How Long for Money to Be Sent by TransferWise? Transfer Times Explained

Sending money abroad can be a stressful process, especially when you’re unsure how long it’ll take for the funds to arrive. I’ve been there—waiting anxiously for confirmation, wondering if the transfer is on track. That’s where TransferWise, now known as Wise, stands out by offering a fast and transparent way to send money internationally.

One of the most common questions people ask is, “How long does it actually take?” The answer depends on a few factors like the currency, payment method, and time of day. But don’t worry, I’ll break it down so you know exactly what to expect.

What Is TransferWise?

TransferWise, now called Wise, is an online platform offering international money transfer services. It simplifies sending money abroad by using local bank accounts for transfers instead of traditional international banking systems. This method reduces hidden fees and ensures transparent conversion rates.

Wise processes transactions in over 50 currencies and operates across 170+ countries. It provides mid-market exchange rates without marking them up, unlike many banks. This approach ensures users pay lower fees while avoiding unexpected costs.

The service supports various payment methods like bank transfers, debit cards, and credit cards. For business and personal users, Wise also offers multi-currency accounts, enabling them to hold, send, and receive funds in multiple currencies. These features highlight its focus on efficiency and clarity in cross-border payments.

Factors Influencing Transfer Time

The time it takes for a Wise transfer to complete depends on several factors. Understanding these can help set accurate expectations.

Currency Pair And Destination

Different currency pairs and destinations impact processing times. Transfers between major currencies like USD and EUR often settle faster, usually within a few hours. For exotic currencies or transfers to countries with slower banking systems, it may take 1-3 business days. Regulatory requirements in some countries can also extend processing times.

Payment Method

Payment methods directly influence transfer speed. When I use a debit or credit card, transfers are often processed instantly or within hours. Bank transfers can take longer, typically 1-2 business days, depending on the sender’s bank processing times. Some alternative methods like SWIFT can further delay the transfer due to intermediary banks.

Time Of The Transfer

Timing affects the duration of a transfer. Transactions initiated during business hours in the recipient’s time zone usually process faster. Transfers started late on a Friday, during weekends, or on public holidays may experience delays, as banks and payment services process them on the next business day.

Typical Transfer Timeframes

Wise offers varying transfer times depending on factors like currency pair, payment method, and timing. Here’s what to expect under typical conditions.

Same-Day Transfers

Most transfers between major currencies, such as USD to EUR or GBP, arrive on the same day. Payments made using debit or credit cards are often processed instantly, enabling same-day delivery. Transactions initiated during business hours further increase the likelihood of same-day completion.

Next-Day Transfers

When using bank transfers for funding, delivery usually occurs within one business day. Transfers involving popular currency pairs like USD to CAD or EUR to INR typically settle by the next working day. Starting the transaction early ensures processing without delays caused by cutoff times.

Transfers Taking Longer

Transfers involving exotic currencies or regions with slower banking infrastructure may take up to 2–5 business days to complete. Weekends, public holidays, and strict local regulations also contribute to longer transfer durations. For example, transfers to less common currencies like CLP or ZAR often take more time due to intermediary banks.

How To Speed Up Your TransferWise Transaction

Expediting a transaction through Wise involves careful attention to several factors. By following these steps, I ensure my transfers are as quick as possible.

Tips For Faster Transfers

1. Select instant payment methods: I use debit or credit cards when sending money for immediate processing. These methods reduce transfer times compared to traditional bank wires.
2. Verify account details: Correct recipient information speeds up transactions. I double-check names, bank codes, and account numbers before initiating a transfer.
3. Transfer during business hours: Processing happens faster if I initiate the transfer during business hours in my recipient’s time zone. Late-night or weekend transactions typically face delays.
4. Ensure sufficient funds: Checking my account balance avoids payment rejections that can slow down the process.

Common Mistakes To Avoid

1. Submitting incorrect details: When I enter wrong recipient details, my transfer can be delayed or even fail. I avoid this by carefully reviewing all inputs.
2. Initiating transfers outside processing hours: I plan my transfers around local banking hours for the recipient to minimize downtime.
3. Using slow payment methods: Funding transfers via bank transfers or checks adds unnecessary delays. I avoid these and use faster options like cards.
4. Ignoring currency processing times: When transferring to regions with slower banking systems or exotic currencies, I account for the longer processing times and consider alternatives if speed is critical.

