The time a bank transfer takes depends on several factors including whether it is domestic or international, the banks involved, the currencies, and the transfer method. Domestic Transfers:
- Transfers between accounts within the same bank usually happen on the same day
- Transfers between different banks domestically typically take one business day, sometimes a few hours, depending on the bank's cut-off times and processing schedules
International Transfers:
- International wire transfers generally take between 1 to 5 business days, but can sometimes take longer due to currency conversion, fraud checks, intermediary banks, and time zone differences
- Transfers between regions with direct banking connections (e.g., North America to Europe) tend to be faster.
- Some banks offer same-day or expedited international transfers for a fee, provided the transfer is initiated early in the business day and no currency conversion is needed
- Currency conversion can add up to 2 working days to the process
- Transfers using SWIFT internationally average about 18 hours but can extend to several days depending on circumstances
Other Influencing Factors:
- Transfers initiated after the bank's daily cut-off time will be processed the next business day
- Weekends, bank holidays, and public holidays delay processing since transfers only happen on business days
- Security and fraud prevention checks can add extra time
- Incorrect details or missing paperwork can cause delays
Summary:
- Same-bank transfers: same day.
- Domestic transfers between banks: usually 1 business day.
- SEPA (Eurozone) transfers: usually 1 business day, sometimes instant (within seconds) if using SEPA instant transfer
- International transfers: 1 to 5 business days, sometimes longer depending on factors above
Thus, a typical bank transfer takes from a few seconds (instant transfers) up to 5 business days for international transfers, with domestic transfers usually completing within one business day.
