Wire transfers can take up to three days to send money between domestic banks. If you want to transfer money between accounts in the same bank or financial organization, the process should be complete within one business day. Some services can deliver your money within minutes. However, international wire transfers can take as long as five days to deliver funds.
If your wire transfer takes longer than anticipated, you can track it with the IMAD/OMAD ID that the Federal Reserve Bank assigns. These transfers are usually final, but you may be able to cancel a wire transfer if you act immediately to send a cancellation notice or if the transferring bank makes a mistake.
Factors Affecting Transfer Times
While unforeseen circumstances or mistakes from the sending bank can slow down wire transfers, other, more predictable, factors influence the speed of your transfer. Be sure to consider these details about the sender and recipient when estimating how long your wire transfer will take.
Bank Cut-Off Times
Your transfer will only begin on the same day if you initiate the process before your bank’s cut-off time. Submitting a request after this time will mean that your wire transfer will be processed on the next business day. Before choosing when to wire funds, you should also be aware that banks do not transfer money on weekends and federal bank holidays.
Location of Wire Transfer
Unlike quick-and-easy domestic transfers, international wire transfers can take between one to five days. Factors such as time zones and foreign currencies can slow down the process. Some countries, such as Cuba, are particularly slow to pay and can delay wire transfers by weeks.
Bank-to-bank transfers for large sums usually happen instantaneously through the Federal Reserve Wire Network. Banks that use the Clearing House Interbank Payments System for domestic transfers instead send wire transfers in batches within a few days.
Transactions that involve sending money internationally can operate through the Society for Worldwide Interbank Financial Telecommunication, which takes longer because it works through financial intermediaries when direct bank transfers are impossible.
Our team at Nearside makes it easy for your business to transfer funds quickly and securely. You can use your Nearside Dashboard to send money by Bill Pay or ACH without any fees, plus you can pay by check online. Start today by creating a Nearside account on our website.
*Please note Nearside does not currently support wire transfers*