Local and International Transactions take Time using Wire Transfer Local and International Transactions take Time using Wire Transfer

Local and International Transactions take Time using Wire Transfer?

Do you want to do the safe electronic transfer? Do you want to transfer money to another state or country? Well, you want fast transactions to save time and energy. It is essential in times of emergency. Wire transfer is the electronic form of fund transfer. It has a network with transfer agencies and banks. You can make the cash transfer at the cash office. You have a question. How long does a wire transfer take?

The duration depends on transfer. Whether it is a domestic or global wire transfer? The sender will be chargeable for the transfer in his account. In this article, you will learn about wire transfer duration and methods. Scroll down for more information.

Local and International Transactions take Time using Wire Transfer?

Idea Behind Wire Transfer

A wire transfer is beneficial to transfer the amount. You can transfer from one person to another. It is either within the nation or overseas. Wire transfers are cost-effective and fast in the transaction. You do not have to send a check or money.

Wire transfers are a safe way of money transfer. Wire transfers are secure. The bank legal staff work with the transfer system. They follow standard operating procedures for safety. The sender should be aware of the receiver’s details. You can find records of transfers for proof.

The scammer may tell you to do a wire transfer in the place of a credit card. Once the process begins, you cannot cancel the same. The global wire transfer cancellation process is within 30 minutes.

What Can Delay Your Wire Transfer Process?

Mistakes in Entering Details

People can mistake SWIFT codes and bank account numbers. For instance, you make mistakes in entering the details. You will have to make time to correct the details. There will be a transfer delay.

 No rule for time

Many banks will transfer your funds within 3 to 5 working days. It would help if you looked into the official time duration. You may receive or transfer funds. Different country banks have a different time frame. The difference in the time will lead to a delay in the bank transfer.

Time Zone

Time zone matters in the global wire transfer. There can be delays in the transfers because of the gap in time zones. Your location is in Australia. You request an American citizen to transfer funds. Your request will be pending until the US bank opens. There is a delay because of the different time zone in the countries.

Time of Day Matters

Federal Regulations

Regulation J needs banks to practice the transfer procedure. It is applicable on the same business day. Federal Reserve Bank receives the transfer payment order. The banks process the wire transfer as per their different instruction. The Federal Reserve Bank needs to accept the sender’s request in writing.

Bank Cut-off Times

Uniform commercial code (UCC) defines different people’s involvement. It considers senders and receivers in the wire transfer. UCC allows the banks to rule cut-off time on working days.

The cut-off time applies to the processing, receipt, and cancellation. There are 13 different wire cut-off times in the Bank of America. It depends on the transfer type. It can be a business account, bill payment, and receipt credit.

Weekends and Holidays

The bank holidays delay the wire transfers. You need to overseas transfer. Your money transfer can take more days. There are different bank holidays in different nations. The weekend delays the transfer. The domestic and global transfer is possible within business days. It would help if you had plans to avoid transaction delays.

Location of Funds Matters

Domestic Wire Transfer

People make a domestic wire transfer of money to banks in the same country. How long does a wire transfer take? Wire transfer local transfer time is three business days. It will take 24 hours; the transaction is within the same financial institution.

International Wire Transfer

The bank services offer global wire transfers. It helps you transfer funds from your account to the receiver’s bank account. The transfer is domestic or overseas. How long does it take for a wire transfer? Wire transfer international transfer time is between one and five business days. Some transactions may even take more days.  

Slow-to-pay Countries

Fund credit to the receiver may get delayed for global wire transfers. The following are the factors responsible for the same: –

·         Delays in Intermediary Bank

·         Bank holidays in local banks

·         Location condition of the banks

There has been a designation to some countries as “Slow-to-pay”. If you make a fund transfer, it will take several days. It may even take weeks to credit the fund in the receiver’s account.

 What methods can be employed for bank transfer?

 FedWire for Immediate Transfer

The Federal Reserve Bank (FRB) provides Fed wire funds service to the citizens. It is a real-time money settlement system. Fed wire funds will help you start an immediate funds transfer. It provides credit service transfer.

People start Fed wire fund transfers by following the FRB instruction. It will debit the amount from your account and credit it to the receiver. You do this process online through telephone and electronic messages.

