Wire transfers can help you quickly move money across bank accounts. In some cases, they may take less than 24 hours. However, the exact timing for those electronic transfers may vary depending on the type of account you're transferring money to, as well as your bank. Some transfers, for example, may take up to 5 business days.
It’s important to understand how wire transfers work to decide when to use them.
Let’s discuss factors that may help determine how long your wire transfer takes, alternative options and tips to avoid delays.
Factors that affect wire transfer timelines
The time of day you initiate a wire transfer and the banks involved can impact the processing time.
Domestic vs. International wire transfers
You may wire money to a domestic bank or an international one, and that can impact your transfer timeline.
In general, domestic wire transfers often go through within just 24 hours. International wire transfers, on the other hand, may take up to 5 business days as they may be subject to different fraud detection processes and banking regulations.
Bank cut-off times
Wire transfers are only processed during business days. If you initiate a transfer during a weekend or federal holiday, that may mean a longer time to process your request. Your bank may also set its own limitations. For example, they may stop processing wire transfers at 3:00 PM.
What are some alternatives to wire transfers?
If you don't want to use a wire transfer or deal with potential fees, other options may be available to move your money from one account to another. These include Automated Clearing House (ACH) transfers and peer-to-peer (P2P) payment services.
ACH Transfers
ACH transfers electronically transfer funds via the Automated Clearing House. These transfers are typically free and can include things like paycheck direct deposits and certain online bill payment services. ACH transfers can clear as quickly as the same day, if initiated on a business day, within business hours. However, ACH credits (money sent to your account) may take up to 2 business days to clear.
P2P payment services
P2P payment services can let you send money from a linked bank account to someone else’s account, using the P2P site or app as a go-between. For example, you might use these to repay a friend for lunch or split utility bills with a roommate. It may take several days for these types of payments to process. However, some P2P services may offer instant processing if you’re willing to pay a fee.
Tips for avoiding delays with wire transfers
If you decide a wire transfer makes sense for you, there are a few steps you may take to help smooth out the process.
Verify your information
You generally need to provide information like the recipient’s name and address, as well as their routing and account numbers, to set up a wire transfer. (International wire transfers may require additional information.) Checking that this information is correct can help you avoid time-consuming errors.
Initiate transfers before your bank’s cut-off time
Understanding the relevant bank cut-off times for wire transfers may help you time your transfer requests for faster processing. For example, you might prioritize setting up a wire transfer early in the morning on a business day.
Prepare to pay the necessary fees
Some banks may charge fees for certain wire transfers. Ensuring you have that amount (plus the transfer amount) may help you facilitate the transfer.
Wire transfers can help you move money to different accounts, and domestic transfers can be an especially quick option. Understanding how these transfers work and taking time to verify the required information may help you speed up the process.
