How long do bank transfers take between different banks

When you make a bank transfer, you want to know exactly how long it will take for the recipient to see your money in their account. Fortunately, it’s relatively easy to get the inside track on UK bank transfer times. So, how long does a bank transfer take to clear? Find out everything you need to know about making a bank transfer to domestic and international accounts.

What do you need to make a bank transfer?

Before you make the transfer, you’ll need to ensure you have access to a couple of key pieces of information. These include:

• The date that you want payment to be made

• The name of the business/organisation/individual that you are paying

• The six-digit sort code

• The eight-digit account number

• A payment reference (so that the recipient knows what the payment is for)

Once you’ve got all of this information ready to go, you can begin the process of making a bank transfer.

How long does a bank transfer take to clear in the UK?

Bank transfers in the UK are powered by Faster Payments. As you may expect from the name, Faster Payments was introduced to improve the speed of normal bank transfers. As a result, most bank transfers are instantaneous, although in some cases, payment can take up to two hours. It’s important to remember that while Faster Payments aims to provide you with these types of bank transfer times, there’s no guarantee that your payment will be cleared on the same day.

You should also remember that the upper transaction limit for Faster Payments is around £250,000. If you’re sending a larger sum, you may need to use CHAPS payment instead (a bank-to-bank payment system intended for high-value transfers). CHAPS guarantees same-day payment, provided that the payment is processed before the daily cut-off point. Then, there’s Bacs payments, which take a little longer – generally speaking, Bacs requires three days to process a payment. 

Aren’t bank transfers instant?

In most cases, yes, bank transfer times are instantaneous. However, banks will occasionally hold onto your funds for several days. There are a wide range of reasons that this could be the case, but it’s most likely to happen to anomalous or especially large transactions. So, if you’ve made a transfer that’s noticeably larger than the amounts you usually transfer, it’s no reason to panic. In most cases, the bank is simply doing their due diligence. To find out exactly what’s happening to your money, give the bank a call and they should be able to explain what’s going on.

How long does it take to transfer money internationally?

If you’re making an international bank transfer, your bank transfer time is likely to be a little longer. This is because, unlike the UK, international transfers are processed by SWIFT or SEPA. So, how long does a bank transfer take for international payments? Your specific bank transfer time will vary depending on a range of factors, including fraud prevention, different currencies, different time zones, and bank holidays/weekends. In general, the bank transfer time will be around one to five working days.

Final word on bank transfer times

As we’ve demonstrated, the standard UK bank transfer time varies depending on the location of the recipient. While domestic transfers are likely to be processed within two hours – and in most cases, considerably less time than that – international transfers may take a little longer.

If you're a business looking to receive payment via bank transfer, another factor that affects how long it will take for those funds to arrive in your account is when the payer sends it. Bank transfers are a push payment, relying on the payment to take action first. If you find that you wait on late payments often, it can be easier to request payment using a pull-based mechanism, like Instant Bank Pay from GoCardless.

Instant Bank Pay enables you to send a request a bank payment and, when the payer authorises it, you will receive instant confirmation that the funds will arrive shortly.

We can help

GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc or recurring payments.

Over 70,000 businesses use GoCardless to get paid on time. Learn more about how you can improve payment processing at your business today.

Top questions

How do I transfer funds between my accounts online?

To transfer funds between your accounts:

• Sign on to Wells Fargo Online® to access transfers.
• Choose the account you want to transfer money from, the account you want the money transferred to, the frequency of transfers, the date you would like the transfer to occur, and the amount that you would like to transfer.
• Click the Continue button.
• Review the information you have entered, and if correct, click Submit to make a transfer.

Can I transfer funds to or from my accounts at another institution?

You can transfer money between your Wells Fargo checking and savings accounts and accounts you may have at other U.S. financial institutions. Wells Fargo gives you flexibility, convenience, and control to transfer funds where and when you need it. Simply sign on to Wells Fargo Online to access transfers, and click Add Non-Wells Fargo Accounts to get started.

To enable non-Wells Fargo accounts for Transfers, additional security measures are required. Verification may take 1-3 business days. In the meantime, you may be able to use your non-Wells Fargo account for payments to your eligible Wells Fargo credit accounts (such as your eligible credit card, mortgage loan, auto loan, personal loan, personal line of credit, and home equity line of credit and loan accounts).

How do I edit or delete a recurring transfer?

• Sign on to Wells Fargo Online to access transfers.
• Click on View/Edit or View/Delete for each transfer listed under the Transfer and payment Activity. Or if on Wells Fargo Mobile®, select Transfer in the bottom bar, tap on each transfer listed under Scheduled Transfers & Payments, and select Edit Transfer or Delete Transfer. This will allow you to edit or delete any future and recurring transfer.

