Personal Finance

How long do SWIFT transfers take?

Gabriela Peratello

16.01.23 (updated more than 1 year ago)

Read time 3 minutes

If you’re sending money overseas with your bank, you’ll probably be offered a SWIFT transfer (also commonly called an international bank wire).

SWIFT payments are widely available, safe and reliable — but, depending on your specific transfer, may not be the quickest or most cost effective option out there.

Let’s look at how long you can expect a SWIFT payment to take — and as a bonus we’ll also introduce low cost international transfers from Wise which may work out to be cheaper and faster compared to using SWIFT.

What is a SWIFT transfer and how do they work?

SWIFT is the global body which helps facilitate international bank transfers, in part by issuing unique SWIFT codes to each participating bank, which are then used to guide payments to accounts overseas.

The SWIFT payment network has been around for 50+ years, and is favored by banks and credit unions as it’s established and reliable. However, it’s not always fast — and can come with some tricky fees too.

In SWIFT, your bank will work with 1 - 3 partner institutions, called correspondent or intermediary banks, to process your international transfer.

These intermediary banks pass your payment along — much like taking a journey involving connecting flights — until it reaches the destination account.

SWIFT is convenient for banks because it means they can offer payments to other countries without needing to set up operations overseas themselves.

However, the system can be time consuming — and because intermediaries can also deduct a fee as they process your transfer, the fees can be unpredictable and fairly high in the end.

Learn more about SWIFT transfers with our full guide

How long do SWIFT bank transfers take?

The length of time it takes to process your SWIFT payment will depend on where you’re sending money to, the value of the transfer and your own bank’s processes.

Transfers on popular routes may arrive in a day or so — but some payments may take closer to 3 - 5 days to be deposited.

Here’s a look at the expected delivery times for SWIFT wire payments for some major US banks:

Bank of America: 2 days for major payment routes, longer for ‘slow to pay’ countries¹
Wells Fargo: International wires take a few days²
Chase: International wires take 1 - 5 business days³

Why do SWIFT transfers take so long to be processed?

SWIFT transfers can take a while to be delivered for a few reasons.

Firstly, you’ll need to hit your own bank’s cut off time to make sure your payment is dealt with on the same working day.

Once your money is moving, several intermediary banks can be involved — each with their own processes to follow, which can also take up time.

It’s also helpful to know that some payments may require extra verification for security, and that SWIFT transfers can’t be dealt with outside of normal banking hours, which can slow down delivery. Ask your bank for their expected payment arrival time before you get started.

Make international payments like a local with Wise

If you need to send an international payment quickly you may find a specialist service like Wise can get your money moving faster than your normal bank.

Wise built its own payment network to avoid SWIFT — cutting out surprise intermediary fees, and speeding up delivery times, too.

With Wise you can pay for your international transfer in dollars with a local payment method like ACH.

Wise will then pay out the agreed amount in the local currency in the destination country, from their account there. That means no money really has to cross any borders, making the entire process faster and cheaper.

Over 50% of Wise payments arrive instantly (within 20 seconds), and 90% get there in 24 hours⁴. Learn more about Wise instant money transfers here — and start sending money right away⁵.

Get started with Wise 🚀

Can SWIFT transfers be delayed?

There are a few reasons a SWIFT payment may be delayed — including:

Incorrect or incomplete banking details provided for the recipient High value transfers may require extra verification checks or documentation to comply with international law Public holidays here or in the destination country may slow down transfers The processes of the recipient’s bank — or of any of the intermediary banks involved — may also take extra time

Can you track a SWIFT transfer?

Many banks will help you to track a SWIFT transfer if it’s not arrived in the time you’d expect it to.

However, there’s often a charge for this service, which can be fairly high. Check with your own bank to learn more.

Tracking a payment? Learn all you need to know about the MT-103 document

So there you have it — all there is to know about how long SWIFT transfers usually take. In short, SWIFT is reliable and established — but not necessarily the fastest or cheapest way to send an international payment.

Compare a few options, including specialist services like Wise to find the best transfer type for your needs.

Sources:

Bank of America - Wire transfer FAQ
Wells Fargo - Wire transfer FAQ
Chase - Wire transfer FAQ
The speed of Wise transfers 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
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Sources checked on 01.06.2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.