How Long Does It Take to Transfer Money Between Banks?

We’ve all been there…you need to pay rent ASAP or else you’ll get dinged with a late fee. Or, you’re waiting for a paycheck from an employer who insists they sent it days ago. Regardless of the reason, everyone needs to send or receive money quickly every now and then. Keep reading to answer the question: How long does it take to transfer money between banks?

---

Need cash while you wait for your money to transfer? Check out MoneyLion’s Instacash^® advance!  

---

How long do bank transfers take?

A normal bank transfer typically takes one to five business days. However, ACH transfers and many peer-to-peer (P2P) payment apps allow for same-day, near-instant transfers (usually for a small fee). If you need your recipient to get the money right away then a P2P app or a same-day ACH transfer could be your best bet.

There are 6 common ways to transfer money between banks in total:

1. ACH transfer
2. Bank wire transfer
3. Third-party wire transfer
4. International wire transfer
5. Peer-to-peer transfer
6. Personal checks

Let’s dig deeper into the average time for each type of transfer.

ACH transfer: One to five business days

Automated clearing house (ACH) transfers usually take one to five business days to appear in a recipient’s account. The ACH system also offers same-day transfers that can reach virtually every bank and credit union account in the United States. As long as you and your recipient are using the same banking network, you can send money with a checking account number instantly.

ACH payments are very common and safe. As of 2024, the ACH payment system processed more than 33 billion payments and $86 trillion in funds. It is a good alternative if you don’t want to use other methods such as checks, credit cards, or wire transfers to transfer funds.

Peer-to-peer (P2P) payment apps: One to three days or instantly (usually for a fee)

P2P payment apps like PayPal, Zelle, Apple Pay, Google Pay, or Venmo typically take one to three days to transfer money. Instant transers are usually available for a small fee. Notably, money sent with Zelle is typically available to other Zelle users within minutes, for free.

Wise.com has also gained popularity as a competitor to traditional ACH or wire transfers.

Bank wire transfer: It depends on the type of wire

Domestic wire transfers are usually processed within 24 hours. International transfers may take up to five days to process, depending on the destination country, origin country, and standard bank processing times. 

The timing of the transfer can also lead to delays as most banks have a cutoff time for wires each day. For example, a wire initiated on a Friday afternoon before July 4th weekend will probably take longer than one initiated during the middle of the workweek. 

Wire transfers tend to have high limits which makes them attractive if you need to send a larger sum of money.

👉🏻 Learn More: How to Do a Bank Wire Transfer

International wire transfers: Typically one to five business days

International wire transfers typically take one to five business days, depending on a range of factors like time zones, countries, currency conversion, regulations, and more. 

These types of wires are popular for sending money across countries because they tend to have high limits and make currency conversion easy. 

👉🏻 Learn More: How to Transfer Money Internationally

Third-party wire transfers: Five to seven days

If you’re sending or receiving money internationally and your bank doesn’t have a SWIFT code then you’ll likely need to use a third-party wire transfer. These transfers involve a third-party bank acting as an intermediary between the sending and receiving banks.

The timing of third-party wire transfers depends on your financial institution, the country that you’re sending to or receiving from, and other factors. You can expect these to take slightly longer than a regular international wire.

Personal checks: One to two business days

It’s easy to forget that personal checks aren’t reserved for Grandma & Grandpa sending birthday cash. Checks offer an efficient way for anyone to transfer money between banks (especially helpful if physical distance isn’t an issue). 

Generally, the first $225 from a check is required to be available at the start of the next business day after the check is deposited. The full amount usually clears the following day. But, deposits can take longer to clear if it meets certain exceptions or if the check is more than $5,525.

How to transfer money from one bank to another?

There are plenty of ways to transfer money from one bank to another including ACH transfers, wires, P2P money-sending apps, and personal checks. The best method usually depends on how much money you’re sending and where you’re sending it.

Factors that can affect how long it takes to transfer money

Transfer times are always a bit of an approximation because they are influenced by a number of different factors. Let’s examine a few factors that can potentially delay your money transfers.

Incorrect information

If you put incorrect information in the transfer request, the funds may be delayed or returned. Common errors include:

• A recipient’s name that doesn’t match the name on their bank account
• The recipient’s home address
• The recipient’s account number
• The receiving bank’s SWIFT code or routing number
• Your personal information and bank account information
• Your bank balance

Be sure to double-check all of these before sending any transactions to prevent delays. 

Weekends and holidays

It’s common for transfers to get delayed over the weekend or during a holiday.

For example, if you request an ACH transfer on the Friday before Thanksgiving, it’s possible that the recipient won’t see the funds in their account until the Monday after Thanksgiving — 10 days later. Banks always estimate delivery time in business days, so be sure to account for holidays and weekends. 

Bank policies

Some banks have policies to delay transfers for 24 to 48 hours to ensure sufficient funds in both the sending account and the receiving bank, affecting how long bank transfers take. You can check with your bank for its policy. 

Likewise, the receiving bank may have a policy about only releasing funds 24 to 72 hours after the incoming transfer has been received. 

Fraud detection

Banks will sometimes delay a transfer if it appears suspicious, just to be on the safe side.

For example, your bank may deliberately delay a transfer to an Airbnb host who requests a wire transfer. This provides more time to confirm that you actually have plans to stay at the Airbnb. This precaution helps banks protect their customers from scams.

Currency conversions

For international transfers, currency conversion, time zones, and the use of intermediary banks can increase transfer times.

For example, if you’re transferring money to a family member on the opposite of the world, you’ll have to account for the drastic time difference. If the normal processing time is one to five days then it may take two to six days due to the time change.

Transfer amount

Most financial institutions place limits on the amount of money that you can transfer at once. Large transfers will likely receive additional scrutiny even once they’re approved. This can lead to longer transfer times when compared to smaller transfers.

Network congestion

Network congestion happens when too many transactions are processed at the same time, overloading banking systems. This can happen during peak business hours or during unique economic events and may lead to delays in transfer times. 

Technical issues

Banks – just like all businesses – rely heavily on technology. Technological mishaps can disrupt the processing of transfers by preventing banks from verifying, routing, or settling transactions. This can cause delays ranging from a few hours to several days, depending on the severity of the issue.

So What’s the Best Way to Send Money? It Depends!

If you are sending a small sum of money to someone who’s in the same country then a P2P money-sending app or an ACH transfer is probably your best bet. For larger sums of money, consider using a domestic wire or a personal check. And, to send money across borders, an international wire is probably best.

FAQs