or ATM, as they can help set up cash transfers that can be delivered on the same day, and collected via the global Western Union agent network.
What can slow down an international bank transfer?
So, you’ve sent your international payment. What could cause a delay now? Here are a few things you should know about in advance, just in case any cause delays on your payment.
1. Additional checks - banks and transfer services have to comply with local and international financial service regulations, which can mean they’re obliged to carry out additional verification and checks - especially when you’re sending higher value payments. To avoid this causing an issue, ask the provider in advance what paperwork they may need, and provide it at the point of transfer.
2. Wrong recipient information - if you use incomplete or incorrect recipient information, including the name, bank name and address, bank account number and routing information, your transfer will be delayed. It could even be rejected and returned to you - or, even worse, deposited into the wrong account. To avoid this causing an issue, check and double check you have all the details correct before you hit confirm.
3. Currency conversion - when you send money overseas your funds need to be converted from dollars to the currency you need to deposit into the recipient’s account. Depending on the provider you pick, it may take a little while for your money to arrive and be cleared in dollars - and then a bit longer still for the funds to be exchanged and sent on. To avoid this causing an issue, ask the bank or provider to give you a delivery estimate before you send your payment. If it doesn’t suit your needs, check out some alternative services like Wise or OFX, which may be faster.
4. Bank holidays & weekends - banks only work during core banking hours, which means your transfer might be delayed if you’re arranging it out of hours, at a weekend or over the holidays. To avoid this causing an issue, use a specialist provider which can offer a 24/7 service and get your money moving right away.
What is needed to make an international wire transfer?
So, what information is needed for an international money transfer? Exactly what’s required might vary a bit based on the provider you’re using and the payment details. However, you’ll normally need the following information to set up your overseas payment:
The name or company name of the recipient
Recipient’s account number, and any relevant routing information
Recipient’s bank’s SWIFT code, name and address
The amount, currency and date of transfer
Some countries may ask for extra information, such as the reason for the transfer or the recipient’s home address. And if you’re sending a high value payment you might also need a bit of extra paperwork for verification purposes - the provider will confirm this with you when you set up the transfer.
How to send a wire transfer internationally
Transferring money internationally doesn’t have to be complicated. There are lots of different options out there, from traditional banks and newer online and in-app specialist services. The exact process you’ll follow can vary slightly depending on the provider you use - but here’s an outline of the steps needed to transfer money internationally:
Choose the bank or provider you want to arrange your transfer with
Create or log into your account, or visit a branch if you’re transacting in person
Enter the payment details, including the amount and currency you’re sending
Add the recipient’s information - their name, address and bank details
Get a quote for the fees and exchange rates that apply - you may also be able to see a delivery estimate at this stage
Fund your transfer with your bank account or card
Your money will be sent, and you can track your payment in the bank or provider’s app or online service
How long does a wire transfer take in Canada?
Most major banks can process domestic wire transfers in as little as a few hours. That’s because transfers within Canada are made via the country’s high-value payment system, Lynx, which is used to send Canadian dollar wire transfers between financial institutions across the country. As a result, most transfers are completed on the same business day.
Alternative providers like Wise also often provide same-day or even instant domestic transfers, depending on the payment method and recipient's bank. However, it’s important to note that bank’s have daily cut off times and weekends and public holidays can also delay bank processing times, extending transfer times by an extra day or two.
## Can international wire transfers be instant?
While international bank wire transfers are generally not instant, there are specialist providers that can offer near-instant options for sending money abroad.
Traditional Canadian banks, like Scotiabank, RBC, and BMO, typically take 2 to 5 business days for international transfers due to being processed through the SWIFT payment network. For faster transfers, it’s usually better to use payment cards rather than bank accounts, as traditional bank transfers tend to take longer due to interbank processing.
If speed is a priority, there are other options that offer faster service.
Wise: 50% of transfers arrive instantly + the vast majority of payments arriving within 24 hours. You’ll also see a delivery estimate before you confirm your payment.
Remitly: Remitly’s Express service offers instant transfers from your debit card that can arrive in minutes.
Can you cancel an international wire transfer?
International wire transfers are usually irreversible, meaning that once the funds have been transferred from the sender’s account to the recipient’s account, they cannot be retrieved or canceled. For example, once you’ve submitted an international money transfer with Scotiabank, it cannot be canceled or changed.
RBC also advises that international money transfers cannot be changed or reversed once sent. That’s why it's crucial to double-check all the recipient details, including banking information and amounts, before initiating the transfer. Additionally, any fees associated with the transfer are typically non-refundable, even if a mistake was made, so always ensure all details are correct to avoid any costly errors.
How long does the refund take when you cancel an international wire?
International wire transfers are usually non-reversible once the funds have been transferred from the sender's account to the recipient's account, and cannot be retrieved or canceled. This includes most major banks as well as specialist providers like Wise.
Conclusion: How long does an international wire transfer take?
International money transfers which are set up through your regular bank can take 3 to 5 working days to arrive through the SWIFT payment network. Specialist online providers have often built their own payment networks which can make moving money across borders faster - and cheaper, too.
The exact amount of time it takes for your wire payment to arrive will depend a lot on where you’re sending money to, the value of the transfer and the currencies involved. However, fintech companies and specialist international money transfer companies, like Wise, OFX, and Remitly, can often be faster, with some payments arriving instantly or in just a few minutes.
FAQs - How long does an international money transfer take?
IBAN payments are often used when sending from Canada to Europe. If you send your payment with your regular bank you may find it takes 3 to 5 days to arrive. Specialist services like Wise or OFX might be able to help you arrange a faster transfer if you need it.
SWIFT is the payment network most commonly used by banks when setting up international payments. SWIFT payments can be made to more or less any country in the world - but they may take 3 to 5 days to land.
If you’ve sent your payment with an international money transfer specialist, you’ll usually be able to track the payment online or in the provider’s app. If you sent your money with your bank, you might need to ask them to track the payment if you’re concerned about it. All banks can do this - but they might charge a fee for the service.