Unfortunately, it's common for international bank transfers to take days, sometimes even up to a week, to arrive.
Specialist money transfer companies provide the solution, completely focused on fast, affordable international money movement.
Understood - if you want to make a snap decision, your best bet is probably Wise.
Not only do they offer fast transfers, but they are also very transparent, showing speed estimates to help you decide what to do.
What affects transfer speed?
An international money transfer has the following steps:
1. Sending
You send funds to the money transfer company.
Payment methods for funding your transfer include:
Debit card → fast
Credit card → fast but expensive
Instant bank transfer (Open Banking) → fast
Bank transfer → quite fast, usually
SWIFT transfer → slower
Until funds are received by the money transfer company, the transfer cannot progress.
This means that using a fast payment method can improve your overall transfer speed.
It's also possible for other things to delay this phase, such as public holidays or extra verification your bank may require before sending funds out.
2. Processing
Once received, funds are processed and verified by the money transfer company.
This can introduce a delay to the process. Causes include:
Compliance checks such as anti-money laundering or 'know your customer' procedures
Incorrect or missing details
Missing proof of ID, address or reason for transfer
Time zone differences, public holidays or weekends
3. Releasing
When ready, the company releases the funds to the recipient, using the chosen receive method.
Most money transfer companies can quickly release funds, to be received on the same day. As a result, this final step does not add much duration to the transfer.
Of course, if you are selecting a cash collection option, it will depend on how promptly the recipient can visit the agreed pick-up location.
How to minimise transfer time
Get ahead of the game - anticipate where possible
OK, this may not be the most helpful suggestion if you're already scrambling to make an urgent transfer.
However, it pays to be organised. A bit of extra preparation will prevent stress and potential extra costs incurred from using urgent transfer methods.
Fund your transfer with the quickest methods
Avoid the SWIFT network and traditional bank transfers if you can - although for very large transfers this might not be possible.
Debit cards will be very fast, as will credit cards - but the latter will incur hefty fees, so really avoid this if you can. You may also hit transfer limits with a debit card for large transfers.
Some providers support instant bank transfers via Open Banking, which is an excellent option for those using UK bank accounts as source of funds.
Get the transfer details right first time
Don't let a simple mistake or omission slow things down. Double check the recipient details for typos, and get a second pair of eyes to check if you want to be extra sure.
Prepare and submit any verification documents ASAP
Depending which provider you use, or the size and destination of your transfer, you may need to submit more information.
It's smart to prepare these in advance - typically a photo ID like driver's licence or passport, and a recent bill with your address on it.
Faster money transfer companies
Having read the above, you should have a good idea of what goes into a fast transfer.
So which companies are good at meeting those requirements? Below I've listed my top 5 picks for urgent international money movement.
If you send with one of these, and incorporate my other tips, your odds of a rapid transfer are not guaranteed, but largely increased.