How Long Do International Bank Transfers Take?

In this article:

• What is the quickest way of sending money internationally?
• How do international money transfers work?
• What fees are involved in an international money transfer?
• Fast, low-cost international transfers with RBK Payments

The fast-paced modern world expects financial services to keep up. Domestic transactions are usually instant, easy, and free. However, overseas payments can take longer to settle and often come with additional transfer fees, which can be surprising.

Using traditional transfer systems like SWIFT, it can take up to a week for a simple payment to a foreign bank account to complete. That’s why exploring new-generation financial solutions like RBK Payments, which allows quick and easy international money transfers, is beneficial.

What is the Quickest Way of Sending Money Internationally?

Most international bank transfers take between one to five days, depending on several factors:

• Your bank or financial institution: Different banks and financial institutions have varying processing times. Using a platform like RBK Payments can expedite global transfers.
• Countries involved: Transfers between countries with well-established banking systems are usually quicker than those to countries with less-developed financial infrastructure.
• Currency: Some currencies have stricter regulations or additional steps, causing delays.Regulatory requirements: Compliance with anti-money laundering (AML) and Know Your Customer (KYC) regulations can add processing time.
•  Time zones: Transferring between banks in different time zones can cause delays.Dates and timing: Weekends and public holidays in either the sending or receiving country, as well as transactions at the end of the business day, can delay processing.Is There a Delay with My International Money Transfer?If your international payment is taking longer than expected, consider the factors above. If it’s been a week without the transfer being received, check for errors in the recipient’s banking details.For businesses, completing international payments promptly is crucial to avoid supply chain delays and ensure timely delivery of goods and services. Transfer fees are often variable and may be deducted from the final settlement, so ensure these fees are calculated upfront to avoid under-paying suppliers.

How Do International Money Transfers Work?

The most common form of cross-border transaction is a wire transfer using the SWIFT system, which involves a fee. Transactions can be direct or pass through intermediary banks, which can slow down the process.RBK Payments allows businesses to bypass the SWIFT network, sending transfers globally via local payment rails that arrive in as little as one business day.

What Details Do You Need to Send Money Overseas?

To send money internationally, you typically need:Recipient’s full name.Recipient’s bank account details: bank name, bank address, branch location (if applicable), and account number.The BIC/SWIFT code of the recipient’s bank.If the recipient is in Europe, the IBAN (International Bank Account Number).Additionally, you’ll need to enter your bank account details and the amount you wish to send.

What Fees Are Involved in an International Money Transfer?

International money transfer fees can vary based on the financial institution, transfer method, amount, and other factors. Common expenses include:

• Transfer fees: Charged by the bank for processing the transfer.Exchange rate margins: Often hidden, so ensure you are getting a good deal. Banks and money transfer services usually add a margin to the mid-market exchange rate.
• Intermediary bank fees: Each intermediary bank in the transfer process can charge a fee, deducted from the transferred amount.
• Recipient bank fees: The recipient's bank may charge a fee for receiving and processing the transfer.
• Sending fees: Charged by your bank for initiating the transfer.Currency conversion fees: Charged for converting currencies, separate from the exchange rate margin.

To find the most cost-efficient way to send money abroad, compare different financial companies. Be aware of exchange rate margins and hidden costs, and consider using specialized companies that may offer better rates than traditional banks.

Fast, Low-Cost International Transfers with RBK Payments

RBK Payments is a global payments and financial platform with a proprietary local payments network. It offers a faster, more cost-effective, and transparent alternative to traditional banking.

RBK Payments lets you operate like a local business anywhere in the world. Open currency accounts with local details in minutes, receive payments in local currencies, and settle into your multi-currency account, avoiding costly currency conversions. Make high-speed transfers globally with just a few clicks. If currency conversion is necessary, you can do so at interbank rates.

Advantages of using RBK Payments for international transfers include:

• Fast global transfers, with 77% of payments settling on the same day.
• Transfer to 150+ countries in 46+ currencies.
• Use of local payment rails in 90 countries, making payments faster and more cost-efficient than the SWIFT network.
• Market-leading FX rates with no hidden fees.

For businesses with suppliers and customers in multiple countries, RBK Payments eliminates expensive fees and transfer delays. Discover more benefits by signing up online or contacting us today.