When making a wire transfer to a foreign bank, there are many factors that can affect the speed of the transaction. The size of the transaction, the destination of the transfer, the banks involved, the currency, and the time of day can all contribute to the length of the process.
If you are sending a large amount of money, you may want to consider using an international money transfer service. These services typically offer credit cards and debit card options as well as cash pickup. Often, these services can complete the transaction within minutes. However, depending on your bank, you may be required to pay a fee.
Most banks have cutoff times for wire transfers. In some cases, you may be required to perform an in-person transaction. This may slow the transfer process, especially if your bank has no direct line of communication with the recipient’s bank.
There are also other factors that can cause delays. For instance, a transfer might be delayed by public holidays. Also, banks cannot complete transfers on weekends.
Another factor is if you are converting your currency. This can add a few days to the transaction.
You can check the website of your bank for a time estimate. Some banks will have a tool that lets you choose your currency pair and find the cutoff time.
Banks typically charge an additional 2-4% on the value of the exchange rate. Depending on your destination country, it can take one to five business days for the funds to reach your recipient’s bank.