Post globalisation, digital transactions have increased sharply and this trend has been helped by the plethora of options available today for online transfer of funds. But there is a flip side to this too. The sheer number of options makes it difficult to people to decide which one is best for them. International Money Transfers can take anywhere between a few hours and a week. So why is there such a big gap between the quickest and slowest ways to send money overseas? Most of the people feel that sending money through your own bank is the quickest way to send money internationally. This is because your bank can take the money out of your account straight away and make the payment. The oldest form of money transfer is of course, the transfer of cash from one person to another, i.e. remitter to recipient or beneficiary. Today, far more sophisticated mechanisms exist for the transfer of money. Money is transferred either electronically or physically.

So, here are the options for transferring money and how long does an International money transfer take.

Cash - This method is practical if the two parties are in relatively close proximity and willing to meet to exchange cash, further the amount of money can't be too big since its impractical to carry large amounts of cash. But when its practical, it can be fast i.e. withdraw and depositing money at ATM or at your local bank branch is almost instantaneous and free.

ACH transfer - An ACH transfer refers to any electronic movement of money between different banks, ACH can be used for transferring funds between your own accounts, sending or receiving payments with vendors and clients, or even bulk sending or receiving a large number of payments with customers. ACH transfer tend to take 1 - 3 business days depending on the third party bank.

Banks - Some banks offer proprietary money transfer services, but while these services may be more user friendly, these services will be faster than ACH on average. Also since they are proprietary, they are only useful if the service is offered by your bank.

Cheques - While its true that it generally takes 3 days for a check to clear, many banks will credit your account with at least part of the funds instantly (and will reverse the credit if the check bounces so don't spend the money unless you trust the check writer). If you have good credit and your bank doesn't do this, you should change banks.

Wire transfers - A wire transfer is an electronic transfer of money. Wire transfers are popular because the money moves within one or two days. This method is not free, but fees do vary from bank to bank, and the fees tend to be flat so it may make sense for larger transactions. Also some banks offer a limited number of free wire transfers in an attempt to attract customers.

Online Money Transfer - One of the most widely accepted transfer process, online money transfer is what people prefer nowadays. There are many online services which allow quick transfers. If you are interested in a quick money transfer, then this method is for you. The money goes into your account and it can take a day or two to get it transferred.

In short, online money transfer is the most universal method to transfer money and considered to be faster compared to other traditional methods.