How long does a wire transfer take in Canada?

Wondering how long wire transfers take in the Great White North? Well, it depends on whether it’s local or international. We’ll be taking a closer look at these durations.

But here's a little secret—Wise can help you send your money across the border faster than ever, making it a speedy solution for all your transferring needs.

How long does a wire transfer take within Canada?

When you’re wiring money within the borders of Canada, transfers are sent between financial institutions by Canada’s high-value payment system, Lynx¹.

Transfers are usually completed within the same day. But, things can get a bit more complicated if weekends or public holidays are involved - banks take breaks too. In these cases, you might have to wait an extra day or two.

How long does an international wire transfer take?

On average, international transfers can take anywhere from 1 to 5 business days to complete.² But in some situations, these transfers can be completed within the same day. These wires are processed through the SWIFT network, for which you’ll need banking information and a SWIFT/BIC code from the person you’re sending money to.

This network typically consists of intermediary banks. The route your transfer takes will determine the duration as well as the fees associated with your international wire transfer.

Also, banks have daily cut-off times for wire transfers. Miss it, and you'll have to wait until the next business day.

Meet Wise - an effective alternative to wire transfers

Wise offers you an alternative to traditional wire transfers. With an efficient and transparent approach, Wise makes it possible to make low cost international transfers in a few clicks.

For popular currency routes, Wise could help transfer your funds on the same day or even instantly.

For those who love to keep an eye on their funds, Wise's transfers are traceable, giving you peace of mind throughout the journey. Wise offers local pay-in methods and has a smart network of local banks, allowing you to send money in 40+ currencies.

When compared to banks, here’s how much a money transfer with Wise would cost you:

How long does a wire transfer take for each bank?

Here's how long wire transfers take amongst some of the most well known banks in Canada:

How long does it take for a wire transfer to be returned?

Most of the time, you'll need to contact your bank immediately to request a cancellation, and if you're lucky, they might be able to stop the transaction. However, if the transfer has already been received, you'll have to rely on the unintended recipient to return the funds.

Only if the bank makes a mistake with the account number, the wire was a duplicate, or too much money is sent would the transaction be 100% reversed.

How long does it take to trace a wire transfer?

Tracing a wire transfer takes time and patience. But if you’re dying to know, you can request a trace on your transaction. You’ll need your reference number for the transaction and other important banking details.

What do you do if a wire transfer is not received?

While it's rare for wire transfers to vanish into thin air, there are a few steps you can take to track down your missing cash. Start by getting in touch with your bank to confirm the transfer went through and verify the details you provided. Sometimes, it's just a typo or a miscommunication that's holding things up.

Next, check in with the receiving party to see if they've received the funds or if there's an issue on their end. If all else fails, it might be time to put on your detective hat and ask your bank to launch an investigation. They'll help you get to the bottom of the case and with any luck, reunite you with your wayward wire transfer.

Frequently asked questions about wire transfer durations

How long does a wire transfer take between the US and Canada?

A wire transfer from Canada to the US should take between 1 to 5 business days to complete. Likewise, it would take the same amount of time for wire transfers from the US to Canada.

Which factors impact wire transfer durations?

• Bank policies: Each bank has it's own policy, and this can cause variations in wire transfer durations. As a result, some banks transfer money quicker than others.
• Cut-off times: Banks have their own schedules for wire transfers. This can impact the duration of your wire transfer depending on when the money is being sent.
• Domestic vs international: International wire transfers are processed via the SWIFT network, meaning that your money might travel through several banks before reaching the intended recipient.
• Weekends and holidays: Most banks do not operate on weekends and bank holidays. In case your wire transfer has a long route to take, or if your transfer is scheduled close to one of the holidays or weekends, it might take longer for your money to reach its recipient.
• Currency conversions: When currency conversions are involved, there is an increase in the fees as well as the time required for the transfer to be completed.