How Long Do Money Transfers Take?
If you want to transfer money to someone who owes you, there are multiple ways to do so other than meeting him in person. Luckily, we are living in an electronic world where everything happens in a blink of an eye. By understanding the alternative ways of transferring money and how long it takes, you can choose the best and fastest way for you.
What Is the Average Time it Takes to Transfer Payments?
Money transfers usually happen in minutes. Non-bank transfer providers, such as Western Union, generally take few minutes to complete the process of sending the money. However, bank wires usually take longer than this.
If the transfer happens between the same banks, it usually takes around 24 hours.
When it comes to sending money to another country, it might take up to 5 business days for the recipient to get his payment. Occasionally, you should expect delays because banks take some time reviewing the transaction, especially if the amount is high. To know the time your money should be delivered, you better ask your service provider before starting the process to tell you the approximate time.
And here, exchange houses like Abu Sheikha Exchange comes in handy because we can send your money to another country and it only takes up to 2 hours to be delivered, depending on the destination country that you want to send our money to.
Reasons That Affect Money Transfer Time
Clearly, the time taken to transfer money differs depending on many factors including:
- Choosing the Right Money Transfer Provider
This has a great effect on the time taken to process your money.
Not all banks and service providers transfer money in the same timeframe. You will have to exert some effort to find and compare between the best and fastest services around you.
- The Recipient’s Location
If the recipient is abroad, you should expect him/her to receive the money in a longer timeframe. Some countries require more time to receive the transfer, especially if there is no direct connection with the sending bank or exchange house.
- The Transfer Method
If you are using your bank, it usually takes up to 5 business days. But dealing with an exchange house has faster methods and money transfer services.
- The Currency You Use
Usually, the popular currencies such as USD and Euro get transferred faster than unpopular currencies.
- Weekends & Holidays
In case you want to transfer a high amount, banks are not available on weekends and holidays. So, you have to make sure that you are sending money in working days. However, exchange houses like Abu Sheikha Exchange operate in weekends and holiday and can process your transaction directly.
The Fastest Way to Transfer Money
There are some steps you can take to speed up the process of money transfers:
Your Bank Might Not Be the Best Option
Although the first thing that might pops up in your mind when thinking of money transfers is your bank, but you should know that it is usually slow and expensive.
When you use your bank to send money, you don’t get to know when exactly it is received, until the receipt checks his/her bank and confirms on you.
Cash Transfer Service Providers
People are now trusting cash transfer providers to send money quickly and securely . A company like Western Union has become the favorite option for many people who want to transfer money abroad.
It is not just easy to use the service, but also you can find several sites and agents wherever you go.
Use Abu Sheikha Exchange
We provide unlimited money transfer services with the best exchange rates, including Western Union. Our employees are highly trained to serve you all week long across 17 different branches in Jordan.
With decades of experience, we know exactly how to meet your money needs.