What To Look For Before Transferring Money Internationally?
You have probably thought about international bank transfer times if you have ever sent an international payment.
Businesses are increasingly reliant on cross-border transactions and require payments to get processed as rapidly as possible, while consumers have come to expect their needs to be met immediately.
Beginning with the fundamentals of how international wire transfers work, here is everything there is to know about international bank transfer timings.
How does an international wire transfer work?
The SWIFT network, a secure messaging system banks use to communicate information, gets used to conduct international bank payments. Banks utilise them to ensure that your international transfer reaches its intended recipient. It does not always happen right away, though.
Some payments get channelled through intermediaries, sometimes known as corresponding banks, like flying to your destination via a series of connecting flights. Remember this when you do a money transfer to India.
How long do international payments take?
International bank transfers, on average, take one to five working days to arrive. To make an international payment, gather the essential information (IBAN number, BIC/SWIFT number, recipient's financial details, and so on) and submit it to your bank, whether personally or through an online banking app. Overseas bank transfers get executed on business days if requested before the cut-off time, which varies between banks.
Your international transfer request should get processed the same day if you submit it before the bank's cut-off time. If that is not the case, it almost probably gets processed the next working day. The funds get debited from the sender's account once the transfer gets processed.
However, this does not guarantee that it reaches the same time as the addressee. International bank transfers typically arrive within one to five business days. Note the days it takes for a money transfer from the US to India.
Factors affecting international transfer
These measures and procedures put in place by banks are the key reason for wire transfer delays. Transfers on the SWIFT network passes through up to three intermediary banks before reaching their destination. Once the money arrives, processing time at the recipient's bank causes payment delay further.
Incorrect payment details
The wrong information is another aspect that has a significant impact on international bank transfer timings. Payments return if any of your beneficiary's information is inaccurate. So, double-check your recipient's name, bank name, account number, IBAN, and SWIFT/BIC code before making a payment. When you send money from USA to India, ensure all the details are appropriate.