International bank transfers, also known as cross-border payments, are an essential aspect of global commerce. Businesses and individuals alike rely on these transfers to move money across borders securely and efficiently. These transactions require the coordination of multiple financial institutions and clearing houses, making the process complex and time-consuming. The transfer time for international bank transfers can vary widely depending on various factors, including the transfer method and the countries involved.

What are international bank transfers?
An international bank transfer is a transaction where money is transferred from one bank account to another located in different countries. These transfers involve different currencies and can be initiated by individuals, companies, or financial institutions. In most cases, international bank transfers are processed through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which is a global messaging network that facilitates cross-border payments between financial institutions.
Types of International Bank Transfers

There are several types of international bank transfers, including:
SWIFT transfers
SWIFT transfers are the most common type of international bank transfer. These transfers are initiated through the SWIFT network and involve multiple intermediaries to complete the transaction.
ACH transfers
ACH (Automated Clearing House) transfers are electronic transfers that are used for domestic and international transfers. These transfers are typically faster and less expensive than SWIFT transfers but may not be available in all countries.
Wire transfers
Wire transfers are another type of electronic transfer that can be used for international transfers. These transfers are typically faster and more expensive.
SEPA Payments
A SEPA payment is a payment in EUR to a bank within the European Economic Area, and is sent to an IBAN. SEPA payments are often called Europe payments, as this reflects the essence of SEPA payments: a method of sending EUR payments cheaply and conveniently within Europe.
How do international bank transfers work?
To initiate an international bank transfer, the sender must provide their bank with the recipient’s account information, including the name and address of the bank, the recipient’s account number, and the SWIFT code. The SWIFT code is a unique identifier for the recipient’s bank that is required to process the transaction. Once the transfer is initiated, the sender’s bank sends a message to the SWIFT network, which then routes the message to the recipient’s bank. The recipient’s bank then credits the recipient’s account with the transferred funds.

Factors impacting the bank transfer time
The transfer time for international bank transfers can vary widely depending on various factors, including the transfer method, the countries involved, the amount being transferred, and the banks involved. Some of the factors that can impact transfer time are:
Transfer method
The transfer method used can affect the transfer time. For example, if the transfer is initiated through the SWIFT network, it may take longer to process than a transfer initiated through a local bank. This is because SWIFT transfers require multiple steps and intermediaries to complete the transaction, whereas a local bank transfer only involves the sender and recipient’s banks.
Countries involved
The countries involved can also impact transfer time. Some countries may have stricter regulations and require additional documentation, which can slow down the transfer process. Additionally, transfers to certain countries may require additional scrutiny to comply with anti-money laundering regulations.
Amount being transferred
The amount being transferred can also impact transfer time. Larger transfers may require additional review to ensure that they comply with anti-money laundering and anti-terrorism financing regulations.
Correspondent banks involved
Correspondent banks are intermediary banks that facilitate cross-border payments between banks. The more correspondent banks involved in the payment process, the longer it may take for the payment to be completed. Some banks may also have additional internal processes or policies that can slow down the transfer process.
Benefits of international bank transfers
International bank transfers have numerous benefits, making them an attractive option for businesses and individuals alike. One of the main benefits is the ability to transfer funds quickly and securely across borders. Additionally, international bank transfers enable companies to make payments to suppliers and partners in foreign countries, allowing them to expand their global operations.
Some of the benefits of international bank transfers for individuals include:
- Convenience: International bank transfers offer a convenient way for individuals to transfer money to friends or family living in other countries. With online banking, individuals can initiate transfers from the comfort of their own home or office, without having to go to a bank branch.
- Faster Transfers: International bank transfers can be completed within a few business days, depending on various factors such as the destination country, correspondent banks involved, and the payment amount.
- Competitive Exchange Rates: Banks and fintech offer competitive exchange rates for international bank transfers, allowing individuals to get more value for their money. Additionally, banks often provide information on exchange rates and fees upfront, enabling individuals to make informed decisions on the amount they wish to transfer and the total cost involved.
Some of the benefits of international bank transfers for businesses include:
- Efficient Payment Processing: International bank transfers offer a fast and efficient way for businesses to pay suppliers and partners in other countries. This enables businesses to manage their cash flow effectively, which is crucial for the success of any business operating globally.
- Enhanced Security: International bank transfers offer enhanced security, as banks have robust security measures in place to ensure that transfers are not subject to fraud or theft. Banks also provide a transparent and traceable system, allowing businesses to track the status of their payments in real-time.
- Global Business Operations: International bank transfers enable businesses to expand their operations globally by allowing them to make payments to suppliers and partners in foreign countries. This enables businesses to operate in multiple countries, facilitating global trade and increasing revenue.
SEPA Payments vs SWIFT Payments
SEPA payments are another type of cross-border payment that is widely used within the European Union. SEPA transfers are typically faster than SWIFT wire transfers, taking only one to two business days to complete. Additionally, SEPA transfers are often cheaper than international bank transfers, with many banks offering them for free or at a reduced cost.
However, SEPA payments are limited to the European Union, meaning that they are not suitable for cross-border payments outside of the EU. Additionally, SEPA transfers are subject to different regulations and requirements than international bank transfers, making them less flexible in some cases.
SEPA Transfers | SWIFT Transfers | |
Location | SEPA payments are limited to transactions within the European Union (EU) and the European Economic Area (EEA), whereas SWIFT payments can be used for cross-border transactions worldwide. | SWIFT payments can be used for cross-border transactions worldwide including EU, Asia, Africa, North America and more. |
Speed | SEPA payments are typically faster than SWIFT payments, with funds often arriving on the same day or within one business day. | SWIFT payments, on the other hand, can take several days to complete, depending on the destination country and correspondent banks involved. |
Cost | SEPA payments are often less expensive than SWIFT payments, with many banks offering SEPA transfers free of charge. | SWIFT payments, on the other hand, can come with higher fees, including foreign exchange fees, correspondent bank fees, and transaction fees. |
Format | SEPA payments use a standard format, making them more straightforward and easier to process. | SWIFT payments are more complex and require more detailed information, including the SWIFT code, bank name, and account number of the recipient. |
Currencies | SEPA payments are limited to transactions in euros. | SWIFT payments can be used to transfer funds in various currencies. This can make SWIFT payments more useful for businesses operating globally, as they can transfer funds in the currency of the recipient country. |
Conclusion: How Long Do International Bank Transfers Take?
The time it takes for international bank transfers to complete can vary based on several factors. SWIFT wire transfers, which are the most common type of international bank transfer, can take anywhere from one to five business days to complete. However, this is subject to the factors mentioned earlier, such as the destination country, payment amount, and correspondent banks involved.
In conclusion, international payments are an essential aspect of global business operations, enabling individuals and companies to transfer funds across borders quickly and securely. While the time it takes for international bank transfers to complete can vary based on several factors, they offer numerous benefits, such as the ability to expand global operations, increased security, and transparency.
International bank transfers remain the go-to choice for cross-border payments outside of the EU. As the global economy continues to grow and become more interconnected, international bank transfers will remain an essential tool for businesses and individuals alike.