Giới thiệu
Domestic bank transfers are now nearly instantaneous. However, why does this not apply to transactions made abroad? Here, we'll examine the typical duration of international bank transfers and describe how forward-thinking banks are working with fintechs to expedite the procedure.
There are two primary methods for sending money abroad. The first is a wire transfer, which is an electronic process carried out by SWIFT-enabled banks and other financial institutions. A domestic transfer between financial organisations functions similarly to this. However, SWIFT transfers necessitate middlemen because these funds are being delivered to a foreign nation. As an alternative, senders can use other providers who employ their communication networks in place of SWIFT to move money internationally without the usage of banks.
Standard Bank Transfer Durations
Transferring money from the US to Vietnam via bank transfer typically takes 1 to 5 working days. This timeframe can be influenced by various factors, including bank cut-off and processing times, the involvement of intermediary banks, currency conversion, necessary verification procedures, differences in banking times and time zones, and weekends or public holidays. Understanding these elements can help in planning efficient international transfers.
Factors Influencing Transfer Durations
Several factors can affect the speed of your international bank transfer:
- Bank Processing Times and Cut-Off Hours: Each bank has specific processing schedules and cut-off times. Transfers initiated after the cut-off time may be processed on the next business day, extending the overall transfer duration.
- Wise Intermediary Banks: If the sending and receiving banks do not have a direct relationship, intermediary banks may be involved to facilitate the transfer. Each intermediary can introduce additional processing time.
- Airwallex Currency Conversion: Converting USD to Vietnamese Dong (VND) can add to the processing time, especially if done manually by the bank.
- Verification Procedures: For first-time transfers or large amounts, banks may require additional verification to comply with anti-money laundering regulations, potentially delaying the process.
- Banking Hours and Time Zones: Differences in operating hours and time zones between US and Vietnamese banks can affect processing times. Transfers initiated outside of business hours may experience delays.
- Airwallex Weekends and Public Holidays: Initiating transfers on or near weekends or public holidays in either country can result in delays, as banks may not process transactions during these times. By being aware of these factors and planning accordingly, you can help ensure that your international bank transfers to Vietnam are completed in a timely manner.
Also read: How Long Will It Take to Send Money from the US to Singapore via Bank?
Transfer Times with Major Providers
- WorldRemit processes bank transfers within 1-2 working days.
- Western Union's initial transfers can take up to 5 days due to KYC validation, but subsequent transfers to the same recipient can happen on the same day.
- Inpay provides international money transfers that average 30 minutes by using real-time payment systems.
Steps to Transfer Money from the US to Vietnam via Bank
- Collect Recipient Information: Get the recipient's full name, account number, bank name, and SWIFT/BIC code.
- Start Transfer: Log in to your bank's online platform or go to a branch to start the transfer, entering all the details.
- Verify Exchange Rates and Charges: Know the prevailing exchange rate and charges on the transfer.
- Track the Transfer: Track the status of the transfer from your bank or utilise websites such as TransFi for live tracking.
Phần kết luận
The remittance from the US to Vietnam typically takes 1 to 5 business days, depending on banks and other factors. It is possible to track international bank transfers through banks or services like TransFi. For a quicker alternative, TransFi offers faster transfer options compared to traditional methods. To initiate a bank transfer to Vietnam, you need the recipient's full name, bank account number, bank name, and SWIFT/BIC code. International bank transfers often incur fees, which vary by bank and transfer method, so it's advisable to check with your bank or service provider. Overall, sending money from Vietnam to the US can be straightforward if you understand the requirements and timelines, with services like TransFi offering faster and secure options.
Frequently Asked Questions (FAQs)
- How long does the remittance from the US to Vietnam through bank transfer take?
- Generally, 1 to 5 business days, depending on the banks and other circumstances.
- Is it possible to track the international bank transfer?
- Yes, banks and companies such as TransFi offer tracking in most cases.
- Is there any quicker option than the traditional bank transfer?
- Yes, some services, such as TransFi, provide faster transfer options, cutting down on the usual waiting time.
- What do I need to give for a bank transfer to Vietnam?
- You'll require the recipient's full name, bank account number, bank name, and SWIFT/BIC code.
- Do international bank transfers incur fees?
- Yes, there are fees, depending on the bank and method of transfer. It's best to contact your bank or service provider to determine charges.
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