Category | Travel Tips
| Updated: 20/02/2024
If you're sending money abroad, you'll naturally want to know how long it's going to take. Unfortunately, there's no cut and dry answer here. There are several factors involved, not all of which are under our control. You're looking at 0-4 business days in general.
But it's an online transaction, right? Why doesn't it take place instantaneously?
On your end, the convenience of setting up your international money transfers online means fast, easy service and a no-hassle experience. Everything is done electronically these days, so it's easy to think everything should also be instantaneous.
But that's not the case when you're transferring funds across international borders. There may be parts of your transfer which happen digitally, but a few parts of the process are stuck in the 20th century. All it takes is one extra regulation on the receiving end and you'll see an extra day tacked onto the time frame of your transaction.
Here at ACE-FX, we do our part to speed things along.
At least we have control over the initial stages of the process of sending international money transfers. How long does it take most banks to process your transfer request? Here at ACE-FX we handle your transaction immediately so there's no delay on our part.
You can't say the same for banks, which can take up to several business days before they even begin processing your request. This happens because of high volume at the larger banks. Even though the process is automated, the sheer volume combined with all the necessary regulatory processes translate into delays on the sending bank's end.
ACE-FX partners with MoneyCorp which offers standard and expedited international money transfers. How long does it take with MoneyCorp? Expedited service will often go through the same business day. Here's the difference between the two types of services:
- Express Service: 0-2 days
- Standard Service: 2-4 days
These time frames are measured in working (business) days. The window is given because different currencies require varying amounts of time to process. For example, if you want to send money to Morocco, the Moroccan Dirham takes 3 days for express delivery, not the usual 0-2 days.
Sometimes it's the government.
Every country has its own rules and regulations on how money flows in and out across their international borders. Governmental regulations may or may not slow down the processing time of international money transfers, online or otherwise.
Depending on the destination country, there can be a major slow-down while that country runs your transfer through their system of checks. They're looking to confirm the information and the funds before they complete the transaction.
These regulations are for everyone's protection for fraud protection. While that's good, such precautionary measures are certainly not subject to expedition! That's why we do everything on our end to ensure that there are no unnecessary delays with your international money transfer.
Sometimes it's the receiving bank.
Just as different governments have their varying time frames for processing funds from international money transfers, banks have their own systems too. You learned earlier that the banks can sit on your transfer request for a day or two...well the same sort of delay can happen on the other end as well.
Receiving banks may or may not place a high priority on the fast processing of incoming money transfers. And once they've processed the transfer, there's still the chance they'll not make the funds available for another 48 hours (or 72!).
Again, that's why here at ACE-FX we make sure there are no delays on our end. But there are more advantages to choosing us...
ACE-FX vs. your bank for sending money abroad.
First and foremost, our partnership with MoneyCorp means we can offer our customers the most competitive rates in the UK. Whether its' from a personal or a business account, you'll enjoy the best exchange rates on your money transfer.
Plus, we save you money on any
type of international money transfer, whether it's a small holiday spend or a larger sum. Across the board, when compared with HSBC, RBS and NatWest, our rates saved our customers money every time. For a €10,000 transfer, our customers saved €649 when compared with those banks.*
Not only that, but sending money abroad is even easier when you can use your UK-issued debit card. Choose that method or fund a MoneyCorp account- a convenient option for customers who foresee sending regular payments abroad.
You also get supremely superior customer service with ACE-FX! Our dedicated account managers won't treat you like a number. You get personalized service and expert advice with us, as well as fast service, better exchange rates, and the ultimate in convenience with the ability to make payments 24/ 365 days a year.
*based on an exchange rate comparison taken on 23 November 2015