What is and how to make an international bank transfer wire?
If you are wondering why it takes so long for your bank to wire money to another country, you must first understand how to transfer wire money. And the key phrase is the SWIFT network.
All internationally operating banks are linked to the SWIFT network. SWIFT is an interbank communication system used for international foreign exchange transfers. This is to replace the inexistent direct connections of banks around the world. For this reason, your money can stop at several banks until it reaches the recipient. This is why it can take up to 5 working days for the person you are sending the money to to use.
Why does it cost to send a wire transfer?
Money you send across borders can make several stops. And each stop costs. Thus, an international bank wire transfer not only takes time, but can also cost more. Each bank where the money stops charges a fee. And this fee is included in the final cost of your transfer wire.
How long does an international bank wire transfer take?
In short, up to 5 working days. More precisely? It is difficult to estimate, because an international bank wire transfer depends on several factors. The duration of an international money transfer wire may depend, in the first place, on the time at which you initiate the operation. In some cases, if the request is made after 12:01, this means a day in addition to the situation in which you would have asked your bank to perform the operation at 12:00. The duration also depends on the currency in which you make the transfer and the working hour differences between countries.
The country to which you make the transfer wire, the operating schedule of the banks, but also the legal holidays or the accuracy of the transaction instructions are other factors that make the duration of an international transfer a difficult aspect to estimate.
Transfer wire is the most common way to transfer money today and the world works better thanks to this option we have. For some of us wire transfers are done on a daily basis as it is part of our job or the way we manage our income.