Comparing TransferWise To Other Services

Wise stands out for its transparent fees and mid-market exchange rates, which many services fail to match. Unlike traditional banks that often charge hidden fees and apply marked-up exchange rates, Wise ensures users know the exact cost before confirming a transfer. For example, if sending $1,000 to EUR, the recipient receives the exact amount displayed without deductions.

Processing speeds with Wise are generally faster than most alternatives. While banks may take 3-5 business days for international transfers, Wise often completes transactions within 1-2 days. Instant transfers are possible when using methods like debit or credit cards, whereas bank transfers with Wise typically take a day longer.

Wise also supports over 50 currencies, offering broader coverage compared to platforms like PayPal, which charges higher fees for cross-border payments in multiple currencies. For instance, sending $500 to INR through PayPal can result in a 4-5% fee, whereas Wise charges significantly less.

Multi-currency accounts set Wise apart from competitors like Western Union or Remitly. Users can hold, convert, and use funds in multiple currencies without excessive conversion fees. Western Union focuses more on cash pickups and often imposes higher fees for bank transfers, making Wise the preferred option for account-based transfers.

While Wise focuses on affordability and transparency, certain services like Revolut cater to frequent travelers with features like fee-free transfers up to specific limits. However, Revolut’s exchange rates fluctuate outside its monthly limits, and transfer fees apply depending on tiers, giving Wise an edge for users prioritizing cost consistency.

Conclusion

Wise stands out as a reliable and efficient choice for international money transfers. Its transparent fees, mid-market exchange rates, and commitment to speed make it a trusted platform for users worldwide. By understanding the factors that influence transfer times and following practical tips, you can ensure your transactions are processed quickly and without hassle. Whether you’re sending money to loved ones or managing business payments, Wise offers a seamless experience that’s hard to beat.

Frequently Asked Questions

What is Wise, and how does it work for international money transfers?

Wise is an online platform that simplifies international money transfers by using local bank accounts to reduce costs and ensure transparency. It offers mid-market exchange rates without markup and supports over 50 currencies in more than 170 countries. Users can easily transfer money via various payment methods, such as bank transfers or debit/credit cards, ensuring faster and more affordable transactions compared to traditional banks.

How long does it take to transfer money with Wise?

Transfer times vary depending on the currency pair, payment method, and timing. For major currencies like USD to EUR, transfers are often completed the same day, especially when using debit or credit cards. Bank transfers may take 1-2 business days, while exotic currencies could take up to 5 business days.

What factors affect the transfer time with Wise?

Transfer times depend on several factors:

• Currency Pair: Major currencies process faster than exotic currencies.
• Payment Method: Debit/credit card payments are typically processed instantly, while bank transfers take longer.
• Timing: Transfers initiated during business hours in the recipient’s time zone are quicker, whereas weekend or holiday transfers may face delays.

Are Wise’s exchange rates competitive?

Yes, Wise offers mid-market exchange rates with no hidden markup. This makes its rates more competitive compared to traditional banks or other money transfer services, which often include hidden fees within their exchange rates.

Can Wise be used for business transactions?

Yes, Wise supports business users with its multi-currency accounts, allowing them to hold, convert, and manage funds in various currencies. The platform is well-suited for international invoices, payroll, and supplier payments, offering cost-effective and transparent solutions for businesses.

What’s the fastest way to send money using Wise?

The fastest way is to use a debit or credit card for payment, as these methods are often processed instantly. Initiating the transfer during business hours in the recipient’s time zone can also help to expedite the process.

What should I do if my transfer with Wise is delayed?

Check if the cause of the delay is due to incorrect recipient details, the chosen payment method, or non-business processing hours. Ensure all account information is accurate and contact Wise’s customer support if the transfer remains unresolved.

Does Wise charge hidden fees?

No, Wise is known for its transparency. All fees and costs are displayed upfront before confirming the transfer. Unlike traditional banks, Wise’s fees are straightforward, and it uses the mid-market exchange rate without hidden markups.

How does Wise compare to other money transfer services?

Wise stands out for its transparent pricing, mid-market exchange rates, and faster processing times. Unlike competitors like Western Union, which may have higher fees and slower transfers, Wise offers consistency, especially for users prioritizing cost efficiency and clarity in cross-border payments.

Does Wise offer multi-currency accounts?

Yes, Wise provides multi-currency accounts, allowing users to hold, convert, and use funds in multiple currencies without excessive conversion fees. This feature is ideal for frequent travelers, expats, or businesses handling international transactions.