In most circumstances, it is possible to open a currency broker account online and be ready to transfer funds that day. However, in some cases, it can take longer.
When transferring large amounts of money abroad, currency brokers have to conduct anti-money laundering checks before any transfer can be made. This usually takes place when you open your account, where a currency broker will ask what type of transfers you will be making, what they are for, and where the funds are from and going to. This may seem intrusive but it is very important to provide any information you are asked for promptly. If you do not, it may cause a delay in your account being opened and your ability to transfer funds abroad.
If you have a particularly complex transaction to an exotic destination, the process can take some time whilst checks are being made. This is one of the rare occasions when you must decide if your bank can make the transfer on time, at a higher cost, or if you can wait for your currency account to be in place and take advantage of their reduced fees.
The best way to ensure that your international money transfer arrives on time is to open a currency brokerage account before you need it and be absolutely upfront about what the transfer is for and provide all the necessary supporting documentation beforehand.
Our guide on preparing for a large currency transfer goes into more details about the process.
