How fast are crypto transactions compared to bank payments?

Crypto payments are faster than bank payments when it comes to cross-border transactions. However, in most countries, internal transfers from one domestic bank account to a local account are instant. There are also cryptos like USDT, XRP and SOL that process transactions within minutes, making them ideal for local and borderless payments.

• Overseas bank transactions: Banks can be slow to process payments to accounts overseas. From the time of sending to receiving, the entire process can take 2 to 7 days
• Borderless crypto transactions: Cross-border crypto transactions are far quicker than banks. Even if you use a slower cryptocurrency like Bitcoin, which can take 5 to 20 minutes to process, the transaction processing time is still faster than using a bank as an intermediary to send or receive.
• Domestic Transactions: Local bank transfers in many countries are instantly processed, making banks as fast as making crypto payments. There are rarely delays, but not all countries operate this way. Therefore, crypto can still be the better option for fast transactions, depending on your domestic banking system.
• Online banks: Online banking options like Revolut,  Wise and HSBC Global Money accounts have sped up cross-border fiat currency bank payments. These systems automatically convert your domestic currency into the receiver’s currency, then connect with a local bank to quickly complete the transfer, often within minutes. However, the fees compared to crypto are almost always higher.
• Online Gambling: Crypto transactions are far quicker than bank payments when cashing out your funds. It can take 3 to 7 days for your withdrawal to reach your bank account, whereas cryptocurrencies process payments instantly or within 30 minutes on some ecosystems. Either way, you receive your crypto on the same day.

The key takeaway is that domestic bank transfers are generally instant if you live in a country with a modern banking system. However, there are also cryptos that match the speed of instant local bank transfer. For transferring funds to someone overseas, cryptocurrency transfers are far quicker than bank transfers if speed is a concern.

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