Hey,
If you have ever sent a wire transfer, you would know that it's one of the most secure and convenient methods of money transfer. I think all of us wonder how long does an international wire transfer take. Before I knew the answer, I would get impatient and wish the money reached the recipient on the same day.
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How long does an international wire transfer take to clear ?
Generally, it takes anywhere between one to five days for wire transfer to be cleared. In some cases, it might take longer than that. The money transferred internationally, has to pass through up to three intermediary banks. Then it is deposited into the recipient's bank.
Since, wire transfer can be conducted from any geographical location, the time taken for international wire transfer can vary. Many banks use SWIFT (Society for Worldwide Interbank Financial Telecommunication) network to execute money transfers. The sender and beneficiary both need to have SWIFT code linked with their bank accounts.
If there are holidays or non-working weekends in the middle, the transaction can be delayed. This is because the transferred money has to go through domestic systems of two countries' and comply with regulations of each country. Wire transfer is initiated by the sender;s bank irrespective of the difference in time zone and working hours of the financial institution.
I hope you now have an answer to how long does an international wire transfer take.
Read more :
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How long does an international wire transfer take ?
Alexis
1051Views
2 Year
2022-08-09T21:27:48+00:00 2022-08-09T21:28:04+00:00Comment
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