20 October 2023 3 minutes

How long do wire transfers take?

Fast, secure payments are vital for businesses operating globally. We delve into the world of wire transfers, how they help and how to make speedy international business payments with 3S Money.
How long do wire transfers take?

Wire transfers are great for quick, secure international business payments. We provide an overview of how they work, how much they cost, and tips on how to make speedy international payments with a 3S Money account.


What is a wire transfer?

In short, a wire transfer is a type of electronic money transfer that happens between banks and payment providers around the world. They allow funds to be moved quickly without the need to physically exchange cash. The process of a wire transfer is similar to that of a SWIFT transfer as, rather than sharing cash, the institutions share information about the bank and recipient to make the payment.

What types of wire transfers can I choose from?

Let’s delve into the three different types of wire transfer you can choose from when making business payments:
  1. Standard domestic wire transfer
    A standard domestic wire transfer involves the electronic transfer of funds from one bank account to another within the same country. It's typically processed within one business day and doesn't involve cross-border transactions.
  2. Standard international wire transfer
    A standard international wire transfer involves the electronic transfer of funds from a bank account in one country to a bank account in another.
  3. Same-day international wire transfer
    As suggested by the name, these are used to send funds to an overseas recipient on the same business day that the transfer is initiated. This service typically comes with an expedited processing time and is subject to additional fees. 3S Money offers speedy international payments in over 65 currencies with its International Business Account. 

How long do international wire transfers take?

If you’re using wire transfers for business, the time it takes for your transfer to process can impact business in various ways. For one, it could determine whether you’re able to pay your supplier and receive goods on time. 

For international transfers made via your traditional business bank, it can take up to five working days for a payment to be processed – depending on the currency. Thankfully, fintech payment providers and electronic money institutions (EMIs) like 3S Money, offer services that allow businesses to make same-day and instant transactions. We’ll cover domestic transfers further down.

Time zones, holidays and banking hours

Due to a variety of factors, such as different time zones, local holidays and banking hours, the time of day at which you make your wire transfer can impact how long it takes for those funds to be processed. It’s important to plan ahead and be mindful of time zones when making wire transfers for your business.

Verification and compliance

Traditional banks and other payment providers may need additional time to verify the wire transfer - especially for large or unusual transactions. They may also need to comply with anti-money laundering (AML) and Know Your Customer (KYC) regulations, which can introduce delays. Thankfully, 3S Money’s platform allows for quick transfers, even on larger payments, as there are no transaction limits.

Intermediary banks

Many international wire transfers pass through one or more intermediary banks before reaching the recipient's bank. These intermediary banks may have their own processing times which can introduce delays in the transfer process. 


How long do domestic wire transfers take?

In the grand scheme of wire transfers, domestic transfers tend to be quicker and easier than international ones, typically taking up to one business day. With this in mind, 3S Money aims to make international payments as effortless as domestic payments so that businesses can trade globally and pay locally with ease.

Still, it's worth noting that domestic wire transfers are also impacted by the same factors as international transfers (such as time zones, holidays and banking hours), so planning ahead to avoid delays is advised.

Information required to send a wire transfer

To send a wire transfer, you will need to provide specific information and details to your bank or financial institution, such as:
  • Account information (including account name and IBAN. Learn more about 3S Money IBANs).
  • The recipient’s details, e.g. full name and address.
  • Bank information such as the name, address and SWIFT/BIC code.
  • Transfer amount.
  • Purpose of transfer, e.g. whether it's for goods or services.
  • Any additional information required by your payment provider.

How 3S Money helps speed up payment transfers

Wire transfers are favoured by businesses as they offer speed, security and global reach but delays can impact business if not accounted for. If you need to make fast international payments in multiple currencies, using a 3S Money International Business Account for all your global transactions can help.

With a 3S Money account, you can safely and securely send and receive over 65 currencies in over 190 countries, without stepping foot outside of your local HQ. 
Get started today.


Meet the authors

Sharyh Murray


Sharyh is the lead Content Writer at 3S Money with a strong background in crafting high-quality, compelling fintech and FX-related articles. With extensive expertise in the field, Sharyh's writing resonates with a variety of audiences and drives action among readers, whatever the financial topic.


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