Personal Finance

How long does an EFT payment take?

Gabriela Peratello

16.01.23 (updated more than 1 year ago)

Read time 1 minute

EFT stands for electronic funds transfer. EFT payments cover a broad range of payment types, from ACH transfers and bank wires, to peer to peer payment services like Venmo and Zelle, to debit and credit card transactions and more.

But how long do electronic funds transfers take? Read on for all you need to know.

How long does it take to receive an EFT payment?

EFT payments are extremely common, as they’re convenient, secure, and depending on the transfer type, may be pretty cheap too.

If you’re waiting to receive an EFT from a friend or organization, the chances are your money will arrive via an ACH or a bank wire.

The EFT payment processing time for these different payment types can vary.

Are EFT payments immediate?

EFT payments may not arrive instantly — delivery times can vary based on the specific EFT type, where the money is going, and the value of the transfer, among other factors.

Here are the average EFT times for a couple of the most common payment types — ACH and wires — as an example:

EFT payment type	Average delivery time
ACH payment within the US	24 - 72 hours, depending on the specific service selected¹
Domestic wire within the US	Usually within 24 hours
International wire	3 - 5 days depending on destination

It’s helpful to know that ACH payments can’t be deposited on weekends or when the Federal Reserve is closed.

ACH transfers are also not often available when sending money overseas — in this case your bank will normally suggest an international wire which may take several days to arrive.

If you’re looking for a faster way to send money overseas, a specialist service like Wise may be a better bet, with overseas payments you can fund with a local ACH, for the quickest possible delivery time. 50% of Wise payments arrive instantly, and 90% are there in 24 hours².

Learn more about Wise

How do you track an EFT payment?

When you arrange your ACH or bank wire, it’s worth checking the expected delivery time.

Specialist services like Wise can give an estimated arrival time before you confirm your transfer — but banks may not always be able to do this.

If you’ve sent a bank wire overseas, it can usually be tracked — but your bank may well charge a fee for this service.

Common reasons for EFTs to be delayed include:
Incorrect details used for the recipient — such as not giving a routing number for a local payment, or a SWIFT code for a cross-border transfer Verification checks, particularly for high value payments, which can require you to submit additional information or paperwork Missing cut-off times — banks will only process many payments on the same day if you submit them early enough. Miss the cut off and your payment will wait until the next working day Weekends and public holidays in the US or destination country

Common reasons for EFTs to be delayed include:

Incorrect details used for the recipient — such as not giving a routing number for a local payment, or a SWIFT code for a cross-border transfer
Verification checks, particularly for high value payments, which can require you to submit additional information or paperwork
Missing cut-off times — banks will only process many payments on the same day if you submit them early enough. Miss the cut off and your payment will wait until the next working day
Weekends and public holidays in the US or destination country

Sources:

Nacha payments - Myth busting
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

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.