A Quick Guide on International Money Transfers

Sending money overseas can raise a number of important questions and issues. Whether you need to transfer money to family members, friends, or for business purposes, the last thing you need to do is waste time wondering how long the money will take to arrive. So, how long does it take to send money internationally? While there is no easy answer, we can give you a general idea of what to expect. Learn everything there is to know about how to exchange currency in India right here.

How Does International Money Transfer Work?

SWIFT, which represents for Society for Worldwide Interbank Financial Telecommunication, is commonly used for international currency exchange. This network enables banking institutions and NBFCs to safely communicate with one another in a timely and efficient manner. The SWIFT network is used to send wire transfer details between thousands of banks all over the world.

Money transfer instructions are being sent from the sender's bank to the recipient's bank and may be routed through intermediary banks before reaching the final destination. You may be capable of making an international money transfer online, over the phone, or through a money transfer app, based on the bank or financial institution. Some banks require that you make the transfer in person at one of their branches.

Required Details

To consider an international money transfer, you must provide information that varies depending on the entity you use. However, these are the things that you'll need to know:

• Bank name and address of the recipient

• IBAN of the recipient (International Bank Account Number)

• The recipient's bank's BIC/SWIFT code

• The reason for the transfer

• Currency and the transfer amount

• Who will pay the fees: You, the recipient, or both

How Long Does It Take to International Transfer Money?

International bank transfers can take longer than expected, based on the bank. Once you've issued your transfer request, the bank will proceed as usual. Each bank has its own cut-off time, which means that if a request is not submitted by the cut-off time, it will not be processed until the following business day. Most international bank transfer durations are stated as 1-5 business days from that.