You may need to deal with transferring money in various situations, such as buying a car from a private seller, sending funds to family abroad, and making business transactions. Currently, bank transfers are the most popular method of moving cash between different parties.
The most essential issue is: how long does a bank transfer take? The topic is complicated to answer because the time depends on the method selected and the particular financial institution. In the article, we have described available ways to transfer money and how fast they can be processed.
How Fast Can You Wire Money?
With a wire transfer, you can send cash between bank accounts. It is frequently made via Western Union, MoneyGram, and other non-bank services in addition to traditional banks. If you are selecting this method, you have a choice between domestic and international wire transfers. The first option involves sending money to another American bank. The process is generally quick, and the funds reach the recipient’s account the same business day.
The situation is a little bit more complicated with an international wire transfer. It is used to move funds to another country and usually requires more time: as a rule, up to five business days.
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What Are the Fastest Ways to Transfer Money from One Bank Account to Another?
To transfer funds to another bank account quickly, pay attention to the following options:
ACH Transfer
An automated clearing house transfer (ACH transfer) allows individuals to send funds between different U.S. banks. ACH transfers usually take longer than other options and may process the operation for up to four days. However, they enable bank clients to transfer funds with no charges.
Peer-to-Peer (P2P) Payment Apps
You have probably heard already about Google Pay, Apple Pay, or PayPal. These are the most famous P2P payment apps that are becoming more and more popular and gaining the trust of an increasing number of customers. Today, more than 40% of Americans use them at least once per month. People appreciate the possibility of immediate bank transfers without the need for credit or debit cards and cash. The only thing needed is a mobile phone.
If you don’t want to leave the cash in your P2P account and need to send it to your bank account, be prepared to wait several days or pay a fee to transfer money instantly.
Make sure to double-check all the entered data before making your domestic or international transfers, as it may be problematic to get the money back if it was sent to the wrong account.
Personal Checks
Writing a check is another method of transferring money via bank. With this option, the recipient will receive the money in their bank account in two business days. According to federal law, a written check for the first $225 must be available as soon as the next business day. When a deposit exceeds $5,525, a bank transfer generally requires more time.
How Much Does a Bank Transfer Cost?
Almost any domestic or international transfer comes with extra charges, which depend on the specific financial institutions and the type of bank transfer. So, fees for domestic transfers usually range between $15 and $30, while for international transfers they vary between $35 and $50.
The mentioned charges may include fees for sending and receiving funds, fees from third-party banks involved in a bank transfer, currency exchange fees, and others. Make sure to see all the additional costs and understand the total amount of the transaction.
How Long Does It Take to Transfer Money Between Banks?
The time of bank-to-bank transfers usually does not exceed five working days. It may differ depending on the method used. For example, if you need a quicker money transfer between different banks, consider wire transfers and P2P apps. ACH transfers and checks usually take longer.
What Factors Impact the Bank Transfer Speed?
When you are sending money through bank transfers, it is crucial to know the factors affecting how quickly a recipient will get the cash.
Weekends and Holidays
A bank transfer may take more time if it is made on weekends or holidays, as it is processed only on business days. So, if you request a transfer on Saturday, don’t expect a person to receive money until Monday.
Bank’s Working Time
It is important to know the time when your bank works. In some banks, it is up to 5 p.m., and in others up to 3 p.m. If you send money after this time, your transfer will be processed the next business day.
Incorrect Information
Entering the incorrect data in the transfer request may result in delaying or returning the transferred funds. Therefore, be sure to check the recipient’s name, home address, account number, routing number, bank’s SWIFT code, and your personal and bank account information.
Third-Parties and Currency Conversions
In many international transfers, extra time is dedicated to a third-party bank and a currency conversion. You should consider this factor when sending money internationally. It may take even longer if the sending and receiving banks have different time zones.
Banking Regulations of Other Countries
The speed of international wire transfers always depends on the fraud detection processes and banking regulations in other countries involved. While some states may process your transfer request within one to two business days, others may require five days for the same procedure. Furthermore, they may have other bank holidays than in the U.S.
The Bottom Line
The deposit time of bank transfers depends on many factors. Before sending money, study the working hours of your financial institution, your deposit method, and factors like holidays and weekends when most banks don’t process your transactions. If you send funds on Saturday or Sunday or on weekdays after 7 p.m. ET, a recipient will not receive cash earlier than the next business day.
The fastest way to move money is through a wire transfer, as a recipient may get it even immediately. It is also possible to receive instant cash with P2P apps, but you will be charged a fee. You can also choose cheaper ways to transfer funds, such as ATH transfers and personal checks. However, you will need to wait for several business days until a recipient gets money.
