The bank transfers are an everyday activity for most businesses. They make it easier to send and receive payments for business operations but how long a bank transfer take? It’s going to take depend on the type of bank transfer. For example, wire transfers made through non-bank money transfer services may complete the transfer immediately whereas wire transfers from one bank to another may take up to three business days. So it depends on both how the sender sent the money and how the receiver is going to get the funds.
There are plenty of convenient ways to send and receive money almost immediately. This also helps wine down the cost of fees when the transaction happens between two accounts within the same money transfer service. PayPal is a great example of this as you are able to send and receive money almost immediately.
Best way to transfer money internationally
This isn’t the case with international transfers though. If you’re sending money from your US bank account to an account outside of the country, the transfer might take a couple of days but shouldn’t be more than a week or so.
Perhaps the best way to send money internationally is through TransferWise. It has low processing costs and the transfers take faster than most banks can process them. It’s definitely recommended if you’re running an online business and hiring freelancers outside of the United States.