Wire transfer is one of the fastest means of sending money to someone abroad, but the question goes on how long it takes before the receiver receives the money. You may be thinking or wondering how long does a wire transfer takes before making a decision, i’ve answer to your question.
Before going straight to the question of today, it is good to exactly know what wire transfer is all about, if it’s only applicable to bank and non bank financial institutions.
What is a wire transfer
This is an electronic banking whereby one can transfer funds(money) from his account to another person within or outside a given country. Wire transfers allow for the individualized transmission of funds from single individuals or entities to others while still maintaining the efficiencies associated with the fast and secure movement of money.
Wire transfers allow people in different geographic locations to safely transfer money to locales and financial institutions around the globe. Wire transfer is not only applicable to banks alone, non bank financial institution can also perform wire transfer. But generally, i prefer the bank to bank wire transfer compared to other non bank financial institutions.
How to wire money(international)
In wire transfer, the bank sending the money sends a message to the recipient’s bank with payment instructions through a secure system such as SWIFT, this is why swift code or iban number is a must if you want to send or receive money to your account international.
The sender pays the money from his bank account and with the requirements needed for the money transfer. These includes the receiver information and they are;
- Full name of the receiver or recipient
- The recipient bank name and address
- The recipient bank account number
- The bank swift, iban code or routing number
These requirements, and you’ll have to fill it on a form and it also includes the amount you want to wire. Some bank or other financial institution imposed a limit to which you can wire to someone in a day. Some bank like chase or wells Fargo will limit it to $3,000 or $5,000 or maybe $10,000 limit per day though it depends on the type of account you have.
You may think that this is actually free of charge, but that is definitely no, you will have to pay for any transfer made from your account as long as yours wiring money. Even a domestic transfer attracts a fee of three to 10 dollars per a transfer, why would you think this is actually for free.
Some non financial institutions like Moneygram, Western union, RIA or even transfer wise charges 20 to 60 dollars for a transfer. So if you’re preparing to wire money to someone, try to know the charges and the maximum amount that you can transfer from your account.
When you know and have all the necessary requirements, fill the form if you’re issued one, crosscheck very well especially the receiver’s account number and bank swift code before submitting the form for completion. Upon submitting the form, the transfer will start to process and your account will be debited with the said amount after few minutes of submitting the form.
Note that you mustn’t go in person to wire money to someone, you can do that right from your house, office, workshop etc as long as there is network coverage around you.
Through internet and mobile banking, you can easily wire money to someone domestically or internationally without stressing yourself. The likes of Moneygram, Western union, RIA etc only requires you to create account with them and make the transfer.
How long does wire transfer take
In wiring money this is usually the very first that comes to our mind how long does wire transfer take before we can proceed. Generally, it usually takes one to five working days(1–5), though sometimes it can take up to seven working days.
Some financial institutions do offer 12 to 24hrs of money transfer but a times that can be expensive. And what I mean by that is paying 60 to 150 bucks for a twelve or 24hrs of money transfer. If you have the money and wouldn’t mind, you can go for that.
So how long do a wire transfer take, the answer is one to five working or business days, this excludes Saturdays and Sundays. Sometimes it reaches up to seven working days and mind you, you may be interrupted with annoying holidays.
However, it is recommended that you as a sender or even a receiver should inquire on how it takes as wire transfer differs from bank to bank, financial institution to financial institution and country to country.
Can one reverse wire transfer fund, the answer is a blatant NO!!! as long as you’ve submitted the form and the recipient bank have received the find, it is final. No cancellation or reverse of your money back to your account. Seriously you need to make up your mind, crosscheck the information you filled that it is correct before going ahead with the transfer.
When you call for a cancellation, most times the customer service representative may not even listen to you, though this also depends on the financial institution and country. But it can be really annoying i must say.
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I hope i’ve answered your question on how long does wire transfer take, be it Chase bank, wells Fargo, bank of America, Lloyds bank, HSBC bank etc, or international. Once again note that it attracts a fee and many a time it ranges from $15 to $150 per transfer.