CHIPS for Batch Transfer

Clearing House Interbank Payments System (CHIPS). It is an electronic payment system. This system is essential to settle and transfer funds in US dollars. CHIPS helps banks to settle and transfer global payments. The system is fast and replaces official bank checks.

Banks use CHIPS for total settlement. It works on many transactions as a part of the batch procedure. Many banks have a lot of daily cut-off times for wire transfers. They send many batches daily.

SWIFT for International Transfer

Society for Worldwide Interbank Financial Telecoms (SWIFT). SWIFT payment is the way of transferring global money. SWIFT world payment network operates the system.  It is the most extensive financial system for messaging.


Always Consider Cut Off Time from Bank

Bank of America

The wire transfer cut-off is in three business days and the next business day. The cut-off timing for both is 8:00 pm ET. The domestic and global wire transfer is possible on the same business day. The cut-off timing is 5:00 pm ET in the Bank of America. 

Chase Bank

The wire transfer limit is $2,50,000 per working day. The time for the wire cut-off is 4 pm EST. You should ensure that you get your request before the cut-off time. Chase will process your request on the next business day.


You can wire transfer the funds on the same business day in Citibank. It is possible if you process before 6.00 pm ET. This cut-off time is for global transfer. For domestic transfers, it is 6:45 ET. You can wire transfer funds at once.

Wells Fargo

You can send an online wire transfer on the same business day at Wells Fargo. It is possible if you submit it at 2:00 pm Pacific time. This cut-off applies to global and domestic wires. Suppose you submit after the cut-off time. The system will process your request on the next business day.

Goldman Sachs

The wire transfer cut-off for Goldman Sachs is on the same business day. It only does domestic wire transfers. Domestic wire transfer time is 4.00 pm ET.

Things to Have while Making a Wire Transfer

·         Receiver’s routing number

·         Receiver’s bank IBAN (If applicable)

·         Receiver’s complete name and address

·         Amount to transfer

·         Name and address of the receiver’s bank

·         Reason for transfer

·         Receiver’s bank BIC or SWIFT code (If necessary)

·         Receivers account type and Number


Always Track your Wire Transfer

All wire transfers are not successful. You need to have track of them. It is essential to see that it is in progress or get it back. You get a Federal Reference Number. It is a confirmation after you make a wire transfer.

You can visit or call the bank for tracking. The federal reference number is essential to track your fund. The bank official would be able to see the transaction details. You will come to know the exact location.

Estimated Time for International Wire Transfer

The money can pass through three intermediary banks. It reaches the receiver’s account within a couple of days. Global wire transfers can take one to five business days.

Can We Cancel Wire Transfer?

You can cancel if the bank system has not started the process. It would help if you were sure of a receiver. The wire fund is a confirmation. The recipient will receive the amount. Once the recipient receives it, you would not get your funds back.

Frequently Asked Questions (FAQs)

Why do wire transfers take so long?

The wire transfer process takes time. It is because of weekends, holidays, and intermediary banks.

How do I know if a wire transfer went through?

You request the bank to track the funds. Contact the recipient for the transfer update.

Can bank transfers take 24 hours?

The transfer is between the same banks; it can take less than 24 hours. Other domestic and global transfers take one to five business days.

Can money get lost in a wire transfer?

Wire transfer money is never lost at 100 percent. The scenario occurs because of human errors.

How much does a wire transfer cost?

Wire transfer cost depends on the financial institution.

Examples: –

Bank of America- $15 (Incoming a domestic wire)

                               -$30 (Outgoing a domestic wire)

Chase- $15 (Incoming a domestic wire)

         -$25 (Outgoing a domestic wire)

Why would a bank reject a wire transfer?

Bank you reject wire transfer if the details of the recipient are wrong. The sender mentions the details before the wire transfer.

Why is wire transfer so expensive?

There are wire transfer fees. The more funds you transfer, the more you are charged.


If you want to do a fast and save fund transfer, wire transfer is the best option. You can do a transfer from one country to another. It is wise to plan to prevent delays. There are bank holidays, weekends, and intermediary banks. I hope you understood the time and importance of wire transfer. If questions, let us know in the comments section.