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How Long Does A Bank Transfer Take

How Long Does A Bank Transfer Take
If you have to send money to or from Australia, it’s natural that you’re wondering how long bank transfers take.

Sadly, they are known to take a while. We believe using a transferring service is better. We’ll tell you how long traditional transfers take, and whether you should use their alternatives or not.

How Many Days Do Bank Transfers Take?

If you’re sending money to another account in your bank, it would be processed and sent immediately. If it’s to another financial institution, the person you’re transferring to can expect it in their bank account in 1-3 business days.

When sending and receiving cash from abroad, the time taken depends on the currency used. But it would usually take around 3 business days to process. If you sent the cash during the weekend or on a holiday, it would most likely be processed the next business day. Although unfortunate, this is a standard procedure.

In terms of why a transferring service might be worth your while, they don’t charge hefty currency conversion fees, to begin with.

You might think that they’re not reliable, as they’re not banks. This is not true, they are authorized by regulatory bodies. However, as there are so many available, some are superior to others.

Australian Services That Offer Fast Bank Transfers

For an Aussie, we believe these three services offer the fastest bank wires:

To help you know if you should work with them or not, we reviewed their services. Read ahead.

1. TransferWise

The transferring service is very safe to use. They were authorized by the Electronic Money Institution. This means that they’re regulated by the Financial Conduct Authority (FCA) and Her Majesty’s Revenue and Customs (HMRC) in the UK.

As an Australian, you’ll love to know that TransferWise is regulated by Australian authorities as well. The Australian Securities and Investments Commission (ASIC) tends to it.

As they’re regulated by the FCA, your cash is ultra-safe. The governing body makes sure that your money is kept in bank accounts separate from the company. Why is this good? Because if they ever go bankrupt, your funds would not be affected.

They are so safe that some of the world’s largest companies have invested in them. They claim to have collected over USD 396 million in funds from names like PayPal, the Virgin Group and Sapphire, and Seedcamp.

When sending and receiving foreign currency, you’re probably wondering how much they would charge. You would pay a flat fee along with a percentage of the amount you’re sending. The percentage depends on the currency you’re working with. For example, sending GBP (British Pound) to EUR (Euro) would result in a 0.35% commission and AUD 1.44 fee. Meanwhile, sending in reverse would result in a 0.5% commission and a fee of AUD 3.60.

If you’re making the payment through a credit card, you would also be charged an additional sum. This is normal with money transferring services. It would be between 0.3-2% of how much you’re sending.

The company is fully transparent with the fees they cut. You can learn all about them on their site. At the end of the day, their rates are very competitive. You’ll be getting a better deal than with traditional bank transfers. This is especially true as they make use of the truest mid-market rates. The majority of its competitors make a mark-up from the cash that’s being sent.

What’s better is that they lock conversion rates for 24, 48, and 78 hours. This prevents your cash from being a victim of fluctuating currency rates.

They let people from all over the world use their services. You can send money from 43 different countries, and receive it from 71.  They are so convenient to use that they even offer Apple Pay and Android Pay. Unfortunately, the two can’t be used for all currency options.

In terms of the currencies, you can send and receive money in, 57 of them are available. They can be transferred across 1000+ routes.

So, how fast does money get sent? When sending funds to someone, it will show up in their account on a working day. This is true regardless of where they live. At most, it might take 2. However, the latter is very unlikely. It could be due to security checks.

The company has been around since 2011, so they know what they’re doing. In 2016 alone, they saw a growth of 150%. They came into being to not only offer fast transfers but affordable ones. They have succeeded in this.

2. Revolut

Revolut is a revolutionary service that gives banks a run for their money. The app works to replace banks, even issuing virtual and physical debit cards. They are secure. You’ll love that they’re regulated by the FCA. If you remember, this means that cash is kept in a separate account, not letting the company access it if they’re ever in need of money. They make use of accounts at Barclay’s and Lloyd’s.

They are especially private about user information. They use a thorough third-party means to ensure that your data is never leaked. Like TransferWise, you can place two-factor authentications on your account. This would result in no one being able to break in, as you’d have to verify every attempt.

We know that the FCA regulates them, so they’re secure. But how much security does the application itself boast? It is protected through a 2048-bit SSL encryption. They are notoriously difficult to crack.

Revolut acts as a digital banking alternative. You don’t have to issue paperwork to create an account. All you have to do is download their app. They say that you can open one within 60 seconds, and they’re not wrong. However, you’ll have to top-up money from an existing bank account to it. This is one of the security checks they do. The other is proof of ID, which would require a selfie to confirm that the picture in your passport/NIC is you.

