In general terms, a bank to bank transfer is a reliable and safe way to send money, but how long does it take for a bank to bank transfer to go through?
The length of time required to transfer your money will depend upon factors that include:
- Bank holidays
- The currencies that are involved in the transaction
- The payment method that you use
- Whether it’s a domestic or international transfer
- The company you choose to make your money transfer
- Typically, an international bank to bank transfer could take anywhere from 2-5 business days with most banks.
How long does a bank to bank transfer take with OFX?
Our global network of banks allows us to transfer money overseas securely and quickly, so if you’re sending from Australia to the U.S. for example, we can often offer same day delivery.1 Most other major currency transfers may arrive within 1-2 days (from the time OFX receives your funds).With most exotic currencies, this process may take anywhere from 3-5 days.
While banks require that you submit your money transfer orders during their business hours, OFX operates 24 hours a day, 7 days a week.
So how does this work?
- You register with us and use our online form to submit your recipient’s details.
- Once we receive the funds from your bank (this usually takes half a business day), we’ll transfer the funds to your recipient using our local bank account in your recipient’s home country, which helps to expedite your transfer. (This system also means your recipient is less likely to have to pay a fee to receive a foreign transfer.)
- Depending upon your recipient’s country, it generally takes 1-4 business days to complete the entire process of receiving your funds and sending them to your recipient.
Stay on top of your transfer from start to finish
We know how important it is to keep track of where your money is and when it arrives at its destination. That’s why you can log in to track the status of your transfer or use our mobile app to keep an eye on your money, and if you have any questions, we’re just a phone call away.
On top of that, we’ll send you emails or SMS throughout the transfer process to let you know when we’ve received your funds and when your funds have been sent to your recipient’s account.
With OFX, you won’t be left guessing if your money was transferred correctly, and you can rest easy knowing that you’re using a secure and speedy system whose focus is getting your money to its destination in the shortest amount of time possible.
Source Article: OFX
1Delivery times are indicative and measured in business days from the time your funds are received by OFX.