Are you wondering how long it’ll take for your money to arrive through an international money transfer? There are many factors which can influence the speed with which your money arrives at its destination, which you can learn all about right here with Savvy. Find out more about the speed of international transfers and compare your options with us today.
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Naturally, the speed at which your international money transfer will arrive will depend almost entirely on who you use to send your money overseas. International money transfer providers are experts at getting money overseas fast, so they’ll generally get your funds to their destination within two days. Some can have your transfer completed as soon as the same day, while others offer instant transfers and can have them available in a matter of seconds in certain situations. It’s important to compare different transfer speeds among lenders when you consider your options, which you can do right here with Savvy.
On the other hand, international bank transfer times are often much slower. Banks take three to five business days on average to get your money to its destination overseas. This is because the SWIFT international banking transfer system is slower and your money may have to go through several banks (at the source, in transit and at the destination) in order to be delivered. You also may be able to make an instant cash transfer, but this is only offered by a limited number of providers and is often much more expensive to complete.
Think of the international money circulation system like a giant road network that spans the globe. It stands to reason the most popular destinations have the newest and widest roads leading to them. This means travel times to the most-visited destinations will usually be far quicker than those to less frequently-visited destinations.
Australians send the most money to New Zealand, the UK, the USA, India and China. Therefore, delivery times to these destinations are often faster than if you wanted to send money to Nepal, for example. The time it takes for money to arrive in New Zealand can typically be counted in seconds rather than hours, particularly because New Zealand shares much of the same banking infrastructure as Australia.
As well as the destination, the time it takes for an international money transfer to arrive can also be influenced by the time of day, the day of the week you send the transfer and whether you beat banking transfer cut-off times. The earlier in the day and the week you send your transfer, the more chance it has of arriving quickly. This can be explained by international time differences and business hours. For example, if you send money overseas late on a Friday afternoon from Australia, it may miss the cut-off time for Australian banking hours and hit weekend closing times overseas.
Other factors influencing the time it takes to send money overseas include:
Other factors you should compare between transfer companies include:
1. the exchange rate offered – this will have the largest effect on how much money you send overseas and the exact amount which arrives at your destination, with even small differences in rate substantially impacting the amount which is received (particularly for larger transfers)
2. the fees charged for transferring your money – either a flat fee (from $6 to $15) or a fee based on a percentage of your transfer (typically from 0.4% to $0.5%)
3. minimum and maximum transfer limits – some IMTs have a minimum limit (for example, $200) while others have a maximum daily (such as $5,000 a day) and overall limits (from $50,000 to $500,000 or more)
4. customer service offered – some companies offer 24/7 support in multiple languages, while others provide a chatbot on their mobile app to help with customer enquiries
5. currency services and tools – some transfer providers offer handy currency and exchange tools on their websites or mobile apps. For instance,