How long does it take to transfer money? (2024)

FAQs

How long does it take to transfer money? ›

ACH transfer times take anywhere from a few hours to three business days, depending on the time of day the payment is initiated and whether same-day processing has been requested.

ACH transfer times take anywhere from a few hours to three business days, depending on the time of day the payment is initiated and whether same-day processing has been requested.

While most banks will process funds within 24 hours, it could be a day or two before they arrive in the recipient's account. Most banks will advise 24 to 72 hours before funds land and are available.

This is because the funds are staying within the same financial organization. Bank transfers between banks will take longer, up to three business days for some transactions, because they have to go through intermediary banks that help facilitate the transfer.

PayID transfers and most transfers made to a BSB and account number are usually processed instantly, or within a few minutes. First-time and some other transfers may be held for 24 hours though as a security measure.

If the bank sending the funds makes a mistake, a wire transfer may take longer than expected. Holidays can also disrupt wire transfers. Prepare for delays if you're receiving money from a slow-to-pay country such as Afghanistan or Cuba.

Wire transfers and P2P payments tend to be the fastest methods, but you have little recourse for getting your money back once the funds are sent. Cashier's checks are a preferred method for transferring large sums of money but can get lost or damaged.

If you need the funds to arrive in the recipient's bank account as soon as possible, you may be able to expedite the process. Some banks offer this service if the recipient account is within the same financial institution, and the sender has previously sent a transfer.

As a result, most bank transfers are instantaneous, although in some cases, payment can take up to two hours. It's important to remember that while Faster Payments aims to provide you with these types of bank transfer times, there's no guarantee that your payment will be cleared on the same day.

Bank to bank transfer times can vary across financial institutions depending on the type of transfer you make. If you're making a traditional inter-bank transfer it will take 1-3 business days. If you use NPP Faster Payments or a PayID it can be near real-time.

What time do banks process transfers? ›

8:00 p.m. ET for next-business-day or 3-business-day transfer. Funds will be received by the recipient's bank either the next business day or within 3 business days. 5:00 p.m. ET for same-business-day (wire) transfer. Funds will be received by the recipient's bank on the same business day.

Money was wired from my account to another party, but that party did not receive the money. What can I do? If the bank initiated the transfer, notify the bank immediately so that it can investigate your claim. If you first contact the bank by phone, it is a good practice to follow up in writing.

How long it takes for an EFT payment to clear heavily depends on what type of transaction is being performed. Debit card and ATM transactions often clear instantly. ACH transactions typically clear the next day. International transactions might take longer — often two business days.

Payments between banks may happen right away, or the next morning. If your money is going to a different bank from your own, the receiving bank may get your money on the same day or the next morning, depending on whether you made the payment early in the day or later in the day.

A balance transfer takes about five to seven days after your request before you'll see it appear in the account you're transferring the balance to. But a word of warning: Some credit card issuers can take 14 or even 21 days to complete a balance transfer.