There are multiple account types to choose from. There is a free account option. But there is also a premium one, which would be AUD 12.60 a month. There is a metal account option too. It would cost you AUD 23.41 every 30 days.

As mentioned, you can even receive an international debit card from them. It’s exactly like working with a real bank. That being said, you’ll find it easier to send and receive cash internationally.

To begin with, you probably won’t be charged fees for international transfers. It is free up until 9000 Australian Dollars. Once you transfer cash above that limit, 0.5% of the sum would be charged. There is an exception, though. Your cash would be sent through SWIFT if the account you’re sending to is not in the EU. This would result in a fee being charged, which is influenced by how big the sum is. However, not by Revolut. It would be by the bank.

Sending the cash would be simple. All it takes is the click of a button.  In terms of how long transfers take, the answer isn’t fixed. Throughout the EU, it’s instant. Sending cash to and from Australia might take 2 business days. Unfortunately, some transfers can take around 5 business days if they think it was suspicious.

When sending across currencies, you won’t be getting the truest market-rate. Before you get disappointed, know that you’ll get something close to it.

One of the best things about them is that you can transfer fiat (cash) into cryptocurrency. The options they offer are popular ones, like Bitcoin, Ethereum, and Litecoin.

3. CurrencyFair

CurrencyFair is not like the rest. They make use of a peer-to-peer system. This means that you exchange currency rates with others on the application. As a result, you could get a better deal than working with a bank.

Like the other two, they are regulated. You are authorized by the Central Bank of Ireland. Just like with the FCA, this means that client money is kept in a separate bank account. If anything were to happen to the company, your sum would be safe. As they’re regulated by a major bank, they keep their systems and procedures at the highest standard.

Your account on the platform would be safe too. They let you place two-factor authentications, so no one would ever be able to break in.

They are transparent. They offer a thorough privacy policy. What’s so great is that the policy is easy to read. But we don’t think they are the most transparent money transferring service in the game.

Unlike Revolut, you will be charged fees for international transfers. For starters, a flat fee of AUD 5.41 per transfer. If your CurrencyFair account has multiple currencies, you can pick which one you want the $5.41 to be cut in. This would give you the best rate. Depending on the currency you’re transferring to, you may be charged a commission as well. This would be between 0.1-0.6% of the exchanged amount. Thankfully, neither of them is too steep.

There are no other fees unless you’re transferring a couple of specific currencies. These are the New Zealand Dollar (NZD), Canadian Dollar (CAD), United Arab Emirates Dirham (AED), United States Dollar (USD), South African Rand (ZAR), and the Israeli New Shekels (ILS). This is as the money would be sent through SWIFT, so the banks would cut a fee.

In terms of the currencies you can trade, you’re not met with as wide of a range as TransferWise. You can only make use of 20 different ones. You can send and receive cash from 150 countries, which is more than what Transferwise offers, though.

Due to the peer-to-peer system, you can choose your currency rate. This could lead to very competitive deals. However, they would only take place if another CurrencyFair user offers anything good. If you’re not careful, this is why you might be stuck paying more than a bank.

That being said, a lot of customers report that they’ve received rates as low as 0.35% below the mid-market-rate.

In terms of how much time international transfers would take, they are pretty speedy. You can expect them in your account within a business day. At most, it would take 2. Compared to the other two, it is the fastest option.

Unfortunately, you can’t send cash as fast on the weekend or during holidays. This is standard stuff, though.

Final Thoughts

When it comes to transferring money to-and-from Australia traditionally, it would take a while. This isn’t true just for the country, but anywhere in the world. This is due to the conversion of the cash, and banks taking their mark-up. If the sum is very big, it would also need to be verified. That’s why working with a transferring service may be the best choice. There are thankfully many of these that Australians can use, and we are fans of TransferWise, Revolut, and CurrencyFair.

TransferWise is the most regulated from the bunch. They are authorized by the FCA, ASIC, and the HMRC. Your money would be sent rather fast, and you can and receive 57 different currencies. The platform lets a wide range of users work with them, as they let you receive cash from 43 countries and send it from 71. The best thing about them is their mid-market rate. It’s probably the truest rate you could get – the transferring service is clear that they don’t want to make a mark-up from it.

Of course, they charge some fees. This depends on the currencies you’re working with, but it would be a small percentage of what’s being sent.

When it comes to Revolut, one of the perks of working with them is the card you can have. The cherry on top of is the fact that they don’t charge any conversion fees. If you are charged, that’s only because the bank you sent the cash to charged it.

Wouldn’t you agree that the services are a cheaper, faster option? Which of the three caught your attention the most?

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