What is the cutoff time for international wire transfers?

When you need to transfer a large sum of money from one bank to another, wire transfers are a great option. However, sending an international wire transfer takes several business days.

To get the transfer completed as quickly as possible, you need to make sure you submit your request before your bank’s cutoff time. If you miss the cutoff, the bank won’t be able to process your request until the following business day.

We’ll discuss what the common cutoff time is for several major institutions, why there are cutoffs, and what you need to do to send your wire transfer through on time.

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What is the cutoff time for international wire transfers?

The exact cutoff time for international wire transfers differs by institution.

Many banks let you submit wires right up until the close of the traditional business day, or 5 p.m. However, some may require you to submit your transfer request 1–2 hours before closing.

Cutoffs on international wire transfers are intended to give the institution the time it needs to complete your paperwork and route the information to the receiving bank.

The other bank also needs time to process the request. However, since it will be in a time zone that’s off by several hours compared to your local bank, that processing won’t start until the next calendar day.

Most banks offer the same cutoff periods for domestic transfers as well.

US banks international wire transfer cutoff times

Here’s a look at the cutoff times for five major US banks:

If you want to make sure your international wire transfer is processed the same business day, submit it as early as possible. Even if you get your request in before the international wire cutoff time, it will take several business days for your transaction to be finalized.

Some institutions may allow you to initiate a wire transfer online. This is a convenient option that can save you a trip to your local branch. However, if you aren’t confident setting up the transaction yourself, visiting a bank branch in person is your best bet.

Before choosing an institution to handle your wire, make sure to ask questions about their fees. Most banks list a flat fee for international wire transfers. However, you’ll likely be charged an exchange rate as well.

Few institutions use the current mid-market exchange rate as is. Instead, they add an extra percentage to the current rate, which means you’ll pay more to send your money abroad.

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Why is there a wire cutoff time?

The wire cutoff time gives banks the time they need to process transactions and complete all required paperwork. This is especially important if a transaction is subject to IRS reporting requirements or other regulatory demands.

You want to ensure that your wire is submitted on time so your bank can take the proper steps to fulfill your request.

If you initiate a wire transfer after the deadline, your request won’t be processed until the next business day. For instance, if you submit your wire request after the deadline on a Friday, it won’t be processed until the following Monday.

Cutoff times apply to both domestic and international payments, but the stakes are higher with overseas payments, as many transactions involve multi-day waiting periods.

How long does an international wire transfer take?

An international wire transfer can take around 1–5 business days. However, some wire transfers may take longer to go through.

Wire transfers are heavily regulated, especially international ones. The Consumer Financial Protection Bureau (CFPB) regulates wire transfers from the US. The IRS also monitors international wire transfers. If your transfer exceeds the $10,000 cap, it must be reported to the IRS.

Financial institutions must ensure that they’re meeting all of these regulatory requirements before sending your money. Failing to do so could lead to regulatory penalties or audits.

The good news is that you can do your part to reduce the risk of delays by providing everything the bank requires for your transfer. If you need to send money abroad in a hurry, find an institution that offers a guaranteed processing time.

What information do I need to make an international wire transfer?

You’ll need the following information to make an international wire transfer:

• Recipient’s full name, address, and phone number
• Transfer amount
• Recipient’s bank name and account number
• Recipient’s routing number
• Purpose of the transfer
• Your full name, phone number, and address
• SWIFT code

Double-check that all of this information is correct before you submit it to your institution. Even something as minor as a typo could lead to a multi-day delay.

If you need to send money abroad, make sure to submit your request by the cutoff time. And remember that options like Wise can help you save while getting your funds where they need to go.

Sources

1. TD Bank - How Do I Send a Wire Transfer?
2. Wells Fargo - Digital Wires
3. Chase - Wire Transfers for Your Business
4. US Bank - Wire Transfers FAQ
5. Bank of America - Cutoff Times for Deposits, Transfers and Payments