When it comes to international transfers, it is often not just about the money – sometimes the transfer has to arrive as quickly as possible or it has to be on time. The duration of an international transfer depends on various factors. The method of sending and receiving may play just as important a role as the type of money transfer and the destination country. Our guide tells you everything you need to know about the duration of different types of international transfer.
How long does a transfer abroad take?
The duration of international transfers is regulated by law in the Single European Payment Area (SEPA) and must take place within one banking day. International transfers in non-SEPA states may take up to a week.
How long does an international transfer take in the EU?
It is important that your money reaches the recipient quickly. For this reason, European legislation prescribes the precise duration of a transfer in the EU. Online SEPA payments in euros must reach the recipient account within one banking day throughout the entire European Economic Area (EEA). This regulation applies to domestic and international transfers alike.
However, there are exceptions:
- Paper-based money transfers that you initiate with a transfer form in Europe and within the EEA may take up to two working days.
- Money transfers outside Europe but within the EEA may take up to four business days online or up to five business days for in-person money transfers.
- Transfers in a foreign currency may require up to four banking days.
Note that payments are not processed on public holidays and at weekends because these are not considered to be banking days.
How long does a transfer to a non-EU country abroad take?
SWIFT transfers (Society for Worldwide Interbank Financial Telecommunication) enable international money transfers outside the EU and EEA. Outside the EU there is no central regulation authority and the duration of a transfer abroad depends on various factors:
- The destination bank
- The country of the receiving bank account
- Transfer amount
- Conformity checks
- Intermediate banks
- Issuing bank
- Money exchange
Most transfers to a non-EU country abroad reach the recipient account within four days. However, processing can take up to a week and in certain countries, or in rare currencies up to 14 working days.
Which factors may affect the duration of an international transfer?
In an age of SEPA transfers and online banking using IBAN and BIC you might assume that banks generally carry out international transfers immediately. If you order a SWIFT transfer at the beginning of the week, there is a good chance that your money will arrive before the weekend. Nevertheless, there may be delays when making a transfer abroad, especially outside the EEA for various reasons:
- Incorrect payment details: Incorrect details about the recipient or sender may considerably lengthen the duration of an international transfer. This is why you should carefully check the name of the recipient and the bank, their account number or IBAN number and the SWIFT/BIC code before each transfer.
- National public holidays and weekends: If banks are closed they will not process your payment. It is best to find out in advance whether there is a public holiday in the recipient’s country that could affect the duration of your international transfer.
- Different currencies: If your international transfer involves a currency change, this may extend the processing time.
- Different time zones: It may still be early afternoon in Berlin, but it is already far into the evening in Hong Kong. If you want an international transfer to arrive as quickly as possible, send it during business hours in the recipient’s country.
- Avoid fraud: Banks use various procedures to counter fraud. For example, transfers on the SWIFT network have to pass through up to three correspondent banks before they reach the recipient bank.
International transfers with Western Union
Banks follow their own procedures and deadlines, and so does Western Union. If you want to send money abroad, we offer you different options. How long international transfers take depends on the respective payment and receipt method. With the classic cash payment at a Western Union location with cash collection or with a SOFORT-Überweisung (instant transfer), the money reaches the recipient within minutes. If you want to send money to a bank account online, you will see the processing time in the payment summary before you make the transfer. In most cases it takes one to three business days.
Summary
How long an international transfer takes depends on various factors. While the duration of an international transfer in the SEPA area is regulated by law and follows a standardised procedure, there is no central regulatory authority outside the Eurozone. Accordingly, the protocols for processing transactions from abroad may vary along with the processing time.
FAQs and guidelines
What can I do if my transfer does not arrive?
If a transfer abroad takes longer than usual, you can submit a tracking request to your bank. This must be received by the issuing bank; the receiving bank cannot carry out the procedure. If the recipient needs the money urgently in the meantime, Western Union offers practical alternatives for international transfers in real time.
Can an international transfer take longer than three days?
A SEPA transfer may also take longer than three days in exceptional cases. For example, if it is carried out in a foreign currency. For international transfers to countries outside the Single European Payments Area (SEPA), you should generally expect a processing time of at least four days.
How long does activation take for international transfers?
For security reasons, some banks only enable online banking for accounts for domestic payment transactions. You can usually activate the desired countries for international transfers easily yourself or remove activated countries again. Activation usually takes place immediately.
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