How long do international bank transfers from the UK take?

Need to send money overseas using your UK bank account? Most banks offer this service, and you should be able to set up an international transfer using online or mobile banking.

But when time is of the essence and you need a payment to arrive quickly, the big question is - how long do international bank transfers take?

Find out average transfer times for SWIFT and SEPA payments here in our helpful guide.

We’ll also show you an alternative money services provider which could be speedier - Wise, which lets you send money worldwide to 160+ countries for low fees* and great mid-market exchange rates. Many payments on popular currency routes arrive within one day or faster**, although other transfer times depend on the currency and destination.

Learn more about the Wise account 🚀

An overview of international transfer times

Let’s start with a quick at-a-glance look at average transfer times for two of the main methods for making an international bank transfer. These are SWIFT and SEPA, which we’ll look at in more detail in just a moment.

Which method you use and how long it takes will depend on where you’re sending money too and in what currency.

International transfers sent via SEPA

One of the methods you can use to send money internationally with your bank is SEPA. This stands for Single Euro Payments Area.

As you’d expect from the name, SEPA can only be used to send payments to or within the EU. The list of 36 participating countries (available on the European Central Bank website) also features a handful of non-EU countries such as Norway, Iceland and of course, the UK.¹

Crucially, you can only send SEPA payments in euros (EUR). This means you can’t send money in British pounds (GBP) - you’d need to convert the money to euros first. This may mean having a bank account denominated in EUR.

The good news though is that SEPA payments are often cheaper than SWIFT payments - they’re sometimes free, depending on the bank and the amount you’re sending.

How long do SEPA international payments take?

Typically, SEPA payments take no longer than one working day to arrive. This is for payments set up online. It can take up to two working days for paper-based requests.¹

Transfer times for international transfers sent via SWIFT

The second option for sending money overseas using your bank is SWIFT. This stands for the Society for Worldwide Interbank Financial Telecommunications. It’s a secure global messaging network that banks use to make payments to each other.

If you’re sending money outside of the EU, or within the EU but not in EUR, you’ll need to send your payment via SWIFT.

SWIFT payments can be a little slower than other kinds of transfers. This is because information about your transfer needs to travel along a route in the network that may involve several banks - before it reaches your recipient’s bank and account.

This unfortunately also means that additional fees may be involved, as each bank involved along the route may charge their own fee. These are known as correspondent, intermediary or receiving bank fees.

How long do SWIFT international payments take?

On average, SWIFT payments between countries tend to take between 1-5 working days. If you’re lucky, your payment will arrive within around 24 hours. But realistically, you can expect it to take 3-5 working days.²

Is there any way to speed up international bank transfers?

Unfortunately, there aren’t usually any express transfer services available with banks, as most are only able to send SEPA and SWIFT payments. These take as long as they take, which could be anywhere between 1 and 5 working days, depending on the transfer method.

But there are some things you can do to prevent delays, such as:

• Double-checking that the recipient’s bank details are correct - any mistakes can lead to delays or failed payments.
• Avoid sending payments just before the weekend or around a bank holiday - payments can only be processed on working days.
• Factor in the time difference - you should aim to send a payment when it can be processed during working hours in your recipient’s timezone, as well as yours.
• Make sure you meet your bank’s cut-off time - most banks have a cut-off time (i.e. 3pm) for processing international payments the same day. If you miss it, your payment may not be started until the next working day.

Send fast international payments with Wise - you could save money too

Of course, banks aren’t the only way to send money from the UK to another country. And they may not be the quickest or cheapest either. The good news is that there are some speedy alternatives available, including Wise.

Open a Wise account for free and you can send money worldwide for low fees* and mid-market exchange rates. Payments are fast, secure and easy to track, so your recipient gets their money quickly**.

This is because Wise isn’t hampered by the slowness of SWIFT. It works a little differently, using smart technology to link local bank accounts in countries all over the world. You’ll get upfront estimates of when your money will arrive, and it could be just minutes - although some transfers take a day or two depending on destination and currency.

Sign up with Wise today 💰

Get in touch with our large amounts team 📞

**Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

Sources used:

Sources last checked on date: 06-Nov-2024