Is there an average speed on international transfers?
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As consumers of the 21st century, we are used to getting everything the minute we need it. It’s the same with international transfers, especially during an emergency.
The speed of your international transfer depends on various factors and on the transfer service. International transfers can take a few minutes, hours on a business day and even a few days, depending on the provider/bank. For example, 45% of Wise transfers are instant. It is also one of the 2023 Mozo Experts Choice Award winners for best International Money Transfer.
The best way to send money overseas is to send it via an international money transfer provider. Whether it is an emergency or not, choose your international money transfer provider according to your needs.
Here are a few things that might affect the speed of your transfer:
- Amount/Currency: Exchange rates between countries keep changing regularly and converting the money to the receiver’s currency might take time depending on the provider.
- Location: The speed of transfer differs from country to country due to regulations, fraud prevention processes or just slower processing. In fact, time zones can also play a role in this.
- Time: If you choose to transfer money before the cut off time on that specific day, it mostly gets processed on the same day.
- Security checks: Providers and banks must ensure that the customer’s money is safe for which they have to conduct security checks to check whether the details of the transfer are genuine.
If you’re sending money through Australian banks & providers, here are their estimated transfer times for you to compare:
Banks
Commbank: 1-3 business days
Westpac: 1-2 business days
ANZ - 2-4 business days
Suncorp: Up to 5 business days
Providers
Wise: 0-2 business days
TorFX: 0-2 business days
OFX: 1-2 business days
Currencyfair: 1-2 business days
OrbitRemit: Same day
Pro Tip: Keep a track of your transfer to know the exact status of your money.
Our Mozo experts have handpicked some of the best money transfer providers on the market for you. You can compare everything including transfer time below:
Personal international money transfer comparisons on Mozo
I want to transfer
Today’s foreign exchange rates
- Excellent exchange rates, no transfer fees
- 24/7 transfers online, over the phone or through the TorFX app
- Personal account management and expert insights
$6,364 USD
IN PERSONn/a
BY PHONE$0
ONLINE$0$0.6364 USD
1-2 days
$200 minimum
- Send to 200+ countries and 100+ currencies globally, 48,000+ 5-star 'Excellent' ratings on TrustPilot
- Dedicated Australia-based client services team with personal account management for transfers over $20,000
- Send fees are charged on smaller amount transfers, additional fees are charged on debit and credit card payment methods.
$6,348 USD
- IN PERSONn/a
BY PHONEn/aONLINE$5 $0.6351 USD
1-3 days
none
- Fee Free transfers
- Talk to a human, 24/7. Sharp Rates and Fast and Secure transfers.
- Australian owned, ASX listed and Official Foreign Exchange Provider of the NHL
$6,349 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6349 USD
1-2 days
$250 minimum
$500 monthly minimum for regular transfers
- 48 hour fixed rates, receive 5 fee-free transfers
- Fast, secure transfers, up to 8x cheaper than the banks
- Send and receive money in 20+ currencies
$6,348 USD
- IN PERSONn/aBY PHONE$5ONLINE$5
$0.6351 USD
1-2 days
Minimum transfer amount is $10 AUD
* The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.
^See information about the Mozo Experts Choice International Money Transfer Awards
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