How Long Does it Take to Transfer Money?

The time needed to transfer money can vary from institution to institution. There are a number of ways you can send money. If you follow the correct procedures, the process will flow smoothly and your recipient will receive the money in a timely manner. The facilities involved have their own rules and regulations that you must abide by. Choose the method that helps you to accomplish your goals and objectives. Your own situation will determine which method you choose.

Western Union

If you want to transfer money by Western Union, the time frame can vary depending on the method you use. If you go to one of the approved Western Union locations, it can take minutes. The other options are next day, in which case the money will be available first thing the next morning. The last option available at a location is direct-to-bank, which takes approximately three to five business days. The fees can vary depending on how much money you transfer. When you go to an approved location, you will need cash, but some locations will allow you to use a MasterCard, Visa or debit card. You can transfer money in minutes over the phone and by going online. Going online also gives you the option of direct-to-bank for transfers.

MoneyGram

You can send money by using MoneyGram. This transfer can take minutes to complete if the process is done online. To use this feature, you must set up a profile and click on same-day service. Enter the information of the recipient and use the locator feature to find a location for the receiver to pick up the money. There are several sources from which to access funds, including your bank account or MasterCard and Visa. You can also use the e-Money Transfer, which takes three to five business days.

Bank Transfer

You can go to a bank where you have an account and do wire transfers. A bank wire transfer can be received by the recipient the same day if you arrive at the bank by a certain time. After the cut-off time, the wire transfer will be received the next business day. Wire transfers can be sent internationally as well, but they take three to five business days for completion. The cost for doing a wire transfer will vary from bank to bank, but the range will probably be $20 to $25 for domestic wire transfers and approximately $40 for international wire transfers.

PayPal

You can also transfer money using your PayPal account. PayPal is an e-commerce or website service account that allows you to transfer money on the Internet. Money can be transferred to anyone with an email account. The recipient will receive the money in approximately three to four business days. Money can be sent internationally as well. The basic PayPal account allows you to send money without incurring a fee. The money can be transferred from your online PayPal account, debit card, MasterCard or Visa card.

Xoom

Money can also be transferred using an online service called Xoom. It makes only international money transfers, and the time frame is approximately one to three business days, which can vary depending on the country. If you send $100 to South Africa, it will cost $4.99 if the money is transferred from a bank account; it costs $9.99 if the money is transferred from a MasterCard, Visa or PayPal account.