How Long Do International Bank Transfers Take?

How Long Do International Bank Transfers Take?

If you've ever sent money to a different country or currency zone, you must have wondered why the transaction was not as swift as a domestic transfer. While it can be disappointing when international transfers take time, it is essential to know how long it can take and the cause of potential delays.

If you need to send money to your loved ones abroad or you run a business that constantly relies on international bank transactions, then read on to find out how long sending money abroad takes and how to quicken the process.

What is an International Bank Transfer?

An international bank transfer involves the movement of money from one bank account to a different account located in another country or a different currency region. It is popularly known as wire transfer because it involves an electronic method carried out using SWIFT payment also known as the Society for Worldwide Interbank Financial Telecommunication System. 

International bank transfers are essential for making payments overseas, foreign transactions and taking care of your personal finances with an international financial institution.

How To Make An International Bank Transfer

  • Select your bank: begin by picking a bank within your locality you would love to work with. This is where you'll start the transfer process. It can also be carried out online.
  • Input required details: You'll need to fill in certain details such as the receiver's full name, receiver’s account number, receiver’s bank name, receiver’s bank address, Bank Identifier Code (BIC) or SWIFT code, International Bank Account Number (IBAN), receiver's address, your full name, your address and contact information, the currency in which you are sending the money.
  • Confirm the transfer amount: Ensure you check the amount you intend to send the current exchange rate of the currency you are sending to and any other bank fees.
  • Proceed with the payment: Go on and make the payment. Your bank will convert the money into the receiver's currency and send the payment order. You will also need to pay an international bank transfer fee where required.
  •  Other protocols: The money does not arrive in the account of the receiver immediately after it leaves your account. Sometimes it goes through several intermediaries and takes more time depending on factors that will be discussed in the next section.
Want to see how it works yourself? Download the app and create an account for free here.

How Long Do International Bank Transfers Take?

Generally speaking, international bank transfer usually takes between 1-5 working days. But sometimes it takes longer due to reasons such as; 

  • Currency conversion: If the money you send needs to be converted into a different currency, it may cause a delay in the transaction and also alter the final amount the person receives. 
  • Regulatory processes: One of the major causes of delay in international transfers is the regulatory requirements put in place to prevent fraudulent activities. An example is the use of several intermediary banks before funds finally arrive in the account of the recipient. These regulatory processes differ from one country to another.
  •  Intermediary banks: As mentioned earlier, international bank transfers usually pass through several corresponding banks before reaching the bank of the receiver. The processing duration of each bank increases the time it takes for the funds to arrive at the bank of the recipient.
  • Sender and receiver's banks: Different banks have their different level, protocols and speeds of processing international transfers, some are faster while others require more time. If the local bank you use is slow in processing transfer the process will take longer time and if the bank of the receiver is equally slow it will delay payment even further.
  • Time zones: International bank transfer processes are carried out in different time zones especially those that involve corresponding banks from different countries. The difference in time zones causes further delays in the transaction.
  •  Inaccurate details: One major cause of delays in international bank transactions is the input of wrong or inconsistent details. You need to double-check the recipient's personal details, bank details, and SWIFT & IBAN code to avoid a delay or failure in the transaction.

Using OhentPay For Your International Bank Transfers

With all of that being said, if you send money constantly to other countries, you can use the OhentPay mobile app to avoid all of the hassles of international bank transfers (waiting for days, bank transfer costs, etc), and make your international bank transfer with ease. With OhentPay, transactions from GBP/EUR to NGN are processed within 15 minutes while other transactions are processed within 24 to 48 hours excluding weekends and bank holidays.

OhentPay charges a service fee of £1.99 for personal accounts or its equivalent in other currencies. OhentPay is present in over 190 countries and has up to 30 different currencies that you can send and receive money in.

Why is OhentPay a better choice? OhentPay uses the local rates of the recipient's country which is always higher and its transfer fees are way cheaper than banks. Here’s how to get started with OhentPay: 

  • Download the OhentPay app on your smartphone from the Google Play store or iOS store.
  • Create an account by filling out all your details correctly including your name, address, email address, and phone number. 
  • Upload the necessary documentation to complete KYC 
  • Your account will then be verified within two minutes.
  • Once your account has been verified, add your preferred credit or debit card to your OhentPay account and you can start making international transfers to over 190 countries.

Fees Involved in International Bank Transfers

If you need to carry out an international bank transfer, you need to know the fees involved in the transaction process to help you determine what will be left of the total amount after you've paid all the necessary fees.

  • Local bank fees: This is the fee you pay to your bank (either online or in-branch) for handling the transfer. The fee can either be a fixed amount or a percentage of the money you are sending.
  • Exchange rate percentage: When converting your local currency into the receiver's currency, financial services usually include their exchange rate percentage. This is an increased rate different from the normal exchange rate often found on currency conversion websites.
  • Intermediary bank fees: Some corresponding banks that help to mediate the transfer between your bank and the receiver's bank usually charge a fee for the amount you're sending.
  • Express transfer fees: If the receiver has an urgent need for the money or you need it to arrive swiftly, you have the option to pay more to fast-forward the transaction process.
  • Recipient bank fees: The recipient's bank may charge a fee from the received amount. The fee varies depending on the destination country and the receiving bank. Some banks charge a fixed rate while others charge a percentage of the transfer amount. It is important to understand the fee arrangements to determine the total cost of your transaction.
Want to see how it works yourself? Download the app and create an account for free here.

Tips To Minimize International Bank Transfer Cost

  • Compare bank fees, review terms & conditions and check the exchange rate percentages of different banks or financial institutions to determine the one best suited for you.
  • Calculate the total cost (of all transaction fees Involved) to determine what you should add to ensure the recipient receives the accurate amount.
  • Confirm the recipient bank fee structure (the fee they charge or if they receive international funds without additional fees).
  • Plan your international transfer early enough and send the money on time to avoid paying an express fee.

Wrapping Up.

For your international bank transfers to be smooth, you need to ensure that you confirm the average processing duration of your bank, the current exchange rate of the currency involved, the recipient's details and the SWIFT & IBAN codes. As stated earlier, international bank transfers usually take 1-5 working days, but you can hasten the process by paying an extra express fee where required.

If you’d like to send money anywhere in the world and prefer fast transfers at great rates, we recommend the OhentPay money transfer service. Create an account to get started here.

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