How Long Does an Instant Wire Transfer Take? (2024)

FAQs

How Long Does an Instant Wire Transfer Take? ›

Sometimes. Wire transfers are required by the Expedited Funds Availability Act to be available to recipients within one business day. A domestic wire transfer sent within the US is therefore usually processed within a few hours, but at times the process can be instantaneous. Timings will depend on several factors.

If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes. If you're sending money to another country, however, it may take as many as five days for the recipient to receive their funds.

A payment is instant when it arrives within 20 seconds. And sometimes they're even quicker.

Knowing how wire transfers work, now it's time to look into the reasons your bank may reject a wire transfer. If the account is opened in another currency. If the bank account is unavailable/closed or cannot receive payments. Because of the bank's internal policies.

When you send a wire transfer, you'll receive a Federal Reference number, or fed number, that confirms the transaction¹. If you're worried about your payment, you can contact the sending bank and request a trace on the wire transfer using the reference number¹.

Domestic wire transfer: Due to EFAA regulations, most bank-to-bank wire transfers between accounts in the US are completed within 24 hours. Some banks make wired funds available to recipients immediately, especially on transfers between accounts at the same institution.

Wire transfers through credit unions may happen within a few minutes. The same is also applicable for some bank transfers, especially within the same institution. Automated Clearing House (ACH) wire transfers within the USA generally take 2 to 3 days. However, ACH transfers have lower fees than wire transfers.

Payments typically process in minutes, but it could take up to an hour to get the money in your bank account. In rare instances, an Instant Transfer via debit card can take up to 30 minutes. Bank holidays could also slow payments by up to a day.

Funds transferred between participating banks using Fast Payments are processed in less than 60 seconds, 24 hours, seven days a week in most instances.

Wire transfers don't physically move money. They're electronic instructions to move funds between accounts. But they can get delayed or misdirected. This might make it seem like your wire transfer is lost.

Can a bank reject a wire transfer? ›

A wire transfer could also be rejected, such as the bank account you are transferring to is closed. How do I know if a wire transfer went through? You can contact the bank to track your wire transfer. They will use your Federal Reference number to trace it.

Wire transfers are required by the Expedited Funds Availability Act to be available to recipients within one business day. A domestic wire transfer sent within the US is therefore usually processed within a few hours, but at times the process can be instantaneous. Timings will depend on several factors.

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.

Contact your bank or payment service provider: Reach out to your bank's customer service or visit the nearest branch (if they have any). Provide them with the transaction details and ask for assistance in tracking the wire transfer. They will have access to the necessary systems and information to help you.

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. If you wired the funds through a third party (e.g., Western Union), contact that party to find out what their procedures are.

If you are doing it online, the process will take only a few minutes. The offline process takes longer. Banks process wire transfers only on business days within the cut-off time. The normal time to complete the transfer is 24 working hours, however, we recommend you check with your bank about it.

In some instances, banks will charge more for same-day wire transfers. This “expedited processing fee” is common and usually trivial. In other situations, banks will charge a premium on same-day wire transfers over certain amounts. It depends on the situation, the institution and your status as an accountholder.

While domestic electronic funds transfers can be completed within one business day, international transfers typically take one to five business days, and they can take longer depending on a variety of factors.