Reading Time: 3 Minutes Show Key Takeaways: Wire transfers are amongst the more secure and convenient ways to transfer money between two countries. Let us take a look at how international wire transfers work and how long it takes for NRIs to send money to their family back in India through a wire transfer. Introduction A wire transfer is the most popular way of sending money from one account to another across countries. It is an electronic mode of sending money that provides security, speed and convenience. NRIs use wire transfers extensively to send money back home to India. The reasons vary from urgent requirements like helping family members back home, paying medical expenses or planning investments. How Do International Wire Transfers Work? Wire transfers get their name from telegraph cables used in the early years for such transactions. Today people can carry out wire transfers from anywhere in the world. To wire money internationally, banks use the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. It is a messaging protocol used by over 11,000 banks in more than 200 countries. This network is used to send information from one bank to another. To execute a wire transfer, you will need the SWIFT codes of both the banks involved: sender and beneficiary. Time Taken for International Wire Transfers International wire transfers usually take anywhere between one and three days but could take up to a week in case of holidays or weekends. Transaction delays occur because these transfers have to go through two countries' domestic systems and comply with each country's regulations. Time zone difference and working hours of banking institutions in both countries may also add to the time taken for the transaction to be processed.  Open an NRI Savings Account Steps Involved in International Wire Transfers Suppose you reside in the United Kingdom (UK) and wish to wire money back home to India. You will first need to approach your bank in the UK for this transaction. Banks will typically ask for the name and address of the recipient’s bank, their account number, the SWIFT code of the recipient’s bank, specifics about the amount to be transferred and the reason for the transfer. Your domestic bank will then transfer instructions to your bank in India, including information about you and the transfer you wish to take. It may not always be the case that both banks are covered under SWIFT, in which case the information is sent via an intermediary bank. Final Note: International wire transfers have largely replaced offline options like foreign currency cheques or demand drafts. The primary reasons being speed and comfort. With DBS Treasures, you can transfer money overseas with our internet banking facilities. Enjoy competitive remittance rates with same-day transfers. Open an NRE account with us to get started. Apply Now! Wire Transfers FAQsSelect Your StatePlease tell us where you bank so we can give you accurate rate and fee information for your location. | What is a wire transfer? A wire transfer is an electronic payment service for transferring funds by wire, for example through SWIFT, the Federal Reserve Wire Network or
the Clearing House Interbank Payments System. What should I do if I receive an error message that discusses exact fees from other banks?
For Remittance Transfers, we're now required by law to inform you of the exact fees you will incur for international wires, including fees from other banks. For some requests, we won't have the exact fees from other banks and therefore will not be able to process it. If your request was in US dollars, you may try again
in foreign currency –– this may help us determine the exact fees incurred for this transaction and enable us to send the wire request successfully. How do I assert an error with my Remittance Transfer?
Contact us at 877.337.8357 (or 302.781.6374 from outside of the U.S.). You can also write to us at: For international wires initiated by a consumer primarily for personal, family or household purposes,
you must contact us within 180 days of the date we indicated to you that funds would be made available to the recipient. Please have the following information handy: Your name and address (or telephone number) The problem with the transfer, and why you believe it's an error The name of the person receiving the funds, and if you know it, his or her telephone number or address The dollar amount of the transfer The confirmation code (provided from the Transfer Receipt) We'll determine whether an error occurred within 90 days after you contact us and we'll correct any error promptly. We'll tell you the results within 3 business days after completing our investigation. If we decide that there was no error, we'll send you a written explanation. You may ask for copies of any documents we used in our investigation. Please note that in the event you provide an incorrect account number or institutional identifying number, and we are not able to recover the funds, you may lose the amount of the payment order. How do I cancel a Remittance Transfer? International wire transfers initiated by a consumer primarily for personal, family or household purposes may be cancelled within 30 minutes of confirmation for a full refund, including any fees. We'll refund your money within 3 business days of your request to cancel a transfer as long as the funds have not already been picked up or deposited into the recipient's account. If you initiated the international wire transfer through Online Banking, the best way to cancel is to Log in to Online Banking; select the Transfer tab and then select Send money to someone using their account number at another bank from the dropdown menu. You can also call us at 877.337.8357. From outside of the U.S., call us collect at 302.781.6374. If you initiated the international wire transfer at a banking center, you can get the transfer canceled by going to the nearest banking center or by calling us at 877.337.8357 (or 302.781.6374 from outside the U.S.). Can someone wire funds to my account at Bank of America? Yes, someone with your account information can wire funds directly to your Bank of America account. You will need to provide your account number and wire transfer routing number. For incoming international wires, you will also need to provide the appropriate SWIFT Code. Bank of America's SWIFT code BOFAUS3N should be used for incoming wires in U.S. dollars. Bank of America's SWIFT code BOFAUS6S should be used for incoming wires in foreign currency. If you do not know or are unsure of the type of currency being received please use BOFAUS3N. To find your account number and wire transfer routing number, Log in to Online Banking, select your desired account and then select the Information & Services tab. Are there fees and limits for domestic and international wire transfers? Fees and limits may apply, depending on your account type and the type of wire. You will be able to review any fees and limits before completing your wire transfer in Online Banking. Latest transfer limits are also available in our Online Banking service agreement. For Remittance Transfers, we're required by law to inform you of the exact fees you will incur for international wires, including fees from other banks. For some requests, we won't have the exact fees from other banks and therefore will not be able to process it. If your request was in US dollars, you may try again in foreign currency –– this may help us determine the exact fees incurred for this transaction and enable us to send the wire request successfully. What is a SWIFT Code? The Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code is a unique identification code that may be required by some banks, broker-dealers and investment managers for the completion of international wire transfers. Which Bank of America SWIFT Code should I provide? Bank of America’s SWIFT code BOFAUS3N should be used for incoming wires in U.S. dollars. Bank of America’s SWIFT code BOFAUS6S should be used for incoming wires in foreign currency. If you do not know or are unsure of the type of currency being received please use BOFAUS3N. Someone sending an incoming international wire to you may also ask for Bank of America’s address. The address to provide is as follows: BOFAUS3N (for incoming wires in US dollars or unknown currency) BOFAUS6S (for incoming payments in foreign currency) What is an IBAN number? The International Bank Account Number (IBAN) is the international standard for identifying international bank accounts across national borders. The IBAN is comprised of a maximum of 27 alphanumeric characters within Europe and a maximum of 34 outside of Europe (German IBAN: 22 characters). At present, the United States does not participate in IBAN. Therefore, Bank of America does not have an IBAN number. When sending wire transfers to countries that have IBAN numbers, we recommend including those numbers in your wire transfer documentation. According to the European Directive, only the account-keeping bank may calculate the IBAN / check digits. To obtain the IBAN numbers of another bank, please visit that banks website or contact them directly to obtain that information. How soon can an international recipient receive the funds from a wire transfer? If you are transferring funds to an international account, your account will be debited the same day and Bank of America will send the payment out immediately. The beneficiary's bank will generally receive the funds 1 to 2 days later. The funds will usually be credited to the beneficiary within 2 days. However, there are a number of factors which could delay the credit to the beneficiary. These include, but are not limited to: local bank holidays, delays by an intermediary bank or other local conditions. Note, too, that some countries have been designated as slow-to-pay layer countries. Transfers made to or from a slow-to-pay country may experience delays in crediting the beneficiary's account. List of Slow-to-Pay Countries
Global transfers made easyMake secure international wire transfers right from your Bank of America account Please select your countyEnter your zip codePlease enter the zip code for your home address so we can give you accurate rate and fee information for your location. How long does it take to get money from international wire transfer?International wire transfers should take around two working days, but times vary based on several factors, such as the bank and the destination of the recipient. Unlike domestic wire transfers, which can reach the recipient's account in a few hours, international bank wire transfers take longer to process.
Are international wire transfers instant?Most domestic transfers are processed on the same day, and international transfers are typically completed within a few days (depends on country). You need to move large amounts of money. Though limits vary based on the money transfer provider, they tend to be high.
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How long does it take to receive international wire transfer
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