Remember the days when figuring out how long an international money transfer took depended on how fast the courier was? Probably not, since we’ve long been living in the digital age. But if you think back to how funds—or even messages—used to travel from one person to another, it becomes clear that despite the ease we enjoy today, ensuring that your money arrives safely and on time, no matter the destination, is almost miraculous.
How Long Does an International Money Transfer Take?
The time it takes for an international money transfer to complete depends on your chosen method. It can range from a few days to just a few seconds. But what if you didn’t have to worry about timing at all? Let’s explore the various methods of transferring money internationally and answer the one question we’ve all thought about: how long does an international money transfer take?
Traditional Methods
The Bank: 1 to 5 Business Days
If you’re wondering how long an international money transfer takes using a traditional bank, the answer usually falls between one to five business days. The exact timing depends on factors such as the bank’s relationship with the receiving bank and the involvement of third-party intermediaries, all of which affect the speed and efficiency of the process. Your timing might be the most important of all, as you need to be available to initiate the transfer and could run into cut-offs that mean your transfer is not processed until the next day.
But what happens if an emergency arises? What if your loved one needs money urgently for medical bills, groceries, or another critical need? A traditional bank transfer may not be fast enough to meet immediate demands in these cases.
By phone, by mail? Brick and mortar?
Digital Methods: Welcome to the Web
Remittance Apps
When considering how long an international money transfer takes online, the answer is often faster than traditional methods, but the process still depends on multiple steps working seamlessly together. Even though transfers through remittance apps are done online and may involve some automation, there are still multiple steps in the process that can affect how long it takes for your money to arrive.
Typically, the process involves the following steps:
- You log into your remittance app account and initiate the transfer.
- Your bank or credit/debit card sends the requested funds.
- A third-party entity holds the funds and communicates with the receiving institution.
- The receiving institution (whether it’s a bank, digital wallet, or cash pickup service) receives the money.
- Finally, your loved one gains access to the funds.
All of these steps must operate smoothly for the transfer to happen fast. However, even though some parts of the process are automated, there are still instances where the transfer could take anywhere from a few seconds to several minutes, depending on the method and location.
A New Era: International Money Transfers Without Wait Times
What if we could replace some of the steps in the remittance process and create an even easier and quicker experience? Imagine a situation where there is no need for an initial “transfer” because your money is already sitting in a shared, accessible account.
Here’s a thought: Imagine a cookie jar in your living room, accessible to your loved ones anytime. You place the cookies in the jar and see who takes cookies and how many. You can also refill the jar whenever you want and with the number of cookies you choose. Now, replace that cookie jar with Remitly Circle—a global account you can share, to which you and your loved ones can access.
With Remitly Circle, the question of how long does an international money transfer take online is no longer relevant. There’s no need for you to be available at all times to make the initial transfer because the money is already there in the shared Remitly Circle account, ready and waiting. In the event of an emergency, your loved ones can instantly access funds without delay. This shared account allows immediate access to USD, eliminating the worry of transfer timing.