Guides

Wondering how long it takes to send money overseas? It's not just about the method you choose; factors like the amount, working hours, and even regulatory checks play a role. Digital platforms like Wise often promise quick transfers, while traditional banks can take up to 5 days. Be cautious with large amounts; anything above $10,000 usually triggers more checks, slowing down the process. Use Sendrater.com to compare options and plan your transfers wisely.

TL;DR:

• The speed of international transfers depends on multiple factors like method, amount, working hours, and regulatory checks.
• Digital platforms usually offer quicker transfers; bank transactions may take up to 5 days.
• Amounts above $10,000 generally trigger more stringent compliance checks, potentially delaying the transfer.

Factors Influencing Transfer Speed

Transferring money across borders involves a myriad of factors, each affecting how quickly your funds will reach the recipient. Some of the factors are determined by the particular currency corridor and the rest are dependent on your choices. 

Method of Transfer

• Digital Platforms: Firms like Wise, TapTapSend, and Nala can complete transfers in as little as minutes.
• Bank Transfers: These generally take 1-5 business days, especially when the sending and receiving banks don't have a direct relationship.
• Money Transfer Agents: Companies like Western Union or MoneyGram offer speed but at a premium cost.

Amount Being Sent

• Small Transfers: Amounts under $1,000 usually experience fewer delays, as they often bypass stringent regulatory checks.
• Large Transfers: Amounts over $10,000 are likely to trigger extended AML and KYC checks, adding days to the process.

Working Hours and Time Zones

Banks and certain digital platforms are limited by operating hours, which can delay transfers if time zones are not aligned.

Regulatory Checks

Money laundering and terrorist financing regulations require compliance checks that can add time to your transfer.

Action Plan:

• Compare Transfer Options: Check Sendrater.com for a detailed comparison on speed, fees, and reliability for your specific transfer needs.
• Time Your Transfers: Initiate transactions within the operating hours of both sending and receiving parties to avoid delays.
• Know the Regulatory Limits: Be aware of thresholds that may slow down your transfer, such as the $10,000 limit for enhanced AML/KYC checks.