GITNUX MARKETDATA REPORT 2024

Wiring Money Transfer Duration Statistics

The average duration for wiring money transfers is typically 1-5 business days.

Last Updated: June 23, 2024

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In this post, we will explore the various factors that affect the duration of wire transfers, from the average processing times to the potential delays encountered in both domestic and international transfers. Understanding these statistics can provide valuable insights into managing expectations and optimizing the transfer process for individuals and businesses alike.

Statistic 1

"The average duration of a wire transfer is within 24 hours."

Statistic 2

"For international transfers, it can take as long as 5 days for the recipient to receive the money."

Statistic 3

"If the transfer is made by a customer at a bank, it can take as long as two hours."

Statistic 4

"Transfer speeds can also depend on the specific countries and banks involved. For some destinations, a transfer can take 3 days."

Statistic 5

"Wire transfers submitted after the cut-off time or on weekends may take an extra business day to process."

Statistic 6

"Some banks may process wire transfers in batches during the day, which can slow down completion times."

Statistic 7

"On average, SWIFT payments may take up to 5 working days but they could take longer depending on various factors."

Statistic 8

"Banks are generally required to make wire transfer funds available within 1 business day."

Statistic 9

"Nearly 20% of international wire transfers take more than 2 days to arrive."

Statistic 10

"For 48% of business payments, the most common time taken is one to two days."

Statistic 11

"Nearly 32% of all money transfers are done via wire transfers."

Statistic 12

"Money sent through wire transfers reached a record $642 billion in 2018."

Statistic 13

"The global average cost of sending money is around 7% of the amount sent with wire transfer."

Statistic 14

"In 2019, about 50% of the global remittances were processed within 30 minutes of being sent."

Statistic 15

"Over 60% of fraudulent money transfers are initiated via wire transfer."

Statistic 16

"Domestic wire transfer fees can range from $15 to $35 per transfer."

Statistic 17

"International wire transfers can cost between $35 to $45 per transfer."

In conclusion, the duration of wire transfers can vary significantly depending on several factors such as the type of transfer, the countries and banks involved, processing times, and the specific circumstances of each transaction. While the average duration for a wire transfer falls within 24 hours, international transfers can take up to 5 days for the recipient to receive the money. Various inefficiencies in the process, such as cut-off times, batch processing, and delays in SWIFT payments, contribute to the extended completion times. Despite the potential for delays, wire transfers remain a popular method for sending money globally, with a significant portion of international transfers taking more than 2 days to arrive. Moreover, the high cost of sending money through wire transfers and the prevalence of fraudulent transactions highlight the need for improved efficiency and security in the wire transfer industry.