A domestic wire sent before your bank’s cut-off time usually arrives the same business day, while an international wire usually takes one to five business days, and longer to some destinations. The difference comes from the networks involved: a domestic wire settles through Canada’s own high-value payment system, while an international one travels through SWIFT and often through one or more correspondent banks. This page covers both, plus cut-off times and tracing; fees and the details a wire needs are on the wire transfers guide, and the other ways to move money are in the money transfers guides.
Domestic wire transfers within Canada
Lynx and the batch system
Canada has two main systems for clearing electronic payments between financial institutions, both operated by Payments Canada:
Lynx is the high-value payment system that replaced the Large Value Transfer System (LVTS) in August 2021.
- It uses real-time gross settlement: each payment settles individually as soon as it clears, rather than being netted against others at the end of the day.
- The system has no minimum payment size, though banks often set their own minimums for retail wire products.
- A payment submitted before the cut-off settles the same day.
- It carries wires sent by businesses and individuals, including the Canadian leg of many international wires.
The Automated Clearing Settlement System (ACSS) handles batch payments such as payroll deposits, bill payments, cheques and pre-authorized debits.
- It processes payments in batches, not one at a time.
- Settlement takes place the following business day.
A wire sent from a Canadian bank branch or account to another Canadian bank account goes through Lynx, which is why it can arrive the same day.
Same-day timing
| When the wire is submitted | When it settles |
|---|---|
| Before your bank’s cut-off time on a business day | Same business day |
| After your bank’s cut-off time | Next business day |
| On a weekend or holiday | Next business day |
Once a wire settles through Lynx, the receiving bank credits the recipient’s account, and the money can be available within minutes of settlement. Cut-off times differ by bank and by account type, so the bank’s own cut-off is the one that decides whether a time-sensitive wire goes out that day.
International wire transfers
Typical timelines
| Destination | Typical transfer time |
|---|---|
| United States | 1 to 2 business days |
| United Kingdom and EU | 1 to 3 business days |
| Australia and New Zealand | 2 to 3 business days |
| India | 2 to 4 business days |
| China | 2 to 4 business days |
| Mexico and Latin America | 2 to 5 business days |
| Africa and the Middle East | 3 to 7 business days |
| Remote or less common destinations | 5 or more business days |
These are estimates. The actual time depends on the country, the correspondent banks in the chain and whether a compliance review holds the payment.
Why international wires take longer
International wires travel over the SWIFT network (Society for Worldwide Interbank Financial Telecommunication). Unless the two banks deal with each other directly, the payment passes through one or more correspondent banks: intermediaries that hold accounts with both sides. A wire from a Canadian bank to a small regional bank in India, for example, might pass through a US correspondent and then a large Indian bank before reaching the recipient’s bank, and each step adds processing time. SWIFT gpi (Global Payments Innovation) lets the banks in the chain track a payment from end to end.
What affects the timing
Recipient details: a wrong SWIFT code, IBAN or account number is a common cause of delay. The wire is rejected and returned, which can take several business days more.
Compliance screening: banks screen international payments for money laundering and sanctions. Large amounts, unusual destinations and new recipients can be held for review.
Holidays: a wire that arrives on a public holiday in the destination country waits for that country’s next banking day.
Currency conversion: a wire that has to be converted can take an extra day for the conversion to settle.
Wires aren’t the only way to send money abroad, and the transfer services often deliver faster; the guide to sending money internationally compares their speed and cost, and receiving money from abroad covers inbound transfers.
Cut-off times by bank
Wire cut-off times vary by bank, by account type (personal or business) and by destination, and banks revise them from time to time. The same bank can publish different cut-offs for domestic and international wires, or for its retail and commercial channels. Each bank posts its current schedule on its wire transfer or online banking help pages, and the per-bank pages in the bank limits guides describe how each big bank handles personal wires.
How to track a wire transfer
Domestic wires: give your bank the wire’s reference number, and it can confirm whether the wire was processed and settled.
International wires: ask your bank for a SWIFT trace. For a payment sent through SWIFT gpi, some banks show its progress in online banking; otherwise the bank sends a trace request along the chain. Some banks charge for a trace or an amendment, and the amount is in each bank’s fee schedule in the bank fees guides.
If an international wire hasn’t arrived after about five business days: asking the bank to start a trace identifies the step in the chain where the payment is held. If the wire needs to be stopped instead, cancelling a bank transfer explains when a recall is still possible.
Wire transfer or Interac e-Transfer?
| Feature | Wire transfer | Interac e-Transfer |
|---|---|---|
| Amount | Large amounts; the bank may set its own limits | Capped per transaction and per day by each bank |
| Cost | A per-wire fee, plus an exchange-rate cost when converted | Free or low-cost at most banks |
| Domestic speed | Same business day before the cut-off | Usually minutes |
| International | Yes | No (Canadian accounts only) |
| Typical use | Large domestic and international payments | Everyday payments between people |
For a payment within Canada that fits under the sender’s cap, an e-Transfer is usually faster and cheaper than a wire. The e-Transfer limits by bank show the caps, and how long an e-Transfer takes covers e-Transfer timing.