Fact checked
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.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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,
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
