A memory system includes a non-volatile memory chip that includes a memory cell array, and a memory controller. The memory controller is configured to perform a read operation on the non-volatile memory chip by instructing the non-volatile memory chip to perform a sensing operation to read data stored in the memory cell array, estimating a time when the read data becomes ready to be transferred from the non-volatile memory chip to the memory controller, and instructing the non-volatile memory chip, after the estimated time, to perform a transfer operation to transfer the read data to the memory controller.