Is there an average speed on international transfers?

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: