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How long does it take for international wire transfer to go through?
It's been a week since I made a transfer to South Korea to pay for my summer abroad tuition there, and I haven't had any confirmation from the other side that it's been received.
2 Answers
- Donald BLv 76 years ago
What is little understood about wires is they go through as fast as emails. Although they are not sent immediately after you fill out the instructions. After you fill out the instructions it is sent to a central location at the bank and they send them the same day if you do it in the morning. What takes so much time is that banks like to hold on to the money for days. They could do it immediately it they wanted to. Banks particularly like to hold onto the money over weekends so they can get more interest.
- ?Lv 76 years ago
Is there anything stopping you from asking for a "confirmation?" Normally would you expect confirmation? As to asking here as to the procedures or steps of a bank is just not smart You sent the money from your bank or financial institution. Did you ask there as to the "transfer?" You also know the destination of this payment. Did you ask the school as to this payment. See how easy that way? You sent money to a school via a bank. Only the bank or the school know about this. WE do not. Wrong medium to ask.