Transferring money these days has got a lot simpler with the wallet apps and other modern technologies. One can transfer money from one’s account to someone else’s account very quickly without any worry.
Wire Transfer is one such method via which one can transfer funds quickly both domestically and internationally. Many people often have the question that How long do wire transfers take? What does the process involve? and more.
For those of you who are having the same questions running in their mind must read this complete article as today, we will make you know the complete wire transfer process in detail so keep reading and get the answers to all your questions.
Let us begin with the explanation of wire transfer first.
What is Wire Transfer?
Earlier, telegraph wires were used to transfer money from one person to another, that’s why the phrase: wire transfer came into the picture. But the telegraph system got shut down 10-12 years back as modern technologies replaced it. Since then, electronic funds movement or wire transfer is used for transferring money from one end to another.
In the electronic funds’ movement, there can be two possibilities: one is bank to bank transfer and the other is the non-bank transfer service such as MoneyGram or Western Union. With MoneyGram and Western Union, you can quickly transfer funds from your account to someone else’s account or vice versa.
For transferring money domestically, there are two ways: one is the Federal Reserve Wire Network (Fedwire) and the other is Clearing House Interbank Payments System (CHIPS). For international money transfer, there are also two ways: one is CHIPS and the other is the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
What does the Process Comprise of?
Now, after knowing what is wire transfer, let us now check out what does the transfer process comprise of.
For transferring money from one bank account to other bank accounts, one will need certain details such as Payee’s bank account number, Recipient’s Name, Recipient’s bank account number, bank name, address and routing number. You can contact the bank representatives anytime when you need any help in the process.
For international transfer, you will need the recipient’s SWIFT code too. Now, you will need to provide specific instructions to your bank such as the amount you are going to transfer and other details. They will provide you a form that you have to fill out and ensure that all the information in it is correct. Check the form twice or thrice after filling the form to ensure that the recipient’s details are proper.
The process of transferring money via a non-bank money transfer service (MoneyGram, Western union or anything else) is somewhat different than a bank to bank money transfer. You won’t need a bank account for this too. The payee will pay the money and the recipient will collect the money and walk away. It is that simple and quick too.
How to Receive Money?
You need to provide your bank account number and routing number to the payee so that he can send money.
How Much Time Does It Take to Transfer Money?
After knowing the complete steps involved in USA wire transfers, let us know checkout the timeframe in which money is received by the recipient.
Money transfer happens quite quickly via wire transfer. If you are doing it via a non-bank money transfer service then it may take only a few minutes and very soon it will be received by the recipient.
Bank wire transfers may take a few days. Domestic bank transfers can be completed within 24 hours if both the bank accounts belonging to the same bank. Even if both the accounts belong to different banks then also there are chances of the transfer getting completed within 24 hours. Usually, International transfers take a longer time, almost 5 days.
You can contact your bank representative and ask how long it will take for the International transfer, if you are in a rush then you can think of any other alternative.
If there is a holiday season (Christmas, Halloween, etc) then better expect a delay in the process as bank employees are also on leave at this time. If there is a mistake in the transfer then also there will be a delay, you can contact your bank for any update you want or check the updates online as well.
Canceling the Process
The transfer can be canceled in certain cases.
Case 1: If your bank made any mistake while transferring money, for example, it sent more money than it was supposed to do then the transfer needs to be canceled.
Case 2: If you changed your mind after deciding to transfer the money then it can be canceled if you act quickly. It can’t be canceled when the bank initiates the process.
That’s it, we are done with a detailed overview of the complete wire transfer process. We hope that you now got the answer to your question: “How long does a wire transfer take?” So, next time when you need to transfer money, try out the wire transfer process and send money easily as it will be really quick and simple. Know more about investment plans, loans regarding information from Financeshed.