General questions

How long does it take to transfer funds between my accounts at Wells Fargo and other financial institutions?

Initially the delivery speed is 2 business days for a transfer from your Wells Fargo account to your account at another financial institution, and 3 business days for a transfer from your account at another financial institution to your Wells Fargo account.

Depending on your history of transfer activity, expedited transfer options may be available to you.

How do I set up a future-dated or a recurring transfer?

To set up future-dated or recurring transfer between your eligible Wells Fargo accounts* as well as your checking and savings accounts at another financial institution:

• Sign on to Wells Fargo Online to access transfers.
• Select the account you want to transfer money from.
• Select the account you want the money transferred to.
• Select from the Frequency drop down list.  For a future-dated transfer, select ONCE from the Frequency drop down. Note, options vary depending on the type of accounts you are moving money between.
• Use the calendar icon to choose date(s) for the transfers.
• Select or enter the amount that you would like to have transferred.
• The Memo field is optional. Any notes you enter will be displayed in your transaction history online, and on your bank statement.
• Click the Continue button.
• Review the information you have entered on the Review and Transfer page. If it is correct, click Submit to make your transfer.

About recurring transfers:

• If a transfer date falls on a weekend or holiday, we will credit the transfer to your account on the next business day.

* For recurring transfers, eligible Wells Fargo accounts include: checking, savings, money market, retirement savings, brokerage, personal and home equity line of credit, loan accounts, credit card accounts, auto loan and mortgage loan accounts, and your non-Wells Fargo accounts.

When will my transfer be credited to my account?

Transfers between Wells Fargo Deposit Accounts

Funds transferred to your Wells Fargo prepaid and deposit accounts (and Brokerage Cash Services) will be available immediately for purchases and withdrawals. The funds are also used in our next nightly processing of deposits and withdrawals.

Our nightly processing occurs on business days. Transfers completed on non-business days will be available at the next nightly processing. Transfers completed before 8 PM Pacific Time on a business day will be available that day. Transfers completed after 8 PM Pacific Time on a business day will appear as “pending,” but will be available to pay your transactions that night as long as they are completed prior to our nightly processing (which generally occurs just after midnight, Pacific Time).

Transfers between Wells Fargo and Non-Wells Fargo Deposit Accounts

Transfers between your Wells Fargo deposit account (including Brokerage Cash Services) and Non-Wells Fargo accounts will be initiated on the Send On date you selected and completed after the number of business days you selected for Delivery Speed.

Same-day transfers to Wells Fargo accounts

A same-day transfer to a Wells Fargo account will transfer funds to your account immediately. You cannot cancel a same-day transaction once you submit it. 

For future-dated and recurring transfers

Future-dated or recurring transfers are typically credited and posted on the date you select. However, if your transfer date falls on a weekend or holiday, we will credit the transfer to your account on the date you selected but post it on the next business day. You have until 11:59 PM Pacific Time on the day before the scheduled transfer date to delete/edit it.

Transfers to or from Wells Fargo Brokerage accounts

Transfers with a brokerage account are typically completed within one to three business days.

What does it cost to transfer money?

For information, please refer to your account terms and conditions.

Can I pay my Wells Fargo credit account with funds from another financial institution?

To set up and schedule payments to your Wells Fargo credit account from another financial institution, select Add Non-Wells Fargo Accounts on the Transfer Money screen, and follow the instructions.

How long does a payment from a non-Wells Fargo account take to complete?

Payments to your Wells Fargo credit account from a non-Wells Fargo account usually take 3-4 business days to complete.

When will my payment be credited to my account?

Payments to Wells Fargo Credit Accounts

A payment dated today to a Wells Fargo credit account will take effect the same day you submit it, according to the cutoff times in the table below for each type of account. You cannot cancel a payment dated today once you submit it.

A payment scheduled for a future date will take effect on the scheduled transaction date you selected. You have until 11:59 PM Pacific Time on the day before the scheduled payment date to delete it.

How do I transfer funds to or from my brokerage accounts?

To transfer funds online to or from your brokerage accounts:

• Sign on to Wells Fargo Online to access transfers.
• Choose whether the transfer is to or from a brokerage account, the linked bank account the transfer is to or from, and the amount and frequency of the transfer.
• Click the Continue button.
• Review the information you have entered on the Review and Transfer page. If it is correct, click Submit to make a transfer.

You can also call 1-800-TRADERS (1-800-872-3377).

How long does a bank transfer take between different banks online?

Why does it take so long to transfer funds from one bank to another?