How Long Does It Take To Transfer Money?


Money transfers can happen quickly, in as little as a minute, or take as long as seven days. The speed depends on several factors, from the total amount of the transfer and the platform used, to the date and time you initiated the transaction.

How long it takes to transfer money differs between institutions and services, so it’s essential to know the lead time of your chosen transfer method so you can manage expectations, especially if you need the money moved ASAP.

Factors That Affect The Speed Of Money Transfers

Many factors can affect how long it takes to transfer money from one account to another. These include:

The Total Transfer Amount

Transferring large amounts of money typically takes longer because banks and financial services need to do their due diligence to ensure that everything checks out. These verifications may also occur in small transfers, but only in cases when the transaction is flagged as possibly fraudulent, which can happen if it can’t be confirmed.

Transfer And Payment Method

Wire transfers are the fastest way to securely transfer money, taking anywhere between one to five days. Sending remittance payments through banking methods also typically has the same lead time. However, some financial service providers complete online money transfers in just a matter of seconds, particularly if the money only moves between accounts in the same platform. An expedited transfer can also be used to speed up the process, but that will come at an extra cost.

The payment method also matters. Transfers done via credit card are also usually processed faster than those done via traditional banking methods.

Date Of Transfer

You can’t expect a money transfer done at 10 PM on a Saturday to arrive immediately, due to bank closures. This means you probably won’t see it until Monday or Tuesday at the earliest because money transfers operate based on bank times, and processing doesn’t occur on weekends and holidays. In that same vein, you’ll have to keep in mind time differences, especially if you’re sending money internationally.

Source And Destination

Domestic money transfers happen much faster than international ones. That’s because there are fewer intermediaries involved to get your money to where it needs to be. International transfers generally take three to five days, but these can be longer if you’re sending money to less developed countries.

Additionally, if your transfer money needs to be converted into a foreign currency, the process will take longer. If you’re choosing this route, be sure you become familiar with how to calculate the exchange rate between two currencies before sending money.

Transferring Money Via Bank

Bank transfers can take between one to five days. It can be processed in just a few minutes or hours if you’re moving small amounts to accounts in the same bank or network or to accounts that are accessible to you for transfer. Transfers between different banks can take one to three days for domestic transactions and three to five days for international transfers.

Transferring Money Via Remittance

Remittance transfers generally take the same amount of time as bank transfers since it follows the same procedures. That said, if you’re transferring money to individuals who will pick up the money (i.e., not through another financial account), then this process might take longer since there are extra safeguards set for verification. International remittance transfers also typically have to go through more intermediaries before it gets to your recipient, which can prolong the wait.

Transferring Money Via Financial Service Providers

The advent of financial technology (or “FinTech”) has given birth to more money transfer options that are just as secure as traditional methods but only take a fraction of the time to complete. Unlike banks, you don’t need to go through the checks and paperwork to open an account, and unlike remittance banking, you can initiate the transfer right from your phone instead of going to a bank or making a phone call.

Transferring money online can be instant between accounts in the same platform or connected to the same network. Transfers outside of these naturally take longer, but only by two to four days.

Know Your Options

Transferring money via banks and remittance centers is tried and tested to transport your cash to another person safely, be it domestically or internationally. But these can take long and often come tied with expensive hidden fees. That’s why online financial service providers such as Cashero are the better option. Transfers are instant between Cashero accounts and fully secure. Meaning you can send money exactly when and to where you need it to go.

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As of the date of publication, the information contained on this page is deemed to be factually accurate for all terms of conditions, features, and fees. Changes made to Cashero’s terms of conditions, features, or fees after the publication of this content may not be accounted for.

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The Cashero App is now available for download in both the Apple App Store and Google Play Store, though not all features are currently functional. Cashero has not yet officially launched.