If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes. If you're sending money to another country, however, it may take as many as five days for the recipient to receive their funds.
Domestic wire transfer: Due to EFAA regulations, most bank-to-bank wire transfers between accounts in the US are completed within 24 hours. Some banks make wired funds available to recipients immediately, especially on transfers between accounts at the same institution.
You can request a trace on the transfer, and your bank will be able to tell you whether the money has been deposited into the recipient's account².
Most domestic transfers are processed on the same day, and international transfers are typically completed within a few days (depends on country). You need to move large amounts of money. Though limits vary based on the money transfer provider, they tend to be high.
Wire transfers are required by the Expedited Funds Availability Act to be available to recipients within one business day. A domestic wire transfer sent within the US is therefore usually processed within a few hours, but at times the process can be instantaneous.
Speaking in terms of domestic wire transfers, most banks offer same-day funds transfer when initiated before the bank's designated cutoff time. This cutoff time varies bank-to-bank, and is usually listed in local time (EST, CST, PST).
It's stressful to figure out what to do if a wire transfer is lost. But the good news is that wire transfers are usually not lost – just delayed or misdirected. Most "lost" transfers are eventually found and completed, but it's important to get in touch with your bank right away if you suspect there's an issue.
How long it takes for an EFT payment to clear heavily depends on what type of transaction is being performed. Debit card and ATM transactions often clear instantly. ACH transactions typically clear the next day. International transactions might take longer — often two business days.
The service will notify the recipient when incoming wire funds are ready to collect, and both parties when the transfer is complete. The sender and recipient can also log in to their accounts for updates.
If the bank initiated the transfer, notify the bank immediately so that it can investigate your claim. If you first contact the bank by phone, it is a good practice to follow up in writing. If you wired the funds through a third party (e.g., Western Union), contact that party to find out what their procedures are.
Wire transfers are used to send money electronically from one bank account to another. Sending money this way is like sending cash in that, once sent, the wire transfer typically cannot be reversed. Wired funds are considered the property of the recipient and wire transfers may be final.
One of the most common reasons why a bank might refuse a wire transfer is that you provided incorrect or out-of-date information. This could be something as simple as inputting one wrong digit in your recipient's routing number or bank account number. Or it could be a misspelling.
If money is transferred but not received, the sender should contact the bank or service used to initiate the transfer to track the transaction. They can also contact the recipient's bank to inquire if the funds have been received.
The sender can initiate a wire transfer quickly and the recipient can access the funds immediately as there are usually no bank holds on the money. Wire transfers also allow people in different locations to safely transfer money to locales and financial institutions around the globe.
ACH transfers are slower than wire transfers, and typically take 1–3 business days to complete. Wire transfers typically process within the same day or even within minutes.
The Expedited Funds Availability Act (EFAA) mandates every financial institution in the US to credit funds to a recipient within a business day. As a result, wire transfers within the country are generally cleared within 24 hours. Wire transfers through credit unions may happen within a few minutes.
Most EFTs are completed (cleared) and funds are available to use within a couple of days.
There are a couple of advantages that wire transfers hold over other types of EFT. One of the most important is the speed of transaction. As mentioned above, wire transfers can be processed instantly, while other forms of EFT may take longer to process payments.
The difference between a wire transfer and a real time payment is that real-time payments take place and settle instantly, but wire transfers can take anywhere from a few minutes to 24 or more hours, depending on the financial institutions involved in the transactions.
The receiving bank is still processing the money
But some banks are slower than others — they might take up to 1 working day for them to release the money. So your money's safely on its way, but the recipient bank is still processing it. Your recipient can ask their bank to speed this up.
Contact your bank or payment service provider: Reach out to your bank's customer service or visit the nearest branch (if they have any). Provide them with the transaction details and ask for assistance in tracking the wire transfer. They will have access to the necessary systems and information to help you.
It can happen if: Your bank made an error in getting the recipient's account number right. The recipient received more money than you intended to send. There was an error in the wire transfer because it was a duplicate.
The normal time to complete the transfer is 24 working hours, however, we recommend you check with your bank about it. Nowadays, most banking processes happen online. One would think that the money will reach the recipient's bank account instantly.
If you need the funds to arrive in the recipient's bank account as soon as possible, you may be able to expedite the process. Some banks offer this service if the recipient account is within the same financial institution, and the sender has previously sent a transfer.