Author Topic: Wire Transfer Timeline  (Read 3436 times)

Goldielocks

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Wire Transfer Timeline
« on: November 18, 2015, 04:08:14 PM »
Hi All,

Anyone know how long it takes a wire transfer to land into your bank account?

If a wire transfer gets entered into the USA bank system on Monday, what day would the money show up in a Canadian Account?

Thanks.

dungoofed

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Re: Wire Transfer Timeline
« Reply #1 on: November 18, 2015, 08:30:41 PM »
USDCAD should settle in one business day

Cathy

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Re: Wire Transfer Timeline
« Reply #2 on: November 18, 2015, 08:41:21 PM »
The correct answer is: "It depends". There isn't enough information in the OP to say. When I've done wire transfers between Canadian and US accounts, it usually takes just a couple hours, meaning that the transfer finishes within the same business day as it was initiated. But it depends on the details of the transfer.

dungoofed's reply seems to assume that the transfer will also involve a currency conversion (because of how he writes "USDCAD"), but that is not necessarily the case. Many banks in Canada offer accounts denominated in USD, so it's very possible to transfer the funds as USD with no currency conversion.

Goldielocks

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Re: Wire Transfer Timeline
« Reply #3 on: November 18, 2015, 08:52:55 PM »
That's right, no currency conversion.

I am trying to figure out how long is "too long".  If a wire transfer is initiated at the end of the day from the US account, when would it show up in the Canadian account?   I understand that sometimes the $'s are posted to a general account, and need to be manually moved into accounts, and intermediary banks are sometimes involved...

Cathy

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Re: Wire Transfer Timeline
« Reply #4 on: November 18, 2015, 09:00:12 PM »
I am not an expert on what kind of delays to expect, but as I said, in my experience, it is credited to the destination account within a couple hours after initiating the transfer from the source account, i.e., within the same business day.

I once had a wire returned for an inane reason. In that case, it took 5 days before the money was credited to the source account again.
« Last Edit: November 18, 2015, 09:05:59 PM by Cathy »

dungoofed

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Re: Wire Transfer Timeline
« Reply #5 on: November 19, 2015, 12:49:12 AM »
You're right, I did assume that and I don't know why I did - sorry about that.


dragoncar

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Re: Wire Transfer Timeline
« Reply #6 on: November 19, 2015, 01:07:51 AM »
This is a really good question to ask your bank.

Goldielocks

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Re: Wire Transfer Timeline
« Reply #7 on: November 19, 2015, 09:45:02 AM »
This is a really good question to ask your bank.
Yeah, but there has been too many conflicting answers being pulled out of the person's butt this week.

daverobev

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Re: Wire Transfer Timeline
« Reply #8 on: November 19, 2015, 12:52:52 PM »
Depends on how many intermediary banks there are.

If it's going from depositing bank -> intermed. bank one (in the US) -> intermed. bank two (in Canada) -> receiving bank, it's clearly going to take longer than if the depositing and receiving banks talk directly to one another.

Currency conversion shouldn't add any time to the thing, honestly.