There are many factors that affect how long it takes to send money overseas. Generally, the type of service you use to transfer the money will have the biggest impact. Banks, walk-in money transfer services like Western Union or MoneyGram, dedicated online exchange companies and other providers like Paypal will all offer different transfer speeds.
What else can impact the speed of your international money transfer?
The currencies involved in the transaction. Common global currencies like the USD and Euro are regularly traded in foreign exchange markets and therefore are settled more quickly than more exotic currencies.
How you are funding the transfer. Non-bank money transfer companies will require you to fund your account prior to transferring your funds overseas. Your choice of funding could affect how long it takes for your funds to arrive at your currency exchange service provider. Domestic bank deposits can take anywhere from 1-2 business days to clear whereas debit card, credit card or Polipay transfers are much faster.
How much you are sending. Depending on the service provider you use, larger amounts could take longer to process and settle than smaller amounts.
Where you are sending. Countries with developed banking sectors will usually be able to process international money transfers faster than emerging nations with less-developed financial infrastructure.
The system you are using to send money. For example, a SWIFT transfer, cash transfer or a payment made online using blockchain technology will have varying transfer speeds.
When you lodge the transfer. Always consider public holidays, time differences and weekends in both the receiving country and the sending country, as this can add on extra time to a transaction.
Security. Using a third-party money transfer service will require you to undergo identity and address verification checks before you can send funds. This process is necessary to protect against money laundering and other types of financial crime. The verification process could add additional time onto your transfer process.
FlashFX is an online international money transfer service that helps you get your money from A to B quickly. Opening an account is easy, verification takes a couple of minutes and our transfer times are faster than the banks. Best of all, FlashFX will save you money. With no transaction fees and competitive exchange rates we get your money where it needs to go for less.
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