Home » How Long Does Wire Trans­fer Take (Chase)

How Long Does Wire Trans­fer Take (Chase)

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
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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.

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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.

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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.

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How long does wire trans­fer take

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(15), 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.

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