In general, the standard length of time for any international money transfer is between 0-5 business days, with banks generally taking longer than P2P platforms.įor example, if you send money internationally with Chase Bank, the funds typically won’t be available to the recipient before 3-5 business days. Whether the transfer falls on a weekend / a public holiday.The number of banks involved (SWIFT transfers can involve up to three intermediary banks).How long does it take to transfer money to the UK?Īgain, there’s a bunch of variables at play which can affect the length of time it takes to send dollars to the UK. įind out today how much it’ll cost you to use Wise. For example, using a debit card with Wise incurs a 1.25% fee, while a credit card incurs a 3.8% fee. It also depends on how you pay for the transfer. On top of this, there’s a 0.45% fee for transfers up to $135,000, and a 0.35% fee for transfers of over $135,000. In contrast, a P2P currency exchange platform like Wise (formerly TransferWise) charges a flat fee of $1.02 for sending dollars to the UK. Meanwhile, on average, banks add a 4% mark-up to the mid-market exchange rate. Īccording to a study by NerdWallet in October 2019, the median sending fee charged by US banks for an international money transfer was $45, and the median receiving fee was $15. If you use banks to send an international wire transfer, you’ll be dealing with a marked up exchange rate and a sending fee, while your recipient will have to pay a receiving fee. It depends on what service you’re using, how much money you’re sending, and how you’re paying for it. How much do international money transfers cost? Users literally trade between themselves without any dealers getting involved. dollars, pounds, euros, and yen) are very cheap on P2P platforms, because there’s always demand on both sides. That’s why exchanges in very common currency (e.g. If they can’t find anyone to match your transfer request, P2P platforms will simply buy the currency from the usual interbank markets – although this can then make the transfer more expensive. For example, if you’re looking to send $100 to the UK, a company like Wise (formely Transferwise) will find someone who’s looking to send £100 (or thereabouts) to the US, and use this pairing to fulfil the exchange. These services are called ‘peer to peer’ because they literally match you with someone else around the world. Importantly, these companies also offer a strong level of security, with every responsible P2P platform operating in the UK being authorised and regulated by the Financial Conduct Authority (FCA). In 2019, the UK’s Daily Telegraph reported that the exchange rates used by P2P platforms were on average 4% cheaper than those used by banks. These platforms are generally much cheaper than the service offered by banks, mainly because they use the real, mid-market exchange rate, and charge very low fees. ![]() In the past decade, the arrival of internet-based peer-to-peer foreign currency exchange platforms has really shaken up the market. Transferring money with a P2P currency exchange platform
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