Understanding the reasons for potential delays, as well as what the average time for a transfer is, can bring you peace of mind when sending money internationally. It can also ensure your loved one knows when to expect to receive their money.

Here are a few of the checks and common mistakes that can delay your money as it leaves the UK:

Method of payment

From bank accounts to card payments, you’ll have a variety of payment options with most service providers. Your chosen method can impact the time an international bank transfer takes.

Incorrect payment details

A major contributor to lengthy transfer times is providing incorrect payment details, as any wrong information could cause your payment to be bounced back and declined. To save yourself time and stress, it’s essential to double-check all receiver information is correct before making a transfer.

The bank you use

Some banks are faster than others. There are many reasons for this but the only real way to know how long an international bank transfer might take with a particular bank is to ask for an estimate.

If their estimated timeframe is too slow, then you may be able to search for a new provider. It’s worth noting that it’s not only timeframes that can vary between banks, but costs too, and the two are not mutually exclusive.

The positive news is that there were 367 banks and building societies reported to be operating in the UK as of January 2021, so you’ll have lots of options.

Intermediary banks

If your international bank transfer needs to be processed through any intermediary banks, this could affect the transfer time. In some instances, your bank will be able to communicate with your destination bank, meaning quicker transfer times. However, in other cases, the transfer may travel through up to three intermediary banks while the funds are moved.

The quicker the route, the quicker the transfer arrives. There are also considerations like the various banks’ cut-off times and fraud checks.

Fraud prevention measures

To protect your money, and uphold the security of your transfer, banks use fraud prevention processes. If there are any issues or suspicions with your transfer, you could see delays.

Even if your transfer goes smoothly, each bank will have its own procedures to ensure the lawful transfer of money, that may have their own timescales included. Generally, this isn’t something you need to worry about, and banks will usually account for this in any transfer time estimates.

The destination country

Each country has its own regulations, infrastructures, working hours, and fraud prevention processes. This means your destination country will affect the time of your transfer, as banks may have an easier or harder time communicating.

Currencies

Transferring money into different currencies can have an effect on transfer times, simply because this is an extra step in the process. One solution could be requesting your bank to handle your transfer in the currency of the receiver. Some money transfer services can also convert currencies faster. Otherwise, there is little you can do to change this.

Time zones

While you may have made the cut-off for your local bank, your receiver’s might be closed for the day, or perhaps there’s a special event slowing down processes. Issuing your international bank transfer during the destination country’s business hours could help your money move faster.

Weekends and holidays

One of the largest factors attributed to long transfer times is weekends and bank holidays. You may have more success making a swift transfer if you issue it earlier in the week, or before the eve of any bank holidays, to allow for processing times.