There may be a number of reasons that you need to transfer money internationally. Perhaps to pay maintenance on an overseas property in France or to send money to a relative in India. Whatever the reason for your transfer, there may be some factors to consider that can affect the duration and speed of the process.
Good morning & welcome to another edition of MyCurrencyTransfer TV. My name is Sofia Kluge and today we’re going to discuss how long it takes to make an international money transfer.
Firstly, it entirely depends on a combination of factors, including: the currency you are buying (for example Euros or Dollars), the country you are sending money to, the bank you are using & lastly, how much money you are transacting.
GBP / USD / Euros
Most reputable FCA regulated currency brokers will make same day British Pound, Euro & US Dollar transfers. The funds will arrive cleared with your bank on exactly the same day, however credit to your beneficiary account may only be next business day. 24 – 48 hours from the moment you book your currency deal is the norm.
Other Currencies
Factor in between 1-4 business days for funds to hit your recipient (or your own account abroad). It all depends on the currency you are buying. By way of example, allow four days for any international exotic currency payment! The best thing to do is to speak with your dedicated account manager, who will guide you on the international payment process and speed of transfer.
Public Holidays
So too, watch out for public holidays slowing down speed of transfer. Our own business needed to make internal transfers to Israel, namely selling pounds and buying Israeli Shekels. As it was the festival of Succot, payment was slightly delayed by a day or two.
Do you have an account?
Lastly, it all depends on whether you have an existing account with your chosen currency broker. If you already have an account set up, your good to go and this will reduce the speed of transfer. Typically, it takes only a few minutes to set up a private client account and it’s free of charge. However, for corporate money transfers, be prepared for some more stringent KYC (Know your customer) and AML (Anti Money Laundering) checks before you have a live trading account with broker. Allow between 24-48 hours to set up a corporate account, and this is of course, one time only.
So, I hope that was helpful in explaining how long it takes to transfer money abroad.
If you have any questions, feel free to reach out to me via email – [email protected] and follow us on Twitter @CurrencyTransfr look forward to seeing you all next week.
Written by Sofia Kluge on